IEX’s Green Term-ahead Market Achieves 76% MoM Growth in July’21

Indian Energy Exchange (IEX) traded 7,322 MU volume and clocked 37% year-on-year growth in July 2021, as per the data on power demand published by the National Load Dispatch Centre. Further, national peak demand was registered on July 7, 2021, at 200.6 GW, which recorded a 17.6% YoY increase while the energy consumption at 125.5 BU grew 10.6% on a YoY basis.

The easing of lockdown restrictions on economic activities is likely to have accelerated power consumption. Consequently, India’s manufacturing PMI (Purchasing Managers’ Index) increased to a 3-month high at 55.3 in July 2021.

The day-ahead market traded 4238 MU volume during the month at the average monthly price at Rs 2.95 per unit. The sell-bids at 2X of the cleared volume ensured ample availability of power and providing competitive procurement opportunities to the distribution utilities and industries.

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The cross-border electricity trade under day-ahead market saw 72 MU volume traded and registered 68.4% MoM increase. Currently, Nepal is the only participating country in IEX CBET market while other countries in South Asia, like Bangladesh and Bhutan, are expected to join the platform shortly.

While the term-ahead market comprising intra-day, contingency, daily & weekly contracts traded 761 MU during July recorded 11 times growth, the green term-ahead market performed exceptionally well that month.

The green term-ahead market traded the highest-ever volume of 726 MU in July’21 seeing 76% MoM increase. The green term-ahead market also registered the highest-ever single day volume of 153.1 MU on 16th July 2021. Since the onset of wind season in April-May, the green market has been greatly enabling the distribution utilities to sell excess energy for the other deficit states to buy. In fact, July saw high wind generation in the country, with average wind generation recorded at 349 MU per day, 64.5% higher than in 212 MU per day in 2020.

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Fifty-one members participated in the market during July, which is the highest-ever since inception in August 2020. Among participants were also distribution utilities from West Bengal, Bihar, Haryana, Telangana, Karnataka, Uttar Pradesh, Goa, Maharashtra, Punjab, DNH, Daman & Diu, Assam and Tamil Nadu among others.

The REC trading session which was scheduled on Wednesday 28 July 2021 did not take place due to a stay order from Appellate Tribunal for Electricity (APTEL), in response to the petitions filed by a few Renewable Energy Associations.

Shares of Indian Energy Exchange Limited was last trading in BSE at Rs. 421.95 as compared to the previous close of Rs. 429.35. The total number of shares traded during the day was 144004 in over 7497 trades. The stock hit an intraday high of Rs. 431.65 and intraday low of 420.25. The net turnover during the day was Rs. 61181447.