Adani Hybrid Energy Sold the Most Power in Green Day Ahead Market in Q4 2023

Arcelor Mittal was the leading procurer from GDAM during the period


Green Day-Ahead Market (GDAM) has provided new opportunities for renewable energy generators and distribution companies (DISCOMs) to trade surplus power on exchanges.

Power generators affected by long-delayed payments from DISCOMs and those with surplus power from projects linked to power purchase agreements (PPA) can sell their excess power on exchanges, preventing it from going to waste.

GDAM reduces green power curtailment, ensures instant payments for power sold on the same day it is delivered, and opens a new market for untapped renewable energy potential. It has also created new opportunities to develop merchant renewable energy capacity without the need for long-term PPAs.

An added advantage is that obligated entities (DISCOMs and captive power consumers) can meet their renewable power purchase obligation (RPO) mandate by directly buying green power from the exchanges.

Before the introduction of GDAM, renewable power was mainly procured through the Green Term-Ahead Market (GTAM).

Top Sellers in the Green Day Ahead Market

In the fourth quarter (Q4) of the calendar year (CY) 2023, Adani Hybrid Energy was the top entity selling power through the exchanges, accounting for 14.2%, followed by Adani Solar Energy (8%). Ostro Energy, ReNew, and Jammu & Kashmir represented 7.8%, 7.5%, and 6.3%, respectively, as the entities selling power in the GDAM.

Electricity Sold in G-DAM Through Power Exchanges in Q4 2023 (MUs)

These numbers were revealed in Mercom India Solar Open Access Market Report Q1 2024. The top five states accounted for 43.8% of power sold in the GDAM in Q4 2023.

Top Buyers in the Green Day Ahead Market

Arcelor Mittal was the leading energy procurer from GDAM with 36.4% of the total market share, followed by Delhi at 12%. Tamil Nadu, Bharat Aluminium, and Damodar Valley Corporation were the other major buyers, accounting for 9.7%, 8.3%, and 4.9%, respectively. The top ten states made up 88% of the total energy procured through GDAM.

Electricity Purchased in G-DAM Through Power Exchanges in Q4 2023 (MUs)

Volume vs. Price in the GDAM Market

In GDAM, the highest trading was observed in December, and the highest weighted average price was realized in October. In Q4 2023, trading volume increased 14% quarter-over-quarter, while the highest weighted average price fell 1.5%.

Monthly Volume and Price of Electricity in G-DAM at IEX

The Indian Energy Exchange (IEX) traded green energy in the GDAM at a weighted average price of ₹6.37 (~$0.0766)/kWh in October, ₹4.69 (~$0.0564)/kWh in November, and ₹4.86 (~$0.0584)/kWh in December.

Mercom India’s Q1 2024 Solar Open Access Market Report provides an in-depth analysis of the green market segment and state-wise data on energy traded.


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