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IEX Achieves 8160 MU Volume in September; Registers 5% MoM Growth

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IEX Achieves 8160 MU Volume in September; Registers 5% MoM Growth

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The Indian Energy Exchange, India’s premier energy exchange, achieved 8160 MU volume in September 2022, registering 5% MoM growth. This comprised 7118 MU in the conventional power market, 454 MU in the Green Power Market, and 588 MU (5.88 lac Certificates) in the REC Market.

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The supply side constraints continued because of high prices of e- auction coal, imported coal and gas. This led to the average clearing price in the Day-ahead market rising to Rs. 5.63 in September, which was 9% higher on MoM basis and 28% higher on YoY.

The total volume in September’22 was lower by 8% on YoY basis while in the second quarter of the fiscal year 2023, the Exchange Market registered 23,115 MU volume, which was lower by 11% YoY across market segments. Cumulatively, the total volume traded in H1 FY2023 marginally declined by 1% over H1 FY22.

According to the power demand data published by the National Load Dispatch Center (NLDC), the energy consumption at 127 BU saw 11% YoY growth during September ’22. The national peak demand at 199 GW grew 10% YoY.

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

High e-auction coal price and soaring imported coal prices and international LNG prices resulted in the market clearing price increasing by 9% on MoM basis to Rs. 5.63 per unit as against Rs. 5.17 per unit in August 2022. Despite this, the Day-Ahead Market volume increased from 3529 MU in August 2022 to 4050 MU in September 2022, i.e 15% growth on MoM basis. However, high prices led to lower volume in Day-ahead Market by 37% on YoY basis.  In the second quarter of FY 2023, 11,095 MU volume was traded on the day-ahead market.

The Real-Time Electricity Market achieved 2193 MU volume during the month, registering 19% YoY growth. The highest single-day volume of 104 MU was achieved on 25th September 22. There were 614 participants in this segment during the month.

The Real-Time Market achieved a cumulative trade of 6,589 MU in Q2 FY2023, registering a robust 24% YoY growth. The consistent growth of real-time electricity market is an indication of growing reliance of the distribution utilities and industries to achieve power demand-supply balancing in real-time in the most efficient manner.

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The Term-Ahead Market (TAM), comprising intra-day, contingency, daily & weekly contracts, and LDCs traded 875 MU during the month, growing by 21% on MoM and an astounding 721% on YoY basis. Cumulatively for the quarter, TAM traded a total of 2,038 MU and registered a remarkable 30% YoY growth.

GREEN MARKET: GREEN DAY-AHEAD & GREEN TERM-AHEAD MARKET

IEX Green Market, comprising the Green Day-Ahead and Green Term-Ahead Market segments, achieved 454 MU volume during September ’22, with 4% MoM growth. For Q2 FY’23, the market registered a cumulative trade of 1,478 MU, lower by 12% YoY.

The Green Day-Ahead Market achieved 324 MU volume with a weighted average price of Rs 5.42 per unit. The market saw participation from 747 market participants during the month, with the highest number of participants in a single day at 614 on 5th September 2022. 

The Green Term-Ahead Market achieved 129 MU volume with an average monthly price of Rs 5.05 per unit for Solar, Rs 6.15 per unit for Non-Solar.

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RENEWABLE ENERGY CERTIFICATE MARKET (REC MARKET)

A total of 5.88 lacs RECs were cleared in the trading session at IEX held on Wednesday, 28th September’22. The volume comprised 1.98 lacs Non-Solar RECs with clearing price at Rs 1,000 per REC.  Increased inventory of solar RECs saw the clearing price reaching floor-level at Rs. 1000 per REC, with 3.90 lacs Solar RECs traded during the month. The next REC trading session at the Exchange is scheduled on Wednesday, 26th October 2022.

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