Indian Gas Exchange launches India's first gas price index
The Indian Gas Exchange (IGX) on December 20 announced the launch of GIXI – India’s first nationwide price index to reflect benchmark natural gas price.
IGX said the index has been developed with the purpose to derive a single price for the country in line with international benchmarks such as JKM, HH, WIM, and TTF, which are currently representative of the prices in their respective coverage regions.
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The index is calculated for various hubs and delivery points with IGX prices being discovered based on actual deliveries making it reflective of the true market situation.
Established in 2020, the IGX is India’s first automated national-level gas exchange for the physical delivery of natural gas. 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.
The gas trade takes place at multiple delivery points, such as - Dahej, Hazira, Ankot, Mhaskal, Bhadhbhut, Dabhol, KG Basin, and Gadimoga. It covers six regional gas hubs, namely, the western hub, southern hub, eastern hub, central hub, northern hub, and northeastern hub across India.