RECPDCL Invites Bids for 223 MW ISTS-Connected Solar Projects

Clean Energy Tech Firm Ecozen Raises $30 Million for Global Expansion

SJVN Green Energy Invites Bids to Source Land for 200 MW Solar Projects in Assam

Avaada Inks ₹45 Billion Refinancing Deal for Four Solar Projects in Rajasthan

Daily News Wrap-Up: Application Process for ALMM Inclusion and Renewal

Australia Adds 5.9 GW of Renewable Capacity to the Grid in 2023

POWERGRID Wins Contracts to Evacuate 18 GW of Renewable Energy

MNRE Seeks Feedback on Guidelines for PM-Surya Ghar Rooftop Solar Program

Apple Partners with CleanMax to Power India Operations with Renewable Energy

Explainer: Application Process for ALMM Inclusion and Renewal


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/04/amazon_polly_52285.mp3?version=1680698937">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>The Indian Energy Exchange (<a href="https://www.iexindia.com/" target="_blank" rel="noopener">IEX</a>) traded 5,206 million units (MU) of renewable energy during the financial year (FY) 2023, a 7.3% year-over-year (YoY) increase.</p>
<p>The exchange traded 391 MU of renewable energy in March 2023, a decline of 0.26% YoY and a growth of 15% month-over-month (MoM) compared to 341 MU traded in February 2023.</p>
<p>The renewable energy traded during the fourth quarter (Q4) of FY23 stood at 1,080 MU.</p>
<p>The green energy traded in the market includes Green Day-Ahead Market (G-DAM) and Green Term-Ahead Market (G-TAM).</p>
<p>IEX traded 96.8 BU of total energy volume across all segments during FY23, a growth of 5% YoY, despite highly constrained sell-side liquidity, which led to the price increasing by 35% on a YoY basis.</p>
<p>The exchange traded 9,212 MU of energy during March, including renewable energy certificates (REC) equivalent to 869 MU and ESCerts equal to 23 MU. The traded volume declined by 4% YoY and increased by 12% MoM.</p>
<p>The exchange achieved 26,052 MU during Q4 of FY23.</p>
<p>The Exchange said that the supply-side liquidity is expected to improve with the help of various supporting policies and regulatory initiatives to increase coal and gas-based generation.</p>
<p>This would help manage the high temperatures and increased demand expected in the coming months, which in turn will help improve sell-side availability on the exchange, leading to competitive prices and higher clearance for distribution companies (DISCOMs) and open access consumers, it added.</p>
<p>The energy demand met in the country during March stood at 128 BU, declining 2% on a YoY basis, as per data published by GRID-INDIA.</p>
<p><strong>Green Market: Day-Ahead and Term-Ahead</strong></p>
<p>The GDAM achieved 295 MU volume with a weighted average price of ₹5.62 (~$0.069) per unit during the month. The market saw participation from 212 entities, with the highest number of participants in a single day at 163 on March 17. The segment achieved 831 MU during Q4 FY23 and 3,814 MU during the entire fiscal year.</p>
<p>The GTAM achieved 97 MU volume with an average monthly price of ₹5.50 (~$0.067) per unit for non-solar and ₹6.69 (~$0.082) per unit for hydro in March 2023. The segment achieved 249 MU during Q4 FY23 and 1,392 MU during the entire fiscal year.</p>
<p><strong>Electricity Market: Day-Ahead, Term-Ahead, and Real-Time Market</strong></p>
<p>The Day-Ahead Market (DAM) traded 4,745 MU during the month, a 2% MoM growth due to favorable prices. The segment traded 14,301 MU energy during Q4 FY23 and a cumulative 51,151 MU for FY23. The average market clearing price during FY23 was recorded at ₹5.90 (~$0.072) per unit, 35% higher than FY22, primarily due to the demand-supply mismatch.</p>
<p>The Term-Ahead Market, comprising intra-day, contingency, daily &amp; weekly contracts, and contracts up to three months, traded 1,087 MU during the month, a 14% MoM increase.</p>
<p>A total volume of 10,093 MU was traded in the segment during FY23, an 82% YoY growth, and 2,493 MU traded during the quarter, a 48% QoQ growth.</p>
<p>The Real-Time Electricity Market (RTM) achieved 2,098 MU volume during the month, a 22% MoM growth, with 701 participants.</p>
<p>The RTM segment registered 24,174 MU during FY23, a 21% YoY growth, and 5,914 MU during Q4 FY23, a 9% QoQ increase. The growth could be attributed to distribution utilities and industries balancing their power demand-supply in real-time.</p>
<p><strong>Renewable Energy Certificate (REC) Market</strong></p>
<p>The IEX traded 869,000 RECs during the trading session in March with a clearing price of ₹1,000 (~$12.19) per REC, an increase of 133% compared to the last month.</p>
<p>The exchange traded 5.97 million RECs in FY23, equivalent to 5,965 MU, and 1.64 million RECs traded in Q4 FY23, equal to 1,637 MU.</p>
<p>The next REC trading session is scheduled for April 26, 2023.</p>
<p><strong>Energy Saving Certificates (ESCerts) Market</strong></p>
<p>The ESCerts trading under the Perform Achieve and Trade (PAT) Cycle II <a href="https://www.mercomindia.com/energy-saving-certificates-trading-resume" target="_blank" rel="noopener">resumed</a> on the exchange in February 2023. The segment traded 22,881 ESCerts during March 2023, equivalent to 23 MU. The floor price for the trading was fixed at 10% of the cost of one million tons of oil equivalent (Mtoe) of energy consumed, equal to ₹1,840 (~$), as notified by the central government.</p>
<p>The market achieved a cumulative trade of 176,479 ESCerts during the fiscal year, equivalent to 176 MU.</p>
<p>The IEX <a href="https://www.mercomindia.com/iex-february-2023" target="_blank" rel="noopener">traded</a> 341 MU of renewable energy in February 2023, a 2% decrease MoM compared to 347 MU traded in the previous month and a 25% YoY decline.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/satish-shetty/" class="vcard author" rel="author"><span class="fn">Satish Shetty</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Satish Shetty,</strong> Associate Editor at Mercom India<br />
<a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener">More articles from Satish Shetty.</a></p>
</div>
<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Satish-pic-1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/satish-shetty/" target="_blank" rel="noopener"><strong style="color: #00b451">Satish Shetty</strong></a> is an Associate Editor with Mercom India. Prior to Mercom, Satish was a multimedia news producer at Reuters, where he gained experience in digital news media. Satish has his Bachelor of Arts (B.A.) degree in Broadcast Journalism from Limkokwing University of Creative Technology, Malaysia.<br />
<a href="https://mercomindia.com/author/satish-shetty/" rel="noopener noreferrer">More articles from Satish Shetty.</a></div>
</div></div><div class="clearfix"></div></div></div>

IEX Trades 5,206 MU of Renewable Energy During FY23, Up 7% YoY

march-2023

Get the most relevant India solar and clean energy news.

RECENT POSTS