New Age Markets in Electricity, an over-the-counter platform for power, is hopeful of having 25 power distribution companies on board by the end of 2024-2025 fiscal.
Ashish Shrivastav, Vice-President (Business Operations) of New Age, told The Hindu on Friday that 13 State utilities are registered on its platform for the power swapping/banking product that it launched last November. Of the 55,000 million units of electricity listed on New Age so far, decisions were taken for 550 million units. It will launch buy/sell service next month and hopes to have 100 power traders, renewable generators, etc, registered for this product during FY 25. By the end of the current financial year, the company will launch capacity booking service where power generators can offer their capacities for long term contracts.
New Age launched commercial operations in November 2023 and registered ₹1 crore revenue. It is targeting ₹8 crore revenue this year, he said.
