Indian Energy Exchange (IEX), a power trading platform regulated by the Central Electricity Regulatory Commission, reported a 21% increase in its electricity volume, reaching 9,260 million units (MU) in October compared to the same period last year.This surge in electricity volume aligns with a 22% year-on-year (y-o-y) rise in India’s power demand to 139 billion units (BU) in October, according to data by GRID-INDIA. Demand for power increased owing to increase in electricity consumption, below-average rainfall in October, and a lower base from the same month last year.
The company noted, “This upsurge in power demand prompted DISCOMs to actively purchase power on the exchange to meet the increased demand, thereby leading to a significant increase in trade volumes on IEX.”The exchange achieved an overall volume of 9,483 MU, including 217 MU of renewable energy and 5.8 MU of energy-saving certificates. The overall volume traded during October increased 18% from last year, the company said.”This surge in demand pushed Day-Ahead Market (DAM) prices on the IEX to Rs 6.45 per unit, representing a substantial 68% y-o-y increase on a lower base price from the same month last year,” the exchange said.
Furthermore, the DAM volume on the exchange rose to 4,742 MU last month from 4,379 MU in October 2022, marking an 8.3% increase. The Real-Time Electricity Market (RTM) volume also increased by 6.1% to 2,402 MU last month, compared to 2,265 MU in October 2022.The RTM segment enables power distribution companies to balance their power demand and supply in real-time.In addition, the Day-Ahead Contingency and Term-Ahead Market (TAM), comprising contingency, daily, weekly, and monthly contracts up to three months, saw a 207.6% increase, reaching 1,911 MU in October compared to the same period last year.The exchange’s green market, comprising Green Day-Ahead (G-DAM) and Green Term-Ahead Market (G-TAM) segments, achieved a total of 188 MU volume during October.
G-DAM achieved 180.80 MU volume during the month, with a weighted average price of Rs 6.37 per unit, while G-TAM achieved 7.23 MU volume with average monthly price of Non-Solar at Rs 8.40/unit, the exchange said.”A total of 217,000 RECs (equivalent to 217 MU) were cleared in the trading sessions held on October 11 and October 25, at a clearing price of Rs 380/REC and Rs 420/REC respectively.”The next REC trading sessions at the Exchange are scheduled on November 8 and November 29.During October 5,814 ESCerts (equivalent to 5.8MU) were traded on IEX, at the floor price of Rs 1,840 per ESCert.