The Indian Gas Exchange (IGX) has announced the launch of India’s first nationwide price index to reflect benchmark natural gas prices, named GIXI. IGX said the index has been developed with the purpose to derive a single price for the country in line with international benchmarks which are currently representative of the prices in their respective coverage regions. The index is calculated for various hubs and delivery points with IGX prices being discovered based on actual deliveries making it reflective of the market situation.
Established in 2020, the IGX is India’s first automated national-level gas exchange for the physical delivery of natural gas. Over 1.1 bcm of gas has been traded since its inception and more than 1,900 trades have been executed. The IGX currently represents about 15% of the spot market share in India. It currently offers delivery-based trade in six different contracts such as day-ahead, daily, weekday, weekly, fortnightly and monthly, under which the trade can be executed for six consecutive months.
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