Indian Energy Exchange Ltd (IEX), promoted by Financial Technologies Group and Power Trading Corporation, on Wednesday announced the launch of its first membership drive—for the country’s first Power Exchange—across the country beginning from cities of Mumbai, Delhi, Hyderabad, Guwahati and Kolkata.

IEX Director Joseph Massey said membership admission fee for registering with IEX as member has been fixed at Rs 25 lakh along with a security deposit of Rs 25 lakh, while  annual subscription fees has been fixed at RS 5 lakh for each membership. “Power markets generally operate with power purchase agreements for long-term trading and bilateral contracts for short term. For very short-term requirements there is unscheduled interchange.”