The Indian Energy Exchange (IEX) has announced impressive trading volumes for October 2024. The exchange reported a total electricity traded volume of 9,642 million units (MU), reflecting a 4% year-on-year increase. A standout achievement for the month was the trading of 4.44 lakh renewable energy certificates, which soared by an astonishing 105% compared to the previous year.
According to government data, India’s total energy consumption reached 140.4 billion units (BUs) in October 2024, marking a 1% increase from last year. The Market Clearing Price (MCP) in the Day Ahead Market (DAM) dropped to Rs 3.92/unit, a significant decline of 39% year-on-year. Similarly, the Real-Time Market (RTM) recorded an MCP of Rs 3.77/unit, down 38% from the previous year. These lower prices offer a valuable opportunity for Distribution Companies (Discoms) and Open Access consumers to procure cheaper electricity via exchanges.
In October 2024, the DAM recorded a volume of 4,388 MU, down 7% year-on-year from 4,742 MU in October 2023.
The RTM volume surged to 3,123 MU, representing a 30% increase from 2,402 MU in the same month last year.
Day Ahead Contingency and Term-Ahead Market segment saw a decline, trading 1,260 MU compared to 1,911 MU in October 2023, a drop of 34% year-on-year.
The IEX Green Market, which includes the Green Day-Ahead Market (G-DAM) and Green Term-Ahead Market (G-TAM), witnessed remarkable growth. The G-DAM achieved a volume of 829 MU, up 358% year-on-year, with a weighted average price of Rs 3.60 per unit. The G-TAM also saw impressive gains, trading 43 MU compared to just 7 MU in October 2023, reflecting a 498% increase. The average monthly prices for green energy were Rs 3.49/unit for Solar, Rs 8.02/unit for Non-Solar, and Rs 5.03/unit for Hydro.
