IEX Records 9% Jump in Q4 Profits, Trades 1 BU of Green Energy

REC traded volume surged by nearly 98% YoY during the quarter

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The Indian Energy Exchange (IEX) has reported a total income of ₹1.49 billion (~$17.85 million), an increase of 15% year-on-year (YoY) in the fourth quarter (Q4) of the financial year (FY) 2024.

The profit after tax (PAT) for the quarter stood at ₹966.86 million (~$11.58 million), a 9% increase YoY.

IEX achieved a total trading volume of 30.1 billion units (BU) across all market segments, marking a 15.5% increase from the previous year. The trading volume includes 25.9 BU from the conventional power market, 1 BU from the green market, and 3.25 million Renewable Energy Certificates (RECs), equivalent to 3.2 BU. The REC traded volume surged by nearly 98% YoY.

The Day Ahead Market (DAM) prices also reflected a downward trend, settling at ₹4.89 (~$0.058)/kWh unit in Q4 FY 2024, which represents a 20% YoY decrease from ₹6.08 (~$0.073)/kWh.

Full Year 2024

The total income for the quarter stood at ₹5.51 billion (~$66.02 million), a 16% increase YoY.

IEX reported an annual PAT of ₹3.51 billion (~$42.05 million), an increase of 15% YoY in FY 2024.

In 2024, the exchange traded 110.1 BU, marking a 13.7% YoY increase. Electricity trading volumes reached 101.7 BU, a 12.2% increase from the previous year, surpassing 100 BU for the first time. Trading of RECs grew 26.4% at 7.54 million RECs (equivalent to 7.54 BU).

Day Ahead Market (DAM) prices fell 12% from ₹5.94 (~$0.071)/kWh to ₹5.24 (~$0.063)/kWh.

IEX Product Mix

According to government data, India’s electricity consumption saw a 7.7% increase, reaching 1,622 BU. The country’s coal production grew 11.7% year-over-year to approximately 1 billion tons, while coal dispatch to the power sector rose by nearly 8.8% to 810 million tons.

The premium for e-auctioned coal under the Shakti B8 program declined to around 20%, and coal inventory levels, as of March 31, 2024, reached a 20-day supply, the highest since 2021. The price for imported coal in April 2024 dropped by 23% year-over-year to $55/ton. These developments in the supply scenario contributed to a 17% increase in sell liquidity on the IEX despite a rise in national energy demand over the year.

IEX’s profit after tax increased 18.9% YoY to ₹918 million (~$11 million) in the third quarter of FY 2024 from ₹772 million (~$9.2 million).

The exchange traded 402 MU of green energy in April 2024, a 44% YoY increase from 280 MU.

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