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IEX Power Market Update, November 2021

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Contendre

● IEX achieves 9477 MU volume on November’ 21 seeing 54% YoY growth
● The Real-time Electricity Market sees 1311 MU volume with 47% YoY growth
● 457 MU volume accomplished in Green Market with 178% YoY growth
● 24.44 lacs RECs traded at Exchange in the trading session on 24 Nov’ 21

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The Indian Energy Exchange realized 9477 MU cleared volume in November’21 comprising 6333 MU in the Conventional Power Market, 457 MU in the Green Power Market and 2687 MU in the Certificate Market comprising ESCerts and REC. Overall, the Exchange realized 53.8% YoY growth across all its market segments.

According to the power demand data published by the National Load Dispatch Center, the national peak demand at 166.19 GW saw 3.2 % YoY growth during the month while the energy consumption at 100.4 BU saw 2.1% YoY growth.

ELECTRICITY MARKET: DAY- AHEAD, TERM- AHEAD & REAL-TIME MARKETS

The Day-ahead Market achieved 4719 MU volume in November’21 seeing a 3% YoY decline. The average monthly price at Rs. 3.1 per unit saw a significant 62% MoM price reduction mainly due to increased liquidity on the supply-side with the sell-bids at 1.8X of the cleared volume. This ensured ample availability of power and competitive price of power thereby providing optimization opportunities to the distribution utilities.

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The Term-ahead Market comprises intra-day, contingency, daily & weekly contracts traded 302.7 MU during the month and recorded 23.4% YoY growth.

The Real-time Electricity Market achieved 1311 MU volume seeing a significant 47% YoY growth. The average monthly price was Rs 3.48 per unit. The highest single-day volume of 56.16 MU was achieved on 18 November with 554 participants transacting in the market. The real-time electricity market has been seeing consistent growth in volumes since inception in June’20 as the market has been successfully facilitating the distribution utilities and industries in real-time demand-supply balancing in the most efficient and flexible manner.

GREEN MARKET: DAY-AHEAD & TERM-AHEAD MARKETS

The Green Market at IEX comprising of both the day-ahead and term-ahead contracts achieved a cumulative volume of 457 MU during the month.

The Green Day-ahead Market achieved 149.46 MU volume during the month with the weighted average price of Rs 3.72 per unit. The market saw participation from about 93 participants in the first full month of operations since commencement on 26 October’21.

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The Green Term-Ahead Market achieved 307 MU volume with a significant 94% YoY growth.
The market saw participation from 29 participants including participation from the key distribution utilities from states such as West Bengal, Haryana, Telangana, Karnataka, Delhi and Punjab.

RENEWABLE ENERGY CERTIFICATE MARKET
In line with regulatory developments as well as the CERC Order dated 18 November 2021, IEX resumed trading in the REC market on Wednesday, 24 November 21 after a gap of almost 16 months. The market traded 2444.35 MU in terms of total volume.

The Exchange received a great response with participation from over 800+ participants who had been eagerly waiting for the resumption in order to meet their RPO and voluntary obligation.

The Exchange achieved a total of 24.4 lacs Renewable Energy Certificates trade in November comprising 21.90 lacs non-solar RECs and 2.53 lacs Solar REC. A price of Rs. 2000 for Solar REC and Rs 1000 per REC for the non-solar RECs were discovered at the Exchange platform.

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ENERGY SAVING CERTIFICATES
IEX commenced trade in the Energy Saving Certificates (ESCerts) under Perform, Achieve & Trade Cycle-II on 26 October’21.
During November’21, the Exchange accomplished trade in 242,733 ESCerts, registering a trading volume of 242.73 MU.
The trade has been paused until 31 December 2021 as per the directions dated 25 November 2021 issued by the Ministry of Power.

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