Railways Issue Empanelment Tender for 2.33 MW Rooftop Solar Projects

FTC Solar Expects Revenue Rebound as Q1 2024 Losses Shrink

Bloom Eyes Opportunities in Data Centers as Net Loss Narrows

Plug Power’s Losses Deepen Despite Cost-Cutting Measures

Fewer Installation Delays in 2023 Boost Utility-Scale Solar Projects in US: EIA

Greenko to Supply Green Ammonia to Norway’s Yara from Andhra Pradesh Facility

Solar Power Generation in India Rises 8.8% YoY to 32 BU in Q1 2024

Daily News Wrap-Up: Solar’s Share in India’s Power Capacity Rose to 19% YoY in Q1

2023 Solar Module Market Leaders: Jinko, LONGi, JA Solar, Waaree and Trina

East Central Railway Issues Empanelment Tender for 2 MW Rooftop Solar Projects


					<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/2023/11/amazon_polly_60040.mp3?version=1699004088">
			</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>) has recorded a profit after tax (PAT) of ₹865 million (~$10.39 million) for the second quarter (Q2) of the financial year (FY) 2023-24, a 21.5% year-over-year (YoY) increase from ₹712 million (~$8.55 million).</p>
<p>The Exchange recorded an electricity trading volume of 26.35 billion units (BU), a 15% YoY increase. The trading volume comprised 24.07 BU from the conventional power market and 747.64 MU from the green market segment.</p>
<p>The green market segment <a href="https://www.mercomindia.com/iex-reports-8-yoy-dip-in-profit-for-q2-fy23" target="_blank" rel="noopener">witnessed</a> a considerable dip of ~50% from 1.5 BU traded in Q2 FY23.</p>
<p>IEX recorded 1.391 million Renewable Energy Certificates traded during the quarter, equivalent to 1,391 MU. A total of 279,000 Energy Saving Certificates, equivalent to 279 MU, were also traded during the July to September period.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-60042" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/IEX-Product-Mix-Q2-FY24.png" alt="IEX Product Mix Q2 FY24" width="780" height="316" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/IEX-Product-Mix-Q2-FY24.png 780w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/IEX-Product-Mix-Q2-FY24-300x122.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/IEX-Product-Mix-Q2-FY24-768x311.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/IEX-Product-Mix-Q2-FY24-650x263.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/IEX-Product-Mix-Q2-FY24-624x253.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/IEX-Product-Mix-Q2-FY24-600x243.png 600w" sizes="(max-width: 780px) 100vw, 780px" /></p>
<p>The company recorded a revenue of ₹1.33 billion (~$15.97 million) during Q2 FY24, a 17% jump from ₹1.14 billion (~$13.69 million) in Q2 FY23.</p>
<p>The earnings before interest, taxes, depreciation, and amortization (EBITDA) for Q3 were up by 19.4%, to ₹1.16 billion (~$13.93 million) from ₹975 million (~$11.71 million).</p>
<p>The company said that the power demand was much higher than anticipated for the monsoon months, with the peak power demand reaching nearly 240 GW in the first week of September. The power demand in Maharashtra, Uttar Pradesh, Gujarat, and Tamil Nadu increased considerably during the quarter.</p>
<p>Coal production in the country surged by 16.2% YoY to reach 205 million tons during the quarter, and the e-auction coal premium continued to drop through the last two quarters. The improved supply side scenario led to increased sell liquidity, but the unexpected surge in power demand caused the prices on the Exchange to stay higher during the quarter.</p>
<p>The average market clearing price in the Day-Ahead Market during the quarter was ₹5.88 (~$0.071)/kWh, 9% YoY higher than ₹5.40 (~$0.065)/kWh. The price was 14% higher compared to the previous quarter.</p>
<p><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-60043" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/IEX-Demand-and-Price-Q2-FY24.png" alt="IEX Demand and Price Q2 FY24" width="780" height="292" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/IEX-Demand-and-Price-Q2-FY24.png 780w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/IEX-Demand-and-Price-Q2-FY24-300x112.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/IEX-Demand-and-Price-Q2-FY24-768x288.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/IEX-Demand-and-Price-Q2-FY24-650x243.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/IEX-Demand-and-Price-Q2-FY24-624x234.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/11/IEX-Demand-and-Price-Q2-FY24-600x225.png 600w" sizes="(max-width: 780px) 100vw, 780px" /></p>
<p>In October, IEX launched the High-Price Term Ahead Market and acquired a 10% stake in Enviro Enables India, a waste management tech company.</p>
<p>The Exchange <a href="https://www.mercomindia.com/renewable-trading-iex-declined-september-2023" target="_blank" rel="noopener">recorded</a> the lowest volume of renewable energy traded during 2023 in September at 230 MU, a 49.3% YoY decline.</p>
<p>During Q1 FY24, IEX <a href="https://www.mercomindia.com/iex-profit-q1-fy-2024-758-million" target="_blank" rel="noopener">reported</a> a PAT of ₹758.2 million (~$9.1 million), a 10% YoY increase, and traded 910 MU in the green energy segment.</p>


IEX Records 21% Jump in Profits, Green Energy Trade Drops 50% YoY

power-trading-green-market

Get the most relevant India solar and clean energy news.

RECENT POSTS