IEX to introduce a green day-ahead market soon: CMD

• IEX's green term-ahead market went live on August 21, 2020 and was formally launched by Power Minister RK Singh on September 1, 2020
• During the one-year period, the total green energy traded on the platform comprised of 1267 MU volume in the solar segment and 1477 MU in the non-solar segment

New Delhi: Led by a growth in the appetite for green energy, the Indian Energy Exchange's (IEX) Green Market traded 2,744 Million Units (MU) of renewable energy (RE) in its green term-ahead market in its first year and is now set to introduce a green day-ahead market soon. IEX's green term-ahead market went live on August 21, 2020 and was formally launched by Power Minister RK Singh on September 1, 2020. During the one-year period, the total green energy traded on the platform comprised of 1267 MU volume in the solar segment and 1477 MU in the non-solar segment, said IEX in an official statement on Monday.

The market discovered Rs 3.75 per unit as the average price in first year with average solar price at Rs 3.48 per unit and average non-solar price at Rs 4.06 per unit.

IEX to introduce Green Day-Ahead market soon: CMD

SN Goel, Chairman and Managing Director, IEX added that, "The inception of the green market has been a landmark milestone for our nation. Recently, on the eve of 75th Independence Day, the Honourable Prime Minister announced that India aspires to attain energy Independence by the year 2047. The market can play a catalyst role in facilitating our efforts towards achieving energy independence and building a green and sustainable energy economy in the most competitive and efficient manner. The forthcoming introduction of green day-ahead market will evolve the market further. In the mid to long term, gradual shift from PPA to market-based models will build and deepen the markets to next level, paving way for India to meet its ambitious 450 GW green capacity by 2030."

IEX petition regarding introduction of the Green Day Ahead Contract towards commencing the integrated Day Ahead Market at the Exchange is accessible on its website (www.iexindia.com) for the public comments.

IEX Green Market has close to 100 participants

The green market has received an overwhelming response and has reached a robust participant base close to 100 in a short span of time. The distribution companies from Karnataka, Telangana, Tamil Nadu and Himachal, including RE generators like Choudhary Power, Bhilangana Hydro Power, Amplus Green, Adani solar and MRN Cane Power, are a few key participants on the sell side. While distribution companies like CESC, Haryana, DNH, Tata Power Company and DVC, along with industrial consumers like Vedanta, SAIL, Jindal Steel, Tata Steel etc are key participants on the buy side, said IEX.

In the first year, Power Company Karnataka Limited (PCKL) has emerged as the top seller while Vedanta Limited as the top buyer in the Green Market. The green market offers a robust value proposition such as competitive prices, transparent and flexible procurement, as well as payment security to the buyers and sellers. The green power generators, and distribution utilities who have surplus renewable energy, are now participating in the market to sell this surplus to other deficit entities, facilitating them to meet their energy and RPO requirements in an integrated way.

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