Indian Energy Exchange achieved total volume (including certificates) of 12,040 MU in August 2024, marking a 35.8 per cent year-over-year increase.
The electricity volume at 9,914 MU, increased 17.1 pe cent YoY. The renewable energy certificates (REC) at 2,116 MU, increased 737.4 per cent year-on-year. At Rs.115 per certificate, the REC market recorded an all-time low price in the trading session held on August 28, 2024.
These prices provide an opportunity to obligated entities (DISCOMS and Captive Power Producers) to meet their Renewable Purchase Obligations, and voluntary customers to meet their sustainability aspirations.
According to government data published in August 2024, the country’s energy consumption reached 144.2 BU, representing a 5 per cent decrease year-on-year.
As the monsoon gained momentum in August, there was a substantial increase in hydro and wind power generation, enhancing the overall availability of renewable energy in the system. This led to a significant decline in Day-Ahead Market (DAM) prices and Real-Time Market (RTM) prices on the exchange. The Market Clearing Price in the Day-Ahead Market during August 2024 at Rs4.28 per unit, reduced 38 per cent year-on-year. Similarly, the Market Clearing Price in the Real Time Market at Rs.3.59 per unit during August 2024, declined 44.8 per cent year-on-year.
RTM segment also achieved its highest-ever single-day trade of 156 MU on August 26, 2024, demonstrating the market’s ability to adapt to dynamic demand-supply scenarios.
IEX Green Market, comprising the Green Day-Ahead and Green Term-Ahead Market segments, achieved 871MU volume during August’24 as compared to 242.30 MU in August 2023, registering an increase of 259.5 per cent year-on-year.
The Green Term-Ahead Market (G-TAM) achieved 21.7 MU volume in August 2024 with average monthly price of Non-Solar- Rs.7.89 per unit.
A total of 21.16 lakh RECs (equivalent to 2,116 MU) were traded in the trading sessions held on August 14, 2024 and August 28, 2024, at a clearing price of Rs118 per REC and Rs115 per REC respectively. The next REC trading sessions on IEX are scheduled on September 11, 2024.
Also read: IEX records highest ever monthly traded volume in July 2024
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