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Consider the following statements regarding Green Day Ahead Market (GDAM):
1. With GDAM, any renewable energy generating company can set up and sell renewable energy on the exchange.
2. India is the only large electricity market in the world to implement a GDAM exclusively for renewable energy.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'C'. Can you explain this answer?
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Verified Answer
Consider the following statements regarding Green Day Ahead Market (GD...
- Recently, the Union Minister of Power & New and Renewable Energy has launched the new market segment, Green Day Ahead Market (GDAM) at the Indian Energy Exchange.
- India is the only large electricity market in the world to implement a Green Day Ahead Market (GDAM) exclusively for renewable energy. Hence, statement 2 is correct.
- GDAM is a marketplace for trading renewable power on a day-ahead basis.
- National Load Despatch Center (NLDC), Power System Operation Corporation Limited (POSOCO) as the nodal agency has set up the requisite technologies and infrastructure for the launch of the GDAM.
- With GDAM, any renewable energy generating company can set up and sell renewable energy on the exchange. Hence, statement 1 is correct.
- It will operate in an integrated way with the conventional day-ahead market.
- However, there will be separate price discoveries for the conventional and renewables
Most Upvoted Answer
Consider the following statements regarding Green Day Ahead Market (GD...
Statement 1: With GDAM, any renewable energy generating company can set up and sell renewable energy on the exchange.
Statement 2: India is the only large electricity market in the world to implement a GDAM exclusively for renewable energy.
Explanation:
Statement 1: With GDAM, any renewable energy generating company can set up and sell renewable energy on the exchange.
The Green Day Ahead Market (GDAM) is a part of the Indian Energy Exchange (IEX), which is a platform for trading electricity. It is a market-based mechanism where renewable energy generators can sell their electricity on a day-ahead basis. This allows renewable energy generating companies to participate in the market and sell their energy to distribution companies, industrial consumers, and other buyers.
The statement is correct as GDAM allows any renewable energy generating company to set up and sell renewable energy on the exchange.
Statement 2: India is the only large electricity market in the world to implement a GDAM exclusively for renewable energy.
This statement is also correct. India is the first and only large electricity market in the world to implement a GDAM exclusively for renewable energy. The GDAM was launched in August 2020 by the Indian Energy Exchange (IEX) as a separate platform for trading renewable energy. It is designed to promote renewable energy generation and facilitate the integration of renewable energy into the power grid.
The GDAM provides a transparent and efficient market for renewable energy generators to sell their electricity and enables buyers to procure renewable energy at competitive prices. It helps in the effective utilization of renewable energy resources and reduces dependence on fossil fuels for electricity generation.
In conclusion, both statements are correct. With GDAM, any renewable energy generating company can sell renewable energy on the exchange, and India is the only large electricity market in the world to implement a GDAM exclusively for renewable energy.
Statement 2: India is the only large electricity market in the world to implement a GDAM exclusively for renewable energy.
Explanation:
Statement 1: With GDAM, any renewable energy generating company can set up and sell renewable energy on the exchange.
The Green Day Ahead Market (GDAM) is a part of the Indian Energy Exchange (IEX), which is a platform for trading electricity. It is a market-based mechanism where renewable energy generators can sell their electricity on a day-ahead basis. This allows renewable energy generating companies to participate in the market and sell their energy to distribution companies, industrial consumers, and other buyers.
The statement is correct as GDAM allows any renewable energy generating company to set up and sell renewable energy on the exchange.
Statement 2: India is the only large electricity market in the world to implement a GDAM exclusively for renewable energy.
This statement is also correct. India is the first and only large electricity market in the world to implement a GDAM exclusively for renewable energy. The GDAM was launched in August 2020 by the Indian Energy Exchange (IEX) as a separate platform for trading renewable energy. It is designed to promote renewable energy generation and facilitate the integration of renewable energy into the power grid.
The GDAM provides a transparent and efficient market for renewable energy generators to sell their electricity and enables buyers to procure renewable energy at competitive prices. It helps in the effective utilization of renewable energy resources and reduces dependence on fossil fuels for electricity generation.
In conclusion, both statements are correct. With GDAM, any renewable energy generating company can sell renewable energy on the exchange, and India is the only large electricity market in the world to implement a GDAM exclusively for renewable energy.
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Consider the following statements regarding Green Day Ahead Market (GDAM):1. With GDAM, any renewable energy generating company can set up and sell renewable energy on the exchange.2. India is the only large electricity market in the world to implement a GDAM exclusively for renewable energy.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'C'. Can you explain this answer?
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