Indian Energy Exchange (IEX) recorded a 26.1 per cent year-on-year (YoY) increase in growth, attaining a total volume of 10,893 million units (MUs). This also includes 1.52 million renewable energy certificates (RECs) equivalent to 1,520 MU, 236 MU from the green market segment, and of 9,137 MU from the conventional power market segment.
In January 2024, government data disclosed that the power consumption of the country reached 133.8 billion units, indicating a 6 per cent growth compared to the previous year. Furthermore, in January 2024, the Day Ahead Market witnessed a market clearing price of Rs 5.83 per unit, reflecting a 6 per cent decline compared to the previous year, primarily attributed to the alleviation of supply-side constraints. The rise in electricity consumption, combined with the easing of these constraints, resulted in a surge in the traded volumes of electricity on the exchange, and this upward trend is anticipated to persist in the future.
In January 2024, the Day-Ahead Market recorded a volume of 5,540 MU, in contrast to 4,893 MU in January 2023. The Real-Time Market attained a 13.2 per cent YoY growth, rising from 2,102 MU in January 23 to 2,380 MU in January 24. In January 2024, the Day-Ahead Contingency and Term-Ahead Market, which includes contingency, daily, weekly, and monthly contracts up to 3 months, saw a trading volume of 1,217 MU, reflecting a 34.9 per cent increase compared to the previous year. With a weighted average price of Rs 5.87 per unit, the Green Day-Ahead Market saw 210 MU volume during the month. While, with an average monthly price of Rs 6.57 per unit for non-solar, the Green Term-Ahead Market reached 26 MU volume in January 2024.
