IEX Power Market Update For November

IEX Reports PAT Exceeding 21% in Q2FY24 Against Q2FY23

The Indian Energy Exchange, India’s premier energy exchange, achieved 7764 MU total volume traded in November 2022, including Green Power trade of 354 MU, and 3.72 lac RECs (equivalent to 372 MU).

The total electricity volume traded on the Exchange in November’22 was 7392 MU, an increase of 9% on YoY. However, the overall volume reduced 16% YoY, as the corresponding month last year had exceptionally high REC volumes of 24.4 lacs to fulfil the pent-up demand caused by a 16-month gap of trading.

Improving coal inventory and onset of winters will lead to further price correction on the Exchange, providing cost optimisation opportunities to Discoms and Open Access consumers.

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According to the power demand data published by the National Load Dispatch Center, the energy consumption stood at 113 BU during November ’22, increasing 13% on YoY basis.

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

The Day Ahead Market clearing price was Rs. 4.60 per unit as against Rs. 3.08 per unit in the previous corresponding year, due to supply constraints caused by geopolitical factors. Despite the increased price, the Day-Ahead Market volume increased 8% YoY and 18% on MoM basis, to reach 5084 MU in November 2022.

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The Real-Time Electricity Market achieved 1407 MU volume during the month, registering 7% YoY growth. There were 678 participants in this segment during the month.

The Term-Ahead Market (TAM), comprising intra-day, contingency, daily & weekly contracts, and LDCs traded 547 MU during the month, growing 81% on YoY basis.

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

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IEX Green Market, comprising the Green Day-Ahead and Green Term-Ahead Market segments, achieved 354 MU volume during November ’22, declining 12% on MoM basis.

The Green Day-Ahead Market achieved 288 MU volume with a weighted average price of Rs 4.31 per unit. The market saw participation from 178 market participants during the month, with the highest number of participants in a single day at 125 on 28^th November 2022.

The Green Term-Ahead Market achieved 66 MU volume with an average monthly price of Rs. 5.01/unit for Solar, Rs 5.66/unit for Non-Solar.

RENEWABLE ENERGY CERTIFICATE MARKET (REC MARKET)

A total of 3.72 lacs RECs were cleared in the trading session at IEX held on Wednesday, 30th November’22. The volume comprised 0.68 lacs Non-Solar RECs with clearing price at Rs 1,000 per REC.  Increased inventory of solar RECs saw the clearing price reaching floor-level at Rs. 1000 per REC, with 3.03 lacs Solar RECs traded during the month. In November 2021, IEX had achieved 24.4 lacs REC trade, after it resumed trading in the REC market after a gap of almost 16 months, following CERC Order dated 18 November 2021.

The next REC trading session at the Exchange is scheduled on Wednesday, 28^th December 2022.