IEX Accomplishes 10,893 MU Total Volume in Jan ’24, Up 26.1% YoY

Indian Energy Exchange has achieved its highest-ever total volumes in January 2024, reaching 10,893 million units (MU), a 26.1% increase from the previous year.

This includes 9,137 MU from the conventional power market, 236 MU from the green market, and 15.20 lakh Renewable Energy Certificates (RECs) equivalent to 1,520 MU. The country’s energy consumption reached 133.8 BUs, up 6% year-on-year according to government data from January ’24. The Market Clearing Price in the Day Ahead Market was Rs. 5.83/unit, down approximately 6% year-on-year due to easing supply-side constraints. Increased electricity consumption and easing supply constraints contributed to the rise in electricity trading volumes on the Exchange, expected to continue in the future.

During the trading sessions on January 10th and January 31st, 2024, a total of 15.20 lakh RECs (equivalent to 1520 MU) were traded at a clearing price of Rs. 360/REC, marking the highest REC volume in the current financial year. The REC price on the exchange has been on a downward trend and is currently at its lowest levels this financial year, offering obligated consumers (such as Discoms, Open Access Consumers, and Captive Power Producers) an opportunity to fulfill their Renewable Purchase Obligations (RPO) at more affordable rates. The upcoming REC trading sessions at the Exchange are scheduled for February 14th and February 28th, 2024.

In January 2024, the IEX Green Market, including the Green Day-Ahead and Green Term-Ahead Market segments, recorded a volume of 236 MU. Specifically, the Green Day-Ahead Market (G-DAM) saw a volume of 210 MU with a weighted average price of Rs 5.87 per unit, attracting participation from 189 market participants. Meanwhile, the Green Term-Ahead Market (G-TAM) achieved a volume of 26 MU, with a monthly average price for Non-Solar at Rs 6.57 per unit.