IEX Sees Record Growth in Q1 FY25 with 19 Percent Surge in Electricity Volume
In June 2024, IEX achieved an electricity volume of 10,185 million units (MU), marking a 24.7 percent year-on-year (YoY) increase.
July 04, 2024. By Abha Rustagi
In June 2024, IEX achieved an electricity volume of 10,185 million units (MU), marking a 24.7 percent year-on-year (YoY) increase. The total volume for the month, including certificates, stood at 10,677 MU, reflecting a 19.4 percent increase from the previous year.
For the first quarter of FY25, IEX recorded a cumulative electricity volume of 28,178 MU, an impressive 19 percent rise compared to the same period last year. Including certificates, the total volume for the quarter reached 30,354 MU, up by 20.8 percent from Q1 FY24.
This growth coincides with a nationwide surge in energy consumption. According to government data released in June 2024, India’s energy consumption for the month reached 152.4 billion units (BUs), an 8.9 percent increase from the previous year.
The first quarter of FY25 saw energy consumption reach 452 BUs, 11.2 percent higher than the corresponding quarter in the previous fiscal year. This surge was driven by unprecedented hot weather conditions, pushing the country's peak electricity demand to 250 GW, surpassing the previous high of 243 GW recorded in September of the previous year.
The government and regulatory bodies have taken proactive measures to handle this increased demand, including selling surplus un-requisitioned power on exchanges, boosting fuel supplies, and ensuring higher availability of generating units. These actions have led to increased selling liquidity on exchanges, helping to maintain stable prices despite the higher demand.
The market clearing price in the Day Ahead Market for June 2024 was INR 5.40 per unit, consistent with the previous year and more than 20 percent lower compared to prices under bilateral contracts.
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