Indian Energy Exchange (IEX) achieved 9,462 MU overall volume in February 2024, marking a 15.4 per cent year-over-year increase.
The Market Clearing Price in Day Ahead Market during February 2024 was Rs.4.93 per unit, down approximately 26 per cent year-on-year, due to increased sell liquidity. The sell bids on the exchange (Day Ahead Market plus Real Time Market) during the month increased by 47 per cent on year-on-year basis, IEX said in a release.
According to government data published in February 2024, the country’s energy consumption reached 127.8 BU, representing an 8.5 per cent increase on a year-on-year basis.
The IEX release also said that Ministry of Power issued amendments in the electricity late payment surcharge rules, 2024, requiring sale of URS (un-requisitioned surplus) power on exchanges. These rules also provide for penalty in terms of reduced fixed charges to GENCOS if they fail to offer URS power in the market. This will improve sell side liquidity on exchange platform and lead to competitive price discovery.
Meanwhile a total of 6.14 lakh RECs (equivalent to 614 MU) were traded in the trading sessions held on February 14, 2024 and February 28, 2024,at a clearing price of Rs. 360 per REC and Rs.347 per REC, respectively. The next REC trading sessions on IEX are scheduled on March 13, 2024 and March 27, 2024.
Also read IEX Achieves Highest-Ever Monthly Volume In January 2024
Note: MU = million units = million kwh = Gwh; BU = billion units = 1,000 MU
