Indian Energy Exchange (IEX) witnessed its highest-ever monthly trading volume in the Real Time Market (RTM) segment, in May 2024.
In a release, IEX said that RTM volumes in May 2024 were 3,352 MU – the highest-ever monthly volume in the history of IEX. On an average, over 100 MU of electricity was traded per day during May 2024, IEX said.
The REC market, with RECs trading at Rs.165 per certificate, recorded its lowest-ever price in May 2024 – during the trading session on May 29, 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,” IEX said in the release.
Proactive measures taken by the government and the regulators, including the sale of surplus un-requisitioned power on power exchanges, increased fuel supply and ensuring higher availability of generating units led to an increased sell liquidity on the exchanges which kept the prices under control on exchanges. Therefore, despite the increase in the electricity consumption, the market clearing price in Day Ahead Market during May 2024 was Rs.5.3 per unit, more than 20 per cent lower as compared to prices discovered under bilateral contracts.
According to government data published in May 2024, the country’s energy consumption reached 156.3BU, representing 15 per cent increase on a year-on-year basis. Notably, on May 30, 2024, the country witnessed an all-time high peak demand of 250 GW along with the highest ever single day energy consumption of 5,466 MU, IEX said.
Also read: IEX Sees 15.4 Per Cent Volume Growth In February 2024
(Note: 1 MU = 1 million units = 1 million kwh = 1 GWh; 1 BU = 1 billion units = 1,000 MU)
