Indian Energy Exchange, India’s premier energy trading platform offers greater choice to the market participants to buy renewable energy on the same day and up to 11 days ahead as they today announced the expansion of its delivery based Green Market with the launch of two new products – Green Daily Contract and Green Weekly Contract.
In a circular issued by the Exchange, it has confirmed that trading in the new contracts in both solar and non-solar segments will commence with immediate effect. With this launch, IEX Green Market now has four contracts.
In a first for IEX Green Market, the Daily and Weekly contracts will enable market participants to trade in on an energy basis (MWh) with the bidding taking place on a 15- minute time-block. The trading in energy terms will help to address the intermittency issues involved in renewable energy procurement. Further, this will also assist market participants to minimise deviations as well as related penalties. The energy will be delivered leveraging the national, regional and state-level transmission network.
The Green Market at IEX, a first of its kind initiative in the country, was formally launched by Shri R.K. Singh, Honourable Minister of State Independent Charge for Power and New & Renewable Energy on September 01, 2020. The market has received encouraging response from all stakeholders and has cumulatively traded 459 MU comprising 404 MU under Solar and 55 MU under Non-Solar segments within 100 days since the commencement of trading on 21 August 2020. Moreover, with an average price of Rs 3.47 per unit in the solar and Rs 3.77 per unit in the non-solar segments, the market offers an attractive avenue to the market participants for renewable energy procurement.
“India is witnessing a rapid change in the energy sector with renewables driving the energy shift. To meet our ambitious renewable energy targets and sustain the existing pace of growth in renewable capacity addition, there is a need for a market-based framework,” IEX Chairman S N Goel said.
With a total of 36 market participants, the platform is being leveraged by the distribution utilities, renewable generators and open access consumers.
The utilities from the States and Union Territories of West Bengal, Haryana, DNH, Daman & Diu, Delhi, Bihar, Maharashtra, Delhi, UP, Telangana, and Karnataka amongst the top market participants on the Exchange.
IEX was trading at Rs 215.20 per piece up by Rs 0.1 or 0.05% from its previous closing of Rs 215.10 on the BSE, at around 10.22 am. Its scrip opened at Rs215.30 and touched the day’s high and low of Rs217 and Rs 214.45 respectively.
