IEX traded 51% more electricity y-o-y in Dec 2019

New Delhi: The electricity market at IEX (Indian Energy Exchange) witnessed a 51 percent year-on-year and 25 percent month-on-month increase in traded volumes in December 2019. The IEX recorded a total trade of 4,768 MU (Million Units) in the last month of 2019. The increased volumes demonstrated increased preference by the distribution utilities for the Exchange platform that offers power procurement at the most competitive prices in a flexible and customised way.

IEX sees surge in power demand in northern states

The increase in traded volumes on the IEX was largely due to surge in power demand from the northern states as well as the southern states. The northern states experienced intense cold wave this month leading to an increase in peak demand in several states.

Average market clearing price drops 11% y-o-y

The day-ahead market traded 4,333 MU with an average market clearing price at ~Rs 2.93 per unit vs Rs 3.3 in December 2018, an 11 percent decline in price. In the DAM market, total monthly sell bids were 10,195 MU while buy bids were 5,260 MU. Sell bids at nearly two times of the buy bids coupled with lower clearing prices signified that the market remained attractive for both the distribution utilities as well as open access buyers.

One Nation One Price prevailed for 21 days during the month. The congestion was mainly towards import of power by the southern states, especially during the peak hours since HVDC Bhadrawati was under outage leading to import capacity reduction.

TAM volumes rose 347% y-o-y

TAM volumes rose 347 percent year-on-year on the back of growing acceptance for TAM contracts by the distribution utilities for meeting their short-term power requirements. After a dip in demand over the last three months, all India peak demand at 170 GW in December 2019, rose 5 percent year-on-year over demand of 163 GW in December 2018 and rose 9.6 percent month-on-month over demand of 155 GW in November 2019.

On December 26, the REC market at IEX saw a total trade of 3.60 lakh Renewable Energy Certificates comprising of 3.18 lakh non-solar RECs and 0.41 lacs solar RECs. The price for non-solar RECs (issued after 1.4.17) at Rs 2,000 increased 11 percent from Rs 1,800 in November 2019 and price for solar RECs at Rs 2,400 remained unchanged from November 2019.
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The continuing increase in REC prices has mainly been due to shortfall on account of low inventory since March 2019.