Under National Mission for Enhanced Energy Efficiency (NMEEE), the scheme of Perform Achieve and Trade (PAT) is a regulatory instrument to reduce specific energy consumption in energy intensive industries, with an associated market based mechanism to enhance the cost effectiveness through certification of excess energy saving which can be traded. The PAT Scheme is implemented over a three year period. CERC is the market regulator for trading of ESCerts and the platform for trading are the power exchanges i.e. Indian Energy Exchange (IEX) and Power Exchange of India (PXIL).POSOCO is the registry. Each certificate will be a tradable commodity and the prices will be discovered while trading depending on the demand and supply of ESCerts.Perform Achieve and Trade in its first cycle was designed to reduce the specific energy consumption (SEC) in energy intensive sectors under which 478 DCs from 8 sectors viz. Aluminum, Cement, Chlor- Alkali, Fertilizer, Iron & Steel, Paper & Pulp, Thermal Power Plant and Textile. PAT cycle I has achieved an energy saving of 8.67 Mtoe against the targeted energy saving of 6.886 Mtoe which was exceeded by about 30%. Under PAT II, 621 DCs from 11 sectors have been included with an overall reduction target of 17.5 Mtoe. From 2017, the PAT Scheme will be a rolling cycle to be implemented over a three year period. Under PAT III, 116 DCs have been included with a reduction target of 1.06 Mtoe.