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					</table><p>The Indian Energy Exchange (<a href="https://www.iexindia.com/" target="_blank" rel="noopener">IEX</a>) traded 377 million units (MU) of renewable energy in December 2022, an 6% increase month-over-month (MoM) compared to 354 MU <a href="https://mercomindia.com/renewable-energy-trading-at-iex-12-weighted-average-price-rebounds/" target="_blank" rel="noopener">traded</a> in the previous month and a 2% year-over-year (YoY) increase.</p>
<p>This included the energy traded in the Green Day-Ahead Market (GDAM) and Green Term-Ahead Market (GTAM).</p>
<p>The exchange traded 8,452 MU of energy during December, including renewable energy certificates (REC) equivalent to 487 MU. The overall volume on the exchange saw a 9% MoM increase. However, it declined by 7% year-over-year due to high REC traded volumes in the previous year.</p>
<p>IEX recorded 24.2 BU volume and saw a 5% quarter-over-quarter (QoQ) growth across all its market segments in the third quarter of the fiscal year 2023.</p>
<p>The exchange said that improving coal inventory and the onset of winter will reduce the clearing price further, which is expected to provide cost optimization opportunities to power distribution companies and open access consumers.</p>
<p>According to data from the National Load Dispatch Center, the energy demand met in December 2022 was 121 BU, a 10% increase from the previous year. The exchange achieved 1,130 MU volume in the third quarter of the financial year (FY) 2022-23, a decline of 6% YoY.</p>
<p><strong>Green Market: Day-Ahead and Term-Ahead</strong></p>
<p>The GDAM traded 241 MU volume with a weighted average price of ₹5.24 ($0.063)/ kWh, down 16% MoM. The market saw participation from 212 entities during the month, with the highest number of participants in a single day at 153 on December 21, 2022.</p>
<p>The GTAM traded 137 MU volume during the month. The average monthly price for solar was ₹5.20 ($0.063)/ kWh and ₹5.54 ($0.067)/kWh for non-solar, and ₹5.81 ($0.070)/ kWh for hydropower.</p>
<p><strong>Electricity Market: Day-Ahead, Term-Ahead, and Real-Time Market</strong></p>
<p>In December 2022, the volume of the Day-Ahead Market (DAM) decreased by 2% MoM to 5,001 MU. The DAM volume was also down 8% from the previous year due to high prices caused by a constrained supply.</p>
<p>The DAM saw a cumulative trade of 14.4 BU, a 30% QoQ growth in Q3 23. However, the market saw a 13% decrease from the previous year.</p>
<p>The Real-Time Electricity Market achieved 1,763 MU volume during the month, registering 25% MoM and 17 YoY growth.  There were 670 participants in this segment. According to IEX, the consistent growth of the real-time electricity market indicates the growing reliance on distribution utilities and industries to achieve the power demand-supply balancing in real-time most efficiently.</p>
<p>The Real-Time Electricity Market achieved a cumulative trade of 5,435 MU in Q3 FY23, increasing by 13% YoY basis.</p>
<p>The Term-Ahead Market comprising intra-day, contingency, daily, and weekly contracts and long-duration contracts traded 822 MU during the month, an increase of 50% MoM and 135% YoY. The segment registered a robust volume of 1,991 MU in Q3 FY23, registering 127% YoY growth.</p>
<p><strong>Renewable Energy Certificate Market</strong></p>
<p>December saw 487,000 RECs cleared, registering an increase of 31% MoM. The last RECs trading session <a href="https://mercomindia.com/rec-jumps-clearing-price-%e2%82%b91000-new-regulations/" target="_blank" rel="noopener">witnessed</a> a clearing price of ₹1,000 (~$12.08)/REC after the implementation of the new REC regulations issued by the Central Electricity Regulatory Commission.</p>
<p>The next REC trading session is scheduled for January 25, 2023.</p>
<p>In a recent order, the Delhi High Court <a href="https://mercomindia.com/delhi-high-court-suspends-rec-trading-for-six-weeks/" target="_blank" rel="noopener">suspended</a> the trading of RECs issued before October 31, 2022, for six weeks.</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/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</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/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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Renewable Energy Trading on IEX Increases by 6% MoM in December


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					</table><p>The Indian Energy Exchange (<a href="https://www.iexindia.com/" target="_blank" rel="noopener">IEX</a>) traded 403 million units (MU) of renewable energy in October 2022, an 11% decrease month-over-month (MoM) compared to 454 MU <a href="https://mercomindia.com/solar-power-traded-at-5-kwh-in-gtam-at-iex-in-september/" target="_blank" rel="noopener">traded</a> in the previous month.</p>
<p>The exchange traded 7,972 MU of energy during the month. The total volume on the exchange in October was lower by 13% on a year-over-year (YoY) basis due to the high volume base of last year and lower by 2% on an MoM basis due to reduced REC trading.</p>
<p>Improved domestic coal supply led to easing supply-side constraints, resulting in lower prices on IEX. The average clearing price in the Day-Ahead Market was ₹3.83 (~$0.046)/kWh in October, which was lower by 32% on a MoM basis and 52% on a YoY basis.</p>
<p>The exchange suggests that a further correction in prices due to improvement in coal availability and reduction in demand due to the onset of winter is expected to provide an opportunity for cost optimization by distribution companies and open-access consumers, resulting in increased volumes on the exchange in the future.</p>
<p>According to the power demand data published by the National Load Dispatch Center, the energy consumption at 115 BU during October 2022 increased by 1% on a YoY basis, and on an MoM basis, it declined by 10%.</p>
<p><strong>Green Market: Day-Ahead and Term-Ahead</strong></p>
<p>The Green Market comprising the Green Day-Ahead Market (GDAM) and Green Term-Ahead Market (GTAM), traded 403 MU volume during the month, a YoY increase of 10%.</p>
<p>The GDAM traded 293 MU with a weighted average price of ₹4.02 (~$0.048)/kWh. The weighted average price was ₹5.42 (~$0.065)/kWh in the preceding month. The market saw participation from 721 market participants during the month, with the highest number of participants in a single day at 621 on October 9, 2022.</p>
<p>The GTAM traded 110 MU volume during the month. The average monthly price for solar was ₹3.77 (~$0.045)/kWh compared to ₹5.05 (~$0.061)/kWh in the previous month, and for non-solar, it was ₹5.45 (~$0.065)/kWh.</p>
<p><strong>Electricity Market: Day-Ahead, Term-Ahead, and Real-Time Market</strong></p>
<p>In October 2022, the Day-Ahead Market (DAM) traded 4,325 MU of energy, registering a 7% growth on an MoM basis. The market volume was lower by 34% on a YoY basis due to the high volume base of last year. The market clearing price was ₹3.83 (~$0.046)/kWh.</p>
<p>The Real-Time Electricity Market achieved 2,265 MU volume during the month, registering 13% YoY growth with 630 participants. The highest single-day volume of 124 MU was reached on October 6, 2022. According to IEX, the consistent growth of the real-time electricity market indicates the growing reliance on distribution utilities and industries to achieve the power demand-supply balancing in real-time most efficiently.</p>
<p>The Term-Ahead Market comprising intra-day, contingency, daily and weekly contracts and long-duration contracts traded 621 MU during the month, a decrease of 29% on an MoM basis. The segment grew by 176% on a YoY basis.</p>
<p><strong>Renewable Energy Certificate Market</strong></p>
<p>October saw 358,000 RECs cleared, registering a decline of 39% MoM. The volume comprised 176,000 non-solar RECs with a clearing price of ₹1,000 (~$12.08)/REC. Increased inventory of solar RECs saw the clearing price reaching a floor-level of ₹1,000 (~$12.08)/REC with 182,000 solar RECs traded. The next REC trading session is scheduled for November 30, 2022.</p>
<p>IEX recently <a href="https://mercomindia.com/iex-reports-8-yoy-dip-in-profit-for-q2-fy23/" target="_blank" rel="noopener">reported</a> an 8% YoY decrease in profit after tax from ₹774 million (~$9.34 million) to ₹712 million (~$8.6 million) in the second quarter of the financial year 2022-23.</p>
<p>In June this year, IEX added new products to the existing longer-duration contracts portfolio, such as <a href="https://mercomindia.com/cerc-approves-forward-contracts-indian-energy-exchange/" target="_blank" rel="noopener">daily contracts</a> for up to 90 days, weekly contracts for up to 12 weeks, and monthly contracts for up to three months.</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/arjun-joshi/" class="vcard author" rel="author"><span class="fn">Arjun Joshi</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/Arjun-Joshi-1.png" width="50" /></p>
<p><strong style="text-decoration: underline">Arjun Joshi,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/Arjun-Joshi-1.png" width="86" height="102" /><a href="https://mercomindia.com/author/arjun-joshi/" target="_blank" rel="noopener"><strong style="color: #00b451">Arjun Joshi</strong> </a>is a staff reporter at Mercom India. Before joining Mercom, he worked as a technical writer for enterprise resource software companies based in India and abroad. He holds a bachelor’s degree in Journalism, Psychology, and Optional English from Garden City University, Bangalore. <a href="https://mercomindia.com/author/arjun-joshi" target="_blank" rel="noopener">More articles from Arjun Joshi.</a></p>
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Renewable Energy Trading at IEX Down 11% in October, Weighted Average Price Drops


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					</table><p>The Central Electricity Regulatory Commission (<a href="https://cercind.gov.in/" target="_blank" rel="noopener">CERC</a>) has ruled that the power exchanges should continue to allow members to quote a price in the range of ₹0/kWh to ₹12(~$0.15)/kWh in the Day-Ahead Market (including Green Day-Ahead Market), Real-Time Market, Day-Ahead Contingency, and Term-Ahead (including Green Term-Ahead Market) contracts from October 1, 2022, to December 31, 2022.</p>
<p>The Commission gave the direction after reviewing the situation in the power market and other related factors impacting the demand and supply of electricity.</p>
<p><strong>Background</strong></p>
<p>In April this year, CERC <a href="https://mercomindia.com/cerc-orders-power-exchanges/" target="_blank" rel="noopener">directed</a> the power exchanges to re-design their bidding software so that members can submit their buy bids at the maximum price of ₹12 (~$0.15)/kWh for the Day-Ahead and Real-Time markets.</p>
<p>The order was applicable until June 30, 2022. Later the validity of the order was extended for three months until September 30, 2022.</p>
<p><strong>Commission’s analysis</strong></p>
<p>Based on the data provided by power exchanges, the Power System Operation Corporation (POSOCO), and the Central Electricity Authority, the Commission noted that the peak demand fluctuated and touched 199 GW on September 7, 2022. Based on past trends, it would remain significant in the winter months.</p>
<p>Also, during the last three months, the market clearing price of ₹12 (~$0.15)/kWh in the Day-Ahead Market had generally been discovered during the evening hours from 18:30 hrs.</p>
<p>From September 15, 2022, morning and evening peaks in the market clearing price were observed in the Day-Ahead Market at IEX. It is expected that these peaks are anticipated to become steeper during the winter season.</p>
<p>The Commission said high demand for electricity, particularly from household and industrial consumers, was likely to continue over the next few months mainly due to the festive season and pressure emanating from lighting and heating load.</p>
<p>CERC noted that the domestic coal stock was well-positioned compared to October-December 2021. However, it is expected that generation from hydro and wind would start decreasing from October onwards, which would exert pressure on coal stock.</p>
<p>After analyzing the market trends and to protect consumer interests, the Commission decided to extend the validity of the earlier order until December 31, 2022.</p>
<p>The Green Day-Ahead Market <a href="https://mercomindia.com/renewable-energy-trading-iex-down-35-mom-august/" target="_blank" rel="noopener">traded</a> 321 MU in August with a weighted average price of ₹5.20 (~$0.065)/kWh. In all, 157 entities participated in the process. The highest number of participants in a single day was 114 on August 10, 2022.</p>
<p>Last month, CERC <a href="https://mercomindia.com/power-exchanges-allowed-time-clearing-settlement-mechanism/" target="_blank" rel="noopener">granted</a> time for one more year from August 15, 2022, for power exchanges to align their clearing and settlement system to the Payment and Settlement Systems Act 2007.</p>
<p>Subscribe to Mercom’s real-time <a href="https://mercomindia.com/product/mercoms-renewable-energy-regulatory-updates/" target="_blank" rel="noopener">Regulatory Updates</a> to ensure you don’t miss any critical updates from the renewable industry.</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/rakesh-ranjan-parashar/" class="vcard author" rel="author"><span class="fn">Rakesh Ranjan</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/2022/02/Rakesh-Headshot-crop-2.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Rakesh Ranjan,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener">More articles from Rakesh Ranjan.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="77" height="102" /><a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener"><strong style="color: #00b451">Rakesh Ranjan</strong></a> is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). <a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" rel="noopener noreferrer">More articles from Rakesh Ranjan.</a></p>
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Market Clearing Price Cap of ₹12/kWh in Power Exchanges Valid Until December-end


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					</table><p>The Indian Energy Exchange (<a href="https://www.iexindia.com/" target="_blank" rel="noopener">IEX</a>) traded 437 million units (MU) of renewable energy in August 2022, registering a 6% year-over-year (YoY) growth. The volume traded declined by 35% compared to the 589 MU in July 2022.</p>
<p>The power exchange traded a total of 7,805 MU of energy during the month, registering a 9% month-over-month (MoM) growth. The traded volume comprised 6,517 MU in the conventional power market, 437 MU in the green power market, and 851 MU in the renewable energy certificate (REC) market, registering a drop of 18% YoY across all segments.</p>
<p>According to the power demand data published by the National Load Dispatch Center, the energy consumption was at 130.4 BU during August. The national peak demand was 195 GW.</p>
<p><strong>Green Market: Day-Ahead and Term-Ahead</strong></p>
<p>The Green Market comprising the Green Day-Ahead Market (GDAM) and Green Term-Ahead Market (GTAM), traded 437 MU volume during the month.</p>
<p>The GDAM traded 321 MU with a weighted average price of ₹5.20 (~$0.065)/kWh. In all, 157 entities participated in the process. The highest number of participants in a single day was 114 on August 10, 2022.</p>
<p>The GTAM traded 117 MU volume during the month. The average monthly price for solar was ₹3.57 (~$0.045)/kWh, while the average monthly price for non-solar was ₹6.15 (~$0.077)/kWh, and the average monthly price for hydro was ₹5.47 (~$0.069)/kWh.</p>
<p>Distribution utilities from Uttar Pradesh, Gujarat, Haryana, Karnataka, Delhi, Telangana, Daman &amp; Diu, Dadra &amp; Nagar Haveli, and industrial consumers participated in the trading process in August.</p>
<p><strong>Electricity Market: Day-Ahead, Term-Ahead, and Real-Time Market</strong></p>
<p>In August 2022, the Day-Ahead Market (DAM) traded 3,529 MU of energy, registering a flat growth on an MoM basis. Even though the imported coal prices remained high, increased hydro and renewable generation resulted in the market clearing price lowering by 5% on an MoM basis at ₹5.17 (~$0.065)/kWh.</p>
<p>The Real-Time Electricity Market traded 2,265 MU, registering a growth of 22% YoY. The highest single-day volume of 104 MU was on August 16, 2022.</p>
<p>The Term-Ahead Market (TAM), comprising intra-day, contingency, daily &amp; weekly contracts, traded 723 MU during the month, registering 17% YoY growth and 64% MoM growth.</p>
<p><strong>Renewable Energy Certificate Market</strong></p>
<p>August saw 851,000 RECs cleared, registering a growth of 79% MoM. The volume comprised 418,000 non-solar RECs with a clearing price of ₹1,000 (~$12.53) per REC. Increased inventory of solar RECs saw the clearing price reaching floor-level of ₹1,000 (~$12.53) per REC with 432,000 solar RECs traded. In the previous month, 167,000 solar RECs were traded at a clearing price of ₹1,100 (~$13.95). The next REC trading session is scheduled for September 28, 2022.</p>
<p>In May this year, the Central Electricity Regulatory Commission (CERC) <a href="https://mercomindia.com/cerc-regulations-boost-renewable-energy-certificates-trading/" target="_blank" rel="noopener">issued</a> ‘Terms and Conditions for RECs for Renewable Energy Generation Regulations, 2022.’ According to the new regulations, renewable energy generating stations, captive generating stations based on renewable energy sources, distribution licensees, and open access consumers are now eligible to issue RECs.</p>
<p>Earlier, CERC had <a href="https://mercomindia.com/cerc-orders-power-exchanges/" target="_blank" rel="noopener">directed</a> the power exchanges to redesign their bidding software so that members could submit their buy bids at the maximum price of ₹12 (~$0.16)/kWh for Day-Ahead Market and Real-Time Market.</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/rakesh-ranjan-parashar/" class="vcard author" rel="author"><span class="fn">Rakesh Ranjan</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/2022/02/Rakesh-Headshot-crop-2.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Rakesh Ranjan,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener">More articles from Rakesh Ranjan.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="77" height="102" /><a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener"><strong style="color: #00b451">Rakesh Ranjan</strong></a> is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). <a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" rel="noopener noreferrer">More articles from Rakesh Ranjan.</a></p>
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