Indian Gas Exchange's trade volumes up 211% in January
The Indian Gas Exchange (IGX) traded 54,83,700mn Btu (about 138mn m3) of gas in January, up 211% year/year, it said on February 6. A total of 212 trades were executed last month.
IGX Gas Index (GIXI) for January was 1,513 rupees /$18.5/mn Btu, up from 1,294 rupees /$15.7 /mn Btu in the month before.
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GIXI was launched in December last year and is India’s first nationwide price index to reflect benchmark natural gas prices. 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.
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.
Last month, Gail Gas, Enertech Fuel Solution Private and Jubilant Infrastructure joined IGX as proprietary members.