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IEX Records Significant Increase in Electricity Trading Volumes in February 2024

According to government data published in February 2024, the country's energy consumption reached 127.8 BUs, representing an 8.5 percent increase on a YoY basis.

March 05, 2024. By Abha Rustagi

Indian Energy Exchange has achieved 9,462 MU overall volume, in February 2024, marking a 15.4 percent year-over-year increase. 

The Market Clearing Price in Day Ahead Market during February 2024 was INR 4.93/unit, down approximately 26 percent year-on-year (YoY), due to increased sell liquidity. The sell bids on the exchange (Day Ahead Market plus Real-Time Market) during the month increased by 47 percent on a YoY basis. 

According to government data published in February 2024, the country's energy consumption reached 127.8 BUs, representing an 8.5 percent increase on a YoY basis. 

Ministry Of Power issued amendments in the electricity late payment surcharge rules, 2024, requiring the sale of URS power on exchanges. These rules also provide for penalty in terms of reduced fixed charges to GENCOS if they fail to offer URS power in the market. This will improve sell-side liquidity on the exchange platform and lead to competitive price discovery.

The Day-Ahead Market (DAM) volume was at 4,722 MU in February 2024, as compared to 4,664 MU in February 2023.

The Real-Time Electricity Market (RTM) volume increased to 2,340 MU in February 2024, from 1,714 MU in February 2023, registering an increase of 36.5 percent YoY. 

Day Ahead Contingency and Term-Ahead Market (TAM), comprising of contingency, daily, weekly, and monthly contracts up to 3 months, traded 1,487 MU during February 2024, higher by 55.9 percent on a YoY basis. 

IEX Green Market, comprising the Green Day-Ahead and Green Term-Ahead Market segments, achieved 298 MU volume during February 2024. 

The Green Day-Ahead Market (G-DAM) achieved 266 MU volume during the month, with a weighted average price of INR 5.5 per unit. The segment saw participation from 214 market participants during the month. 

The Green Term-Ahead Market (G-TAM) achieved 32 MU volume in February 2024.

A total of 6.14 lac RECs (equivalent to 614 MU) were traded in the trading sessions held on February 14, 2024, and February 28, 2024, at a clearing price of INR 360/REC and INR 347/REC respectively. 

The next REC trading sessions at the Exchange are scheduled for March 13, 2024, and March 27, 2024.

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