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IEX records 17.5 percent volume growth in November 2023

December 18, 2023 5:43 pm

IEX records 17.5 percent volume growth in November 2023
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The energy exchange reached 9,136 million units (MU), including 7.55 lakh Renewable Energy Certificates (RECs), equivalent to 755 MU.

Indian Energy Exchange (IEX), the premier energy exchange in India, reported a noteworthy achievement in November 2023, reaching an overall volume of 9,136 million units (MU), inclusive of 7.55 lakh Renewable Energy Certificates (RECs) equivalent to 755 MU. This marked a substantial 17.5 percent increase on a year-on-year (YoY) basis. Specifically, IEX recorded a total electricity volume of 8,371 MU, showcasing a 13 percent YoY growth.

The government data released in November 2023 revealed that the country’s energy consumption surged to 120 billion units, reflecting an 8.5 percent YoY increase. Notably, the market clearing price in the Day Ahead Market stood at ₹3.98/unit, indicating a 13 percent YoY decrease. This decline was attributed to reduced demand during the festive season, a temperature drop, and improved liquidity on the exchange platform. The exchange prices have been following a downward trend, with the average monthly price currently at its lowest point in the financial year. This presents a favourable opportunity for Distribution Companies (Discoms) and industrial consumers to optimise their power procurement costs. 

Examining the electricity market dynamics, the Day-Ahead Market (DAM) volume for November’23 reached 5,144 MU, a slight increase from 5,087 MU in November’22. The Real-Time Electricity Market (RTM) witnessed a substantial YoY growth, reaching 2,359 MU in November’23, up by 68 percent from 1,407 MU in November’22. The RTM segment provides distribution utilities and industries with increased flexibility for efficient portfolio optimisation in real-time.In the Day-Ahead Contingency and Term-AheadMarket (TAM), which includes contingency, daily, weekly, and monthly contracts up to 3 months, trading volume was 679 MU, marking a significant 24 percent YoY increase.

Within the Green Market segment, comprising the Green Day-Ahead and Green Term-Ahead Market segments, IEX achieved a volume of 189 MU. The Green Day-Ahead Market (G-DAM) recorded a volume of 182 MU with a weighted average price of ₹5.05 per unit and saw participation from 182 market participants. In the Green Term-Ahead Market (G-TAM), 7 MU were traded on November’23, with a monthly average price for Non-Solar at ₹6.22/unit. Turning to the Renewable Energy CertificateMarket (REC Market), a total of 7.55 lakh RECs (equivalent to 755 MU) were traded in the sessions held on 08th November’23 and 29th November’23, with a clearing price of ₹. 375/REC for both sessions. The REC cleared volume increased by an impressive 103 percent YoY. The upcoming REC trading sessions at the Exchange are scheduled for 13th December’23 and 27th December’23.Regarding Energy Saving Certificates (ESCerts), trading for PAT Cycle-II officially concluded on October 30, 2023, encompassing a total coverage of 544 designated Consumers (DCs) and 40 successful trading sessions. A substantial 13.2 lakh ESCerts were traded on IEX during PAT Cycle II.

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