Indian Energy Exchange (IEX)reported a significant 24.7% year-on-year increase in electricity volume to 10,185 MU in June’24. Including certificates, the total monthly volume rose 19.4% to 10,677 MU. For the first quarter of FY 2025, IEX recorded 28,178 MU of electricity volume, marking a 19% year-on-year increase. Including certificates, the total volume for the quarter reached 30,354 MU, up by 20.8% from Q1FY’24.
Government data from June 2024 showed a notable 8.9% year-on-year rise in India’s energy consumption, reaching 152.4 BUs. The hot weather conditions in the first quarter of FY’25 led to an unprecedented 11.2% increase in energy consumption, totaling 452 BUs. Peak demand in the quarter peaked at 250 GW, surpassing the previous record of 243 GW.
Government and regulatory measures, such as selling surplus un-requisitioned power on exchanges and ensuring ample fuel supply, enhanced liquidity and stabilized market clearing prices. Despite increased electricity consumption, the Day Ahead Market price in June ’24 remained steady at Rs. 5.40/unit, consistent with the previous year and significantly lower than bilateral contract prices by over 20%.During trading sessions on June 12th and June 26th, 2024, a total of 4.39 lakh RECs (equivalent to 439 MU) were traded at Rs. 150/REC and Rs. 140/REC respectively. In Q1FY’25, 21.12 lakh RECs (equivalent to 2,112 MU) were traded. The Rs. 140/REC price recorded is the lowest ever since REC trading began. Upcoming REC trading sessions at the Exchange are scheduled for July 10th and July 31st, 2024.
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