EEX, IGX and GIZ to jointly develop hydrogen trading market in India
The European Energy Exchange (EEX) and the Indian Gas Exchange (IGX), in cooperation with the Gesellschaft für Internationale Zusammenarbeit (GIZ), have agreed to support the development of the hydrogen trading market in India. This cooperation project takes place under the International Hydrogen Ramp-Up (H2Uppp) program, funded by the German Federal Ministry for Economic Affairs and Climate Action (BMWK), which aims to promote projects and market development for green hydrogen in selected emerging countries.
The collaboration will initially focus on gathering market insights, as well as on engaging and developing a local community in order to establish and develop this market in the future. The project parties will bring together stakeholders from production, trading, transport and consumption, including policy makers and regulators, and jointly build up an action plan with the mid-term goal to offer an index and trading services for hydrogen in India.
Peter Reitz, CEO of EEX, comments, “With hydrogen expected to play a crucial role in the energy transition, it is important to have a global focus when developing this sector. We are delighted to contribute our market building expertise to this co-operation and support the local hydrogen community on this journey.”
Rajesh Mediratta, Managing Director and CEO of IGX, adds, “With our experience in creating energy markets in India, we’re excited to use that knowledge to build the hydrogen market. This partnership is a significant milestone for the Indian green energy sector. We look forward to jointly develop this market in line with global best practices.”
Tobias Winter, Director Indo-German Energy Forum Support Office at GIZ, comments, “We are delighted to bring EEX and IGX together to initiate trading of hydrogen in India. The establishment of an Indian hydrogen price index particularly for green hydrogen would send price signals not only to the Indian market but also to interested offtakers globally. Another step of India to become a global green hydrogen hub.”
The agreement was signed by Tobias Winter, Director, Indo-German Energy Forum Support Office; Peter Reitz, CEO of EEX; and Rajesh K Mediratta, MD and CEO of IGX.
The European Energy Exchange (EEX) is a leading energy exchange which builds secure, successful and sustainable commodity markets worldwide – together with its customers. As part of EEX Group, a group of companies serving international commodity markets, it offers contracts on power, natural gas and emission allowances as well as freight and agricultural products. EEX also provides registry services as well as auctions for guarantees of origin, on behalf of the French State.
EEX is committed to the ramp-up of the hydrogen market by enabling price transparency through publishing a unique green hydrogen index, HYDRIX. In addition, it has developed a dedicated trading platform for hydrogen auctions and signed the first partnership with H2 Global in this aspect.
Indian Gas Exchange Limited (IGX) is India’s authorised natural gas trading exchange. Powered by state-of-the-art technology, the Exchange provides a transparent, efficient, and competitive marketplace to trade in the spot and forward gas contracts at designated delivery points across six regional hubs. IGX facilitates indigenous price discovery reflective of Indian supply and demand, showcased by its benchmark price index, GIXI.
The Exchange operates under the regulatory framework of Petroleum and Natural Gas Regulatory Board (PNGRB).
The Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH is Germany‘s leading provider of international cooperation services. As a federal enterprise, we support the German Government in achieving its objectives in the field of international cooperation for sustainable development. We are also engaged in international education work around the globe. GIZ is fully owned by the Federal Republic of Germany.
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