The Indian Energy Exchange (IEX), the country’s premier electricity trading platform, recorded a total volume of 12,040 million units (MU) in August 2024, including certificates, reflecting a year-on-year growth of 35.8 percent. Of this, the electricity volume stood at 9,914 MU, registering a 17.1 percent increase over the previous year. The Renewable Energy Certificate (REC) market contributed 2,116 MU, up by an impressive 737.4 percent year-on-year.
In the trading session held on August 28, 2024, the REC market witnessed an all-time low clearing price of ₹115 per certificate. This development presents an opportunity for obligated entities such as DISCOMs and captive power producers to fulfill their Renewable Purchase Obligations, while also enabling voluntary buyers to meet their sustainability goals.
Government data published in August 2024 indicated that India’s overall energy consumption reached 144.2 billion units, reflecting a decline of around 5 percent compared to the previous year. The progress of the monsoon season significantly boosted hydro and wind power generation, improving renewable energy availability across the grid. As a result, both Day-Ahead Market (DAM) and Real-Time Market (RTM) prices fell sharply on the exchange. The Market Clearing Price in the DAM stood at ₹4.28 per unit, representing a 38 percent drop year-on-year, while the RTM clearing price was ₹3.59 per unit, down by 44.8 percent.
During August 2024, the DAM achieved a traded volume of 4,666 MU, an increase of 22.5 percent compared to 3,810 MU in August 2023. The RTM set new records, with a monthly volume of 3,485 MU, up 27.3 percent from 2,738 MU in the same month last year. The RTM segment also achieved its highest-ever single-day trade of 156 MU on August 26, 2024, highlighting the platform’s growing ability to manage dynamic demand-supply conditions. The Day Ahead Contingency and Term-Ahead Market, which includes contingency, daily, weekly, and monthly contracts of up to three months, traded 886 MU during the month.
The IEX Green Market, consisting of the Green Day-Ahead Market (G-DAM) and Green Term-Ahead Market (G-TAM), also showed remarkable growth. Total traded volume in August 2024 stood at 871 MU, compared to 242.3 MU in August 2023, representing a 259.5 percent increase. The G-DAM segment achieved a volume of 849.3 MU at a weighted average price of ₹3.69 per unit, up by 431.8 percent compared to 159.7 MU a year earlier. Meanwhile, the G-TAM recorded a volume of 21.7 MU with an average price of ₹7.89 per unit for non-solar power.
The REC market continued to show strong activity, with a total of 21.16 lakh certificates, equivalent to 2,116 MU, traded during the two sessions on August 14 and August 28 at clearing prices of ₹118 and ₹115 per certificate, respectively. The next REC trading sessions are scheduled for September 11 and September 25, 2024.
Separately, ICX, a wholly owned subsidiary of IEX, has been designated by the I-TRACK Foundation Board as the local issuer of International Renewable Energy Certificates for electricity, known as I-REC(E), in India. As the local issuer, ICX will oversee new project registrations and the issuance of I-REC(E) certificates for entities based in India. This marks a significant step toward enhancing the country’s participation in global energy attribute certificate markets and further supporting renewable energy integration.
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