Power exchanges, traders, the grid operator and the state lenders that fund transmission and run its bidding.
Exchanges (IEX) and traders (PTC) sell power across the grid day-ahead and in real time; Grid-India dispatches it and schedules flows; PFC and REC lend to utilities and, through consulting subsidiaries, design TBCB projects, run the bids and hand winners ready-made project SPVs.
More transmission means more power can be traded across regions, which is what exchanges sell. And every TBCB project passes through PFC Consulting or REC Power Development & Consultancy, so grid lenders sit at the start of the pipeline as well as funding it.
IEX is a near-monopoly with very high margins on small fees per unit, now challenged by CERC's market-coupling plan. PTC earns thin trading margins. PFC and REC earn lending spreads on large, mostly state-utility books; transmission is a minority of their loans.