Indian Energy Exchange (IEX) achieved 8,469 MU total electricity volume in August 2023, registering an increase of 21 per cent on year-on-year basis.
IEX attained 8,865 MU overall volume, including green market trade of 242.3 MU, ancillary market trade of 40MU, 2.53 lakh RECs (equivalent to 253 MU) and 1.03 lakh ESCerts (equivalent to 103 MU).
The overall volume traded during August 2023 increased by 13.3 per cent on year-on-year basis.
Unprecedented surge in demand
In August 2023, the country experienced its lowest August rainfall since 1901, resulting in hot weather conditions. This, in turn, led to an unprecedented surge in electricity demand for the month. According to data published by Grid-India, the country’s electricity consumption was recorded at 152 BU in August 2023, an increase of 16 per cent year-on-year.
On August 31, 2023, the country witnessed an all-time high peak demand of 236 GW along with the highest ever single day energy consumption of 5,126 MU.
Due to the combination of higher demand and supply constraints, prices on the Indian Energy Exchange (IEX) during the month reached Rs.6.89 per kwh, marking a 33 per cent year-on-year increase.
Electricity Market
The Day-Ahead Market (DAM) volume increased to 3,810 MU in August 2023, from 3,551 MU in August 2022, growing 7.3% YoY. The Real-Time Electricity Market (RTM) achieved 2,738 MU in August ‘23, registering an increase of 21% YoY. It is noteworthy to mention that IEX achieved the highest ever single day volume of 135.28 MUs in RTM on August 24, 2023.
The Term-Ahead Market (TAM) and the Day Ahead Contingency Market (DAC), comprising intra-day, contingency, daily & weekly contracts, and contracts up to 3 months, traded 1,673 MU during August 2023, higher by 131.5 per cent on year-on-year basis.
Green Market
IEX Green Market, comprising the Green Day-Ahead and Green Term-Ahead Market segments, achieved 242.3 MU volume during August’23. The Green Day-Ahead Market (G-DAM) achieved 159.7 MU volume during the month, with a weighted average price of Rs 7.16 per unit. The segment saw participation from 193 market participants during the month.
The Green Term-Ahead Market (G-TAM) achieved 82.6 MU volume in August ‘23, with average monthly price of Solar- Rs 5.25/per unit and for Non-Solar- Rs 6.96 per unit and for Hydro- Rs 8.80 per unit.
Also read: IEX Records 8 Per Cent Growth In June 2023 Volumes
REC and EScert
A total of 2.53 lakh RECs (equivalent to 253 MU) were cleared in the trading session at IEX held on Wednesday, August 30, at the price of Rs.575 per REC.
Featured photograph (source: Sterlite Power) is for representation only.
