IEX Achieves 9,707 MU Overall Volume In December 2023

Indian Energy Exchange (IEX), India’s premier energy exchange, achieved 9,707 MU overall volume in December 2023, including 10.52 lakh Renewable Energy Certificates (RECs) (equivalent to 1,052 MU), marking a 14.9% increase on YoY basis. IEX achieved 8,655 MU total electricity volume in December 2023, registering an increase of 8.7% on YoY basis.

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

According to government data published in December 2023, 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/unit, marking a 13% YoY decrease. With favourable Policy and Regulatory interventions, the sell bids on the exchange (Day Ahead Market plus Real Time Market) during the month increased by 18% on YoY. Going forward, the 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 optimise their power procurement costs.

The Day-Ahead Market (DAM) volume was at 4,798 MU in December 2023, as compared to 5,001 MU in December 2022. 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 2023, from 1,763 MU in December 2022, registering an increase of 36.4 % YoY. The RTM segment registered 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 contingency, daily & weekly and monthly contracts up to three months, traded 1,220 MU during December 2023, higher by 48.4% on YoY basis. The total volume on the segment during the quarter was 3,810 MU, growth of 91.4% over Q3 FY 23.

IEX Green Market, comprising the Green Day-Ahead and Green Term-Ahead Market segments, achieved 232 MU volume during December 2023. During Q3FY24, the segment achieved 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 Q3FY24, the segment achieved volume of 579.6 MU.

The Green Term-Ahead Market (G-TAM) achieved 15.4 MU volume in December 2023, with average monthly price of Non-Solar- Rs 6.08/unit. During Q3FY24, the segment achieved volume of 29.9 MU.

In the Renewable Energy Certificate (REC) market, a total of 10.52 lakh RECs (equivalent to 1,052 MU) were traded in the trading sessions held on 13 and 27 December 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 YoY basis. A total of 20.24 lac RECs (equivalent to 2,024 MU) were traded during Q3 FY 24.