IEX Power Market Update, December’23

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IEX Power Market Update, December'23
IEX Power Market Update, December'23
  • IN Q3FY’24, IEX ACHIEVES 28,326 MU TOTAL VOLUME WITH 16.9% YOY GROWTH

  • IN DEC’23, IEX ACHIEVES 9,707 MU TOTAL VOLUME, AN INCREASE OF 14.9% YOY

  • IN DEC’23, IEX TRADES 10.52 LAC RECs, AN INCREASE OF 115.9% YOY

  • PowerX* (AVERAGE CLEARING PRICE) FOR THE MONTH WAS Rs 4.68/UNIT

Bengaluru, January 3, 2024: Indian Energy Exchange (IEX), India’s premier energy exchange, achieved 9,707 MU in overall volume in December 2023, including 10.52 Lac Renewable Energy Certificates (RECs) (equivalent to 1052 MU), marking a 14.9% increase on a YoY basis. IEX achieved 8,655 MU of total electricity volume in December 2023, registering an increase of 8.7% on a YoY basis.

For the third quarter of the fiscal year 2024, IEX achieved 28,326 MU in overall volume, registering an increase of 16.9% YoY.

According to government data published in December ’23, the country’s energy consumption remained flat at 119.07 BUs.

The market clearing price in the day-ahead market for the month was Rs. 4.54 per unit, marking a 13% YoY decrease. With favorable policy and regulatory interventions, the sell bids on the exchange (day-ahead market plus real-time market) during the month increased by 18% YoY. Going forward, sell liquidity is expected to further improve, leading to a decline in power prices on the exchanges. This will present an opportunity for discoms and industrial consumers to optimize their power procurement costs.

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

The Day-Ahead Market (DAM) volume was 4,798 MU in December ’23, as compared to 5,001 MU in December ’22. The DAM segment registered total volumes of 14,684 MU during Q3 FY ’24, a marginal increase of 1.5% over Q3 FY ’23.

The Real-Time Electricity Market (RTM) volume increased to 2,405 MU in December ’23 from 1,763 MU in December ’22, registering an increase of 36.4% YoY. The RTM segment registered a volume of 7,166 MU during Q3 FY ’24, increasing 31.9% over Q3 FY ’23.

Day Ahead Contingency and Term-Ahead Market (TAM), comprising of contingency, daily, weekly, and monthly contracts up to 3 months, traded 1,220 MU during December ’23, higher by 48.4% on a YoY basis. The total volume in the segment during the quarter was 3,810 MU, a growth of 91.4% over Q3 FY’23.

*PowerX is the price index of the Indian Energy Exchange (IEX) and is calculated based on the weighted average price of the day-ahead market and the real-time market discovered for the previous day delivery.

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

IEX Green Market, comprising the Green Day-Ahead and Green Term-Ahead Market segments, achieved 232 MU volume during December’23. During Q3 FY24, the segment achieved a volume of 609 MU.

The Green Day-Ahead Market (G-DAM) achieved 216.6 MU volume during the month, with a weighted average price of Rs 4.86 per unit. The segment saw participation from 187 market participants during the month. During Q3 FY24, the segment achieved a volume of 579.6 MU.

The Green Term-Ahead Market (G-TAM) achieved 15.4 MU in December ‘23, with an average monthly price of Rs 6.08 per unit. During Q3 FY24, the segment achieved a volume of 29.9 MU.

Renewable Energy Certificate Market (REC Market)

A total of 10.52 lac RECs (equivalent to 1052 MU) were traded in the trading sessions held on December 13 and December 27, 2023, at a clearing price of Rs. 370/REC and Rs. 360/REC, respectively. REC traded volume in December 2023 increased by 115.9% on a YoY basis. A total of 20.24 lac RECs (equivalent to 2,024 MU) were traded during Q3 FY’24.

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