Spot power trading at the Indian Energy Exchange (IEX) crossed the 200 million unit (MU) mark for the first time, making it the highest daily volume of electricity traded in the day-ahead market.
Spot power trading at the Indian Energy Exchange (IEX) crossed the 200 million unit (MU) mark for the first time, making it the highest daily volume of electricity traded in the day-ahead market. The exchange cleared 208.3 MU on Wednesday at an average price of Rs 4.74/unit. This represents 76% rise in volume and 95% increase in price of electricity traded on the exchange on the same day last year. Though touching record levels, the volume of electricity traded for Thursday was merely 5.4% of the power consumed across the country on Tuesday, as per the latest available data. According to sources, the top states which purchased the highest volume of electricity were Gujarat, Maharashtra, Bihar, Haryana and Rajasthan.
Gujarat has been raising its procurement from IEX to compensate for the supply curtailment of 3,000 MW power capacity from Adani Power and Essar Power’s imported coal-based power plants in the state, after the Supreme Court last year disallowed rise in imported coal prices to be passed through electricity tariffs. Gujarat procured more than 1,276 MU from the spot power market in April when the state’s electricity requirement was 10,356 MU, up 4% from the same month last year.
Prices at the exchanges began to rise from earlier this month as states started bidding more electricity than the independent power producers (IPPs) could offer to sell. In the last 31 days, IPPs—hurt by lower coal supply at their power plants—could offer 195.5 MU daily on an average, against the demand of 204.5 MU by the states. The daily power plant wise report on the position of coal stocks have not been updated at the Central Electricity Authority website since May 21.