Indian Energy Exchange (IEX) recorded a 28.9 per cent year-on-year (YoY) increase in growth, attaining a monthly total volume of 10,633 million units (MUs) in May 2024. The IEX recorded a total electricity volume of 9,568 MU, reflecting a 21 per cent YOY growth. A total of 1.055 million renewable energy certificates (RECs) equivalent to 1,055 MU, were traded at a clearing price of Rs 165 per REC for the sessions held on May 8, 2024 and May 29, 2024.
In May 2024, government data disclosed that the power consumption of the country reached 156.3 billion units, indicating a 15 per cent growth compared to the previous year. Furthermore, in May 2024, the Day Ahead Market witnessed a market clearing price of Rs 5.3 per unit, reflecting over 20 per cent decline compared to prices discovered under bilateral contracts. This was caused by a number of variables, including as the sale of excess un-requisitioned power on power exchanges, a rise in fuel supply. These factors enhanced sell liquidity on the exchanges, which kept exchange prices under control.
In May 2024, the Day-Ahead Market recorded a volume of 4,371 MU, in contrast to 4,066 MU in May 2023. The Real-Time Market attained a 38.3 per cent YoY growth, rising from 2,424 MU in May 2023 to 3,352 MU in May 2024. In May 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 1,221 MU, reflecting a 15.4 per cent increase during May 2024 compared to the previous year. With a weighted average price of Rs 3.86 per unit, the Green Day-Ahead Market saw 574.7 MU volume during the month. While, with an average monthly price of Rs 8.06 per unit for non-solar, the Green Term-Ahead Market reached 47.5 MU volume in May 2024.