Indian Energy Exchange (IEX) said that its Real Time Electricity Market (RTM) accomplished volume of 515.46 MU (million units or million kwh) in June 2020 –the first month of operations of the new segment. A total of 237 customers participated in the RTM segment during the month.
The newly-commenced market segment also achieved its highest single-day volume of 36.09 MU on June 30, 2020 when 110 customers participated in the various auction sessions.
RTM achieves 515.46 MU volume in the first month of launch at an attractive average market clearing price of Rs.2.22 per unit.
The double-sided closed auction ensured efficient price discovery, transparency, flexibility and a seamless trading experience for the market participants. The market saw substantial sell-side liquidity at 1810 MU, which was 2.4 times of the buy volumes at 742 MU and competitive price discovery.
Consequently, the average market clearing price was at Rs.2.22 per unit, lower than the day ahead market (DAM) average price for June, at Rs.2.35 per unit. The attractive prices enabled great savings and good financial liquidity for the utilities as well as the open access consumers.
Raipur Power and Raigarh Energy Generation became the first generators to have bought electricity to meet their commitment.
The market not only facilitated unrequisitioned surplus generation capacity find buyers but also facilitated generators to purchase power to fulfil obligations created due to outages. Setting a new precedent for IEX, two clients – Raipur Power and Raigarh Energy Generation became the first generators to have bought electricity to meet their commitment.
“The milestone of 515.46 MU volume in the first month is really an impressive accomplishment and has been possible due to robust fundamental value proposition of this new market segment. The technology enablement, capacity building and other customer centric solutions that we provided supported the market to a great start and indeed enabled IEX to reach this high-point in a span of just a month, said Rohit Bajaj, Head – Business Development and Senior Vice President, IEX.
IEX’s RTM provides utilities avenues to meet 24×7 power supply aspirations with 48 auction windows during the day, with delivery at 1-hour notice.
The new market segment was put in operation on the IEX platform at 10:45 PM on May 31, 2020 for delivery at 0:00 hours on June 01, 2020. IEX’s RTM provides utilities avenues to meet 24×7 power supply aspirations with 48 auction windows during the day, with delivery at 1-hour notice. The market has been launched with a vision to enable market participants meet demand variations of electricity in shorter windows, support large-scale renewable energy integration, maximise grid security and deepen the power market in the country.
(Featured photograph for illustration only)
