IEX’s Green Term-Ahead Market Traded 412 MU of Green Energy in June 2021

The exchange traded 158 MU of solar and 255 MU of non-solar power during the month


The Indian Energy Exchange (IEX) traded 412 MU of green energy in June 2021 due to the ongoing wind season. This is a 15% increase compared to 357 MU traded in May 2021.

The Exchange traded 7.09 BU of power volume in June 2021 and achieved a 48% year-over-year (YoY) growth due to relaxation in Covid-19-related lockdowns across the country and the peak summer season and heatwave in North India.

According to the power demand data published by the National Load Dispatch Center, the national peak demand was at 191.51 GW, a 16% YoY growth, while the energy consumption was at 115 BU, an 8% YoY increase.

Green Term-Ahead Market

The Green Term-Ahead Market (GTAM) traded a cumulative volume of 955 MU in the first quarter (Q1) of the financial year (FY) 2021-22, exceeding the total volume traded in FY 2020-21.

In June 2021, 49 distribution utilities took part in the power trading, including West Bengal, Telangana, Bihar, Haryana, Karnataka, Uttar Pradesh, Goa, Maharashtra, Assam, and New Delhi, among others, as key participants. The number of participants was 43 in the previous month.

Commenting to Mercom on the increasing volumes, Rohit Bajaj, Head, and Senior Vice President-Business Development, IEX, said, “June saw IEX green-term ahead market reach a new performance benchmark, with highest ever volume of 412 MU, wherein the solar energy accounted for a 38% share (158 MU) and the non-solar component accounting for the significant 62% (255 MU) of the traded volume. The presence of the green term-ahead market segment at IEX with the onset of wind season in April-May has indeed allowed states rich in solar and wind to sell excess energy in the market for the other deficit states to buy.”

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

In June 2021, the day-ahead market traded 4.31 BU volume at an average monthly price of ₹3.06 (~$0.041)/kW, compared to 4.36 BU with an average monthly price of ₹2.83(~$0.039)/kW in the previous month. The day-ahead market traded 14.37 BU volume during the quarter and achieved a 7% YoY growth.

The term-ahead market comprising contingency, intra-day, daily, and weekly contracts traded 641 MU during June 2021 and achieved a 539% YoY increase.

Meanwhile, the real-time electricity market traded its highest ever monthly volume of 1.73 BU at an average monthly price of ₹3.02 (~$0.041)/kW in June 2021. The trade witnessed a 235% YoY growth and 20% month-over-month growth compared to 1.44 BU in May 2021.

According to IEX, the sell-bids at 2X of the cleared volume during June 2021 ensured adequate availability of power and helped discover competitive prices to provide optimized opportunities to the distribution utilities.

“The real-time electricity market has seen a splendid growth in the past one year. In June 2021, the market achieved the highest ever volume of 1.73 BU with a notable 235% YoY growth. The significant growth is a testimony to RTM’s increasing importance as a power procurement platform for distribution utilities and industries to support their demand-supply variations dynamically, even at an hour’s notice,” Bajaj added.

Renewable Energy Certificates 

The Renewable Energy Certificates trading session scheduled on June 30, 2021, was canceled due to a stay order from Appellate Tribunal for Electricity in response to the petitions filed by the Green Energy Association.


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