IEE sees 35.8% YoY volume growth in August 2024
In August 2024, the Indian Energy Exchange (IEX) achieved a total trading volume of 12,040 MU, including certificates, marking a 35.8% year-over-year increase. The electricity volume alone was 9,914 MU, up 17.1% YoY, while renewable energy certificates (REC) reached 2,116 MU, showing a remarkable 737.4% increase from the previous year. REC prices hit an all-time low of Rs 115 per certificate during the August 28, 2024 trading session, offering obligated entities like DISCOMS and Captive Power Producers a cost-effective way to meet Renewable Purchase Obligations, while allowing voluntary customers to pursue sustainability goals.
Despite these increases, India’s overall energy consumption in August 2024 was 144.2 BU, down 5% YoY, as reported by government data. The monsoon season contributed to higher hydro and wind power generation, boosting renewable energy availability and reducing market prices. The Day-Ahead Market (DAM) clearing price was Rs 4.28 per unit, down 38% YoY, while the Real-Time Market (RTM) price was Rs 3.59 per unit, a 44.8% decrease YoY.
The RTM segment set a record with its highest-ever single-day trade of 156 MU on August 26, 2024.
The IEX Green Market, which includes the Green Day-Ahead and Green Term-Ahead Market segments, recorded 871 MU in August 2024, up 259.5% from 242.30 MU in August 2023. The Green Term-Ahead Market (G-TAM) traded 21.7 MU at an average price of Rs 7.89 per unit for non-solar energy.
A total of 2.12 million RECs, equivalent to 2,116 MU, were traded on August 14 and August 28, 2024, at clearing prices of Rs 118 and Rs 115 per REC, respectively. The next REC trading session is scheduled for September 11, 2024.