Indian Energy Exchange achieved 9,707 MU overall volume in December 2023, marking an increase of nearly 15 per cent over December 2022.
In a release, IEX said that the exchange achieved an overall volume of 9,707 MU, inclusive of 10.52 lakh Renewable Energy Certificates (REC) equivalent to 1,052 MU. The overall volume in December 2023 was 14.9 per cent higher than in December 2022.
In terms of electricity volume, there was a year-on-year increase of 8.7 per cent with volumes in December 2023 standing at 8,655 MU.
For the third quarter of the fiscal year 2024, IEX achieved 28,326 MU overall volume, registering an increase of 16.9 per cent, on year-on-year basis.
According to government data published in December 2023, the country’s energy consumption remained flattish at 119.07 BUs.
The Market Clearing Price in the Day Ahead Market (DAM) for December 2023 was Rs.4.54 per kwh, marking a 13 per cent year-on-year 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 per cent on year-on-year basis.
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 optimize their power procurement costs, the release said.
REC trading
A total of 10.52 lakh RECs (equivalent to 1,052 MU) were traded in the trading sessions held on December 13, 2023 and December 27, 2023, at a clearing price of Rs.370 per REC and Rs.360 per REC, respectively. REC traded volume in December 2023 increased by 115.9 per cent on year-on-year basis. A total of 20.24 lakh RECs (equivalent to 2,024 MU) were traded during Q3 of FY24.
Also read: IEX Records 17.5 Per Cent Volume Growth In November 2023
Featured photograph (source: Siemens) is for representation only.
