Understanding Competitive Electricity Markets (Volume 3)

The Electricity Act, 2003 was a landmark legislation which has firmly put India on a fast track path towards energy sector reforms. The principal aim of the Act is to foster competition in the electricity industry, across the value chain. The Act has, for the first time, introduced the concept of power trading in India. The Act and its subordinate legislation have opened up floodgates of business and professional opportunities for everyone involved in the power sector. This book aims to provide this understanding through a business analysis of the Act and its subordinate legislation. Due reference is drawn from case laws to explain the underlying concepts and spirit of the Act as and when appropriate. The Act deals with the provisions related to generation, transmission, trading and distribution of electricity. Provisions in the Act related to dispute resolution are elaborated. The Electricity Act, 2003 is just a beginning—it is a precursor to a healthy transformation of India’s energy sector. The Electricity Act, 2003 is closely followed by the Petroleum & Natural Gas Regulatory Board Act, 2006, which aims to regulate and transform the downstream hydrocarbon sector of the country. The book provides a brief business analysis of this hydrocarbon sector.