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IEX posts 24% growth in trading volume, REC prices hit all-time low in September 2024

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IEX posts 24% growth in trading volume, REC prices hit all-time low in September 2024

The Indian Energy Exchange (IEX) recorded a total trading volume of 11,370 million units (MU) in September 2024, a 24% year-on-year increase. The electricity volume, including green electricity, rose by 21% year-on-year to 10,332 MU. Trading volume in renewable energy certificates (REC) doubled to 1,031 MU compared to the previous year.

On September 25, 2024, the REC market saw an all-time low price of Rs 110 per certificate, offering obligated entities like discoms and captive power producers a cost-effective way to meet their renewable purchase obligations. Voluntary customers also benefited from the low prices to meet their sustainability goals.

India’s energy consumption remained steady at 141.3 billion units (BU) in September 2024. The steady monsoon led to a rise in hydro and wind power generation, contributing to a significant reduction in market prices. The Day Ahead Market (DAM) clearing price dropped 33% year-on-year to Rs 4.18 per unit, while the Real Time Market (RTM) price declined 28% to Rs 3.98 per unit. These lower prices allowed discoms and open-access consumers to optimize power procurement costs.

A total of 1.03 million RECs were traded in two sessions on September 11 and 25, 2024, at clearing prices of Rs 112 and Rs 110, respectively. The next REC trading sessions are scheduled for October 9 and October 30, 2024.

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