PTC : Playing a pivotal role in developing power market

Dr. Manoj Kumar Jhawar | Chairman & Managing Director | PTC India Limited

An Interview with Dr. Manoj Kumar Jhawar

Chairman & Managing Director | PTC India Limited

With what objective was PTC India Limited set up?

PTC India Limited was set up to develop a vibrant, transparent, and reliable electricity trading market in India. It aimed to act as a credible intermediary between generators and distribution utilities, encouraging private investment in the power sector. The broad objectives were as follows:

• To act as a credible trading intermediary between power generators and state utilities at a time when the electricity trading market did not exist in an organized form.
  • To encourage private investment in the power sector by offering long-term off-take assurance to Independent Power Producers (IPPs).
  • To support the Government of India’s power sector reforms, especially after the Electricity Act reforms that aimed at creating a competitive power market.
  • To develop cross-border power trade with neighbouring countries.
  • To create a national-level power trading platform ensuring optimal utilization of generation assets and addressing demand–supply mismatches across regions.

What is the exact role of PTC India Limited in “power” sector?

PTC India Limited plays the role of a power market intermediary, enabling the sale and purchase of electricity between generators and distribution utilities across India. It provides commercial assurance, payment security, and structured contracts to support both conventional and renewable power. PTC also develops new market products and facilitates cross-border electricity trade with neighbouring countries. In the recent past, PTC has diversified itself into techno- commercial consultancy to enable C&I consumers reap the benefits of power market products and services.

How do you view the PTC India’s significant progress since its inception?

PTC India has transformed from a PPP company, promoted by large PSUs under MoP into the country’s leading power trader, shaping the evolution of India’s electricity market over two

decades. Established in 1999 (before enactment of The Electricity Act – 2003), PTC has been a catalyst and delivery channel for the govt. power market reform push initiative.

It has enabled large-scale private sector participation, supported renewable integration, and pioneered cross-border power trade. The company’s sustained leadership reflects its strong market credibility, financial discipline, and continuous product innovation. The last 25 years have been truly transformative both in terms of products, services offering and trading volume. PTC India handles around 80 Billion Units and is one of the companies, distributing dividend since its listing in 2004.

Please tell us something about PTC India’s role in developing the power market in India?

PTC India has played a pioneering role in developing India’s power market by creating structured trading contracts, offering payment security, and enabling reliable power exchanges between generators and utilities. It helped introduce competitive market practices, supported private investment in generation, and facilitated integration of renewable and cross-border electricity trade. Its early initiatives laid the foundation for today’s vibrant and diversified electricity marketplace. PTC was also instrumental in creation of India Energy Exchange and later Hindustan Power Exchange (HPX).

How satisfied are you with the reliability and consistency of power trading solutions provided by PTC India?

The company has demonstrated strong operational discipline, timely execution of contracts, and dependable commercial processes, ensuring trust for both generators and buyers. Its track record across long-term, medium-term, short-term, and cross-border transactions reflects a high degree of market credibility and service reliability.

The repeat business and probably one of the first stop for power market advisories (commercial, regulatory, policy making), the company is proud of its people, management and leadership team to bring out customized solutions towards making energy affordable and available.

Do you believe PTC India’s diversification into renewable power generation, and financial services offer good long-term returns?

Since, its establishment, PTC India has been mitigating the risks of business with diversification. The investment into renewable power generation and financial services was primarily strategic which gave synergy to the core business of PTC. Overtime, with changing landscape in the renewable energy asset business, PTC has sold its 100% subsidiary (PEL) to ONGC Green limited in 2025. The financial arm namely, PTC India Financial Services Ltd, is 65% owned by PTC. These investments were made to strengthen PTC’s portfolio, reduce market dependence, and position the company for sustainable long-term value creation. However, we review our strategic priorities time to time.

How is the overall scenario of Indian “power” sector?

The Indian power sector is undergoing a strong transition marked by rapidly growing renewable energy capacity, improving grid infrastructure, and rising electricity demand driven by economic growth and urbanisation. Reforms in distribution, market-based mechanisms, and increased private participation are strengthening efficiency and competitiveness. While challenges remain in DISCOM finances and integration of variable renewables, the overall sector outlook is positive and future ready.

What potential “power sector” has in India?

The Indian power sector has enormous growth potential driven by rising electricity demand, rapid industrialisation, and the national push towards 500 GW of renewable capacity. Opportunities lie in green hydrogen, storage, transmission expansion, and modern market mechanisms. With technological advancements and policy support, India is poised to become one of the world’s most dynamic and investment-attractive power markets.

What are the challenges “power” sectors facing today?

The power sector today faces challenges such as financially stressed DISCOMs, delays in tariff revisions, and persistent AT&C losses. Integrating large volumes of renewable energy, ensuring grid stability, and speeding up transmission infrastructure are critical hurdles. Additionally, issues like fuel supply constraints, payment delays, and policy implementation gaps continue to impact sector efficiency.

What are the important steps taken by PTC India to face the challenges?

PTC India has strengthened its risk-mitigation framework by offering robust payment security mechanisms and diversifying its portfolio across long-term, medium-term, renewable, and cross-border contracts. It is developing innovative products like RTC renewable power, storage-linked solutions, and market-based services to address variability and grid challenges. PTC is also expanding digital platforms, and strategic partnerships to enhance resilience and address emerging sectoral risks.

How do you see the PTC India in the year 2030?

By 2030, PTC India is likely to evolve into a more diversified and innovation-driven energy solutions company, commanding leadership in renewable trading, storage-backed contracts, and cross-border market expansion. With digital platforms, financial services, and green energy products gaining scale, PTC will play a central role in India’s transition to a flexible, market-led power system. It will remain a trusted intermediary shaping the next phase of India’s electricity market.

What are the major thrust areas in the coming days? Elaborate PTC India’s future plans.

PTC India’s major thrust areas in the coming years revolve around strengthening renewable energy trading, developing storage-linked and RTC power solutions, expanding cross-border electricity trade, and deepening digital and financial services integration. The company is positioning itself to lead India’s transition to a flexible, market-based power ecosystem.

Key focus areas include:

1. Renewable & Green Energy Growth: Expansion of long-term renewable PPAs, RTC/firm power products, hybrid solutions, green hydrogen-linked transactions, and support for utility-scale and distributed RE.
2. Energy Storage & New Market Products: Integrating battery storage, pumped hydro, and flexible resources to address intermittency. Developing innovative market products aligned with MBED; DAM/RTM growth, and future market reforms.
3. Cross-Border Power Trade (CBET): Scaling power trade with Nepal, Bhutan, Bangladesh, and emerging South Asian grid cooperation, making PTC a regional energy trading hub.
4. Digital Platforms & Market Technology: Digitalising trading operations, AI-driven forecasting tools, and customer-facing platforms for scheduling, settlement, and market analytics.
5. Long-Term Contracting & Commercial Innovation: Creating structured contracts with robust payment security, aggregation models for small RE developers, and tailored solutions for DISCOMs and C&I consumers.
6. Support to Power Market Reforms: Active role in MBED, ancillary services, capacity markets, deviation settlement reforms, and grid flexibility mechanisms.

Any comments on government policy?

Government policies in the power sector have been progressive, with strong emphasis on renewable energy, grid modernization, and market-based mechanisms. Reforms such as MBED, green open access, cross-border trade guidelines, and transmission expansion are creating a more competitive and future-ready ecosystem. Continued focus on DISCOM reforms and timely implementation will further strengthen sector efficiency and investor confidence. Harmonisation and consolidation of regulation across states will be a big boost in development of pan-India Power Market.

Have you any observation on any other issues?

From a leadership perspective, I would only underline the importance of strengthening institutional capacity and digital readiness across the sector. As India moves toward a high-renewable ecosystem, timely policy implementation, financial discipline, and coordinated planning between generation, transmission, and distribution will be crucial. With supportive reforms and industry collaboration, I am confident that the sector—and PTC India—will continue to play a transformative role in the country’s energy future.

(Shilpa Bichitra | Special Edition | 2025)