Electricity traded in the day-ahead market of the India Energy Exchange increased by 16% in FY17 to 39,785 million units (MU) on the back of an average daily volume of 109 MU. At Rs 2.41 per unit, the average market clearing price in FY17 fell 12% from the previous fiscal. Clearing price for electricity in the spot market was the highest for south India, with prices ranging from Rs 2.79 to Rs 2.92 per unit.
Reflecting progress in the government’s ‘One Nation, On Grid, One Price’ initiative, a uniform single price was discovered at the exchange for 28 days in the fiscal. Through the initiative, the government intends to create a robust transmission grid network where power would be available at one price throughout the nation.
An improvement was also noticed in the inter-state transmission scenario. In FY17, 1,526 MU of electricity could not be traded due to transmission congestion. The figure was 32% higher in FY16.
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Volume of Renewable Energy Certificates (RECs) trading at the power bourse increased by more than 47%. The power bourse traded about 46.19 lakh RECs this financial year compared to 31.39 lakh RECs traded in FY16.
Solar RECs are becoming increasingly popular than their non-solar counterparts. About 4 lakh solar RECs were traded, up by 58% from the previous fiscal. Non-solar REC trading dipped by 13% to 42 lakh. Solar RECs are expected to be more popular in the new fiscal year as the Central Electricity Regulatory Commission (CERC) has decreased its floor prices to Rs 1,000 from Rs 3,500. For the first time, floor prices are equal for solar and non-solar RECs.