Mumbai, July 14 -- The National Stock Exchange of India (NSE) on Monday announced the successful launch of its Monthly Electricity Futures (ELECMBL) contracts, marking a significant step forward in the development of India's electricity derivatives market.

Electricity Futures are standardised financial contracts that allow buyers and sellers to lock in the price of electricity for future delivery at a specified time and quantity.

According to NSE, as of 2:00 PM on the first day of trading, more than 4,000 lots, representing over 200 million units of electricity, had been traded.

The contracts saw a total turnover of Rs 87.36 crore, with a volume-weighted average price of Rs.4,368 per megawatt-hour (MWh).

The first trade was executed a...