IEX’s Green Market Trades 457 MU of Renewable Energy in November 2021

The exchange traded 2.44 million RECs, including 2.19 million non-solar and 253,000 solar


The Indian Energy Exchange (IEX) traded 457 million units (MU) of renewable energy in November 2021, a 23% month-over-month (MoM) increase compared to 372.4 MU in October.

The exchange saw a trading volume of 9.47 billion units (BU) of energy during the month, with a 54% year-over-year (YoY) growth. Energy consumption increased 2% YoY to 100.4 BU in the month. Peak power demand in November 2021 reached 166.19 GW, with a 3% YoY growth.

Green Market: Term-Ahead and Day-Ahead

The Green Term comprises both the day-ahead and term-ahead contracts.

The Green Term-Ahead Market (GTAM) traded 307 MU of energy volume, a 94% YoY growth. In November 2021, 29 distribution companies (DISCOMs) from Haryana, Telangana, West Bengal, Karnataka, Delhi, and Punjab participated. Last month, 49 companies participated in the trading.

The Green Day-ahead Market traded 149.46 MU during the month with the weighted average price of ₹3.72 (~$0.049)/kWh. In November 2021, 93 participants were involved in the trading since the commencement of the market on October 26, 2021.

Day-Ahead, Term-Ahead, and Real-Time Electricity Market

In November 2021, the Day-Ahead Market traded 4.71 BU volume at an average monthly price of ₹3.1 (~$0.041)/kWh, compared to 6.56 BU with an average monthly price of ₹8 (~$0.11)/kWh in the previous month.

IEX said the average monthly price declined 62% MoM due to increased liquidity on the supply with 1.8 times sell-bids of the cleared volume. This ensured ample power availability and competitive power price, thereby providing optimization opportunities for DISCOMs.

The Term-Ahead Market comprising contingency, intra-day, daily, and weekly contracts traded 302.7 MU during November 2021 and recorded a 34.53% MoM increase compared to 225 MU in the last month.

The Real-Time Electricity Market traded 1.31 BU at an average monthly price of ₹3.48 (~$0.046)/kWh. On November 18, the market achieved the highest single-day volume of 56.16 MU, with 554 participants.

Renewable Energy Certificates

IEX resumed trading in the renewable energy certificates (REC) market on November 24, 2021, following regulatory orders. The exchange said that over 800 participants bought RECs to meet their renewable purchase obligations and voluntary obligations.

The REC market traded 2.44 BU. A total of 2.44 million RECs were traded during the month, including 2.19 million non-solar RECs and 253,000 solar RECs. The exchange discovered a price of ₹2,000 (~$26.52) per certificate for solar RECs and ₹1,000 (~$13.26) per certificate for non-solar RECs.

Energy Saving Certificates

IEX commenced trade in Energy Saving Certificates (ESCerts) on October 26, 2021. In the first month, it traded 242,733 ESCerts, with a trading volume of 242.73 MU.

The exchange has paused the trade until December 31, 2021, as per the directions of the Ministry of Power.

Harsh Shukla is a staff reporter at Mercom India. Previously with Indian Express, he has covered general interest stories. He holds a Masters Degree in Journalism from Symbiosis Institute of Media and Communication, Pune.

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