Indian Energy Exchange (IEX) has recorded power trade growth of 37 percent at 7,322 million units (MU) in July compared same month year ago. The electricity market at the Indian Energy Exchange traded 7,322 MU volume and achieved 37 percent YoY (year-on-year) growth in July 2021, an IEX statement said.

It stated that the day-ahead market traded 4,238 MU volume during the month at the average monthly price of Rs 2.95 per unit. The sell-bids at 2X of the cleared volume ensured ample availability of power and providing competitive procurement opportunities to the distribution utilities and industries.

The cross-border electricity trade under the day-ahead market saw 72 MU volume traded and registered 68.4 percent MoM (month-on-month) increase. Currently, Nepal is the only participating country in the IEX CBET market while other South Asian Countries like Bangladesh and Bhutan, are expected to join the platform shortly.

The term-ahead market comprising intra-day, contingency, daily and weekly contracts traded 761 MU during the month recorded 11 times growth. The real-time electricity market continued to show exceptional performance with the monthly volumes of 1,596 MU seeing a significant 103 percent YoY increase with the highest-ever single day volume since inception at 81.6 MU on July 10, 2021.

The average monthly price of Rs 2.77 per unit saw 8.4 percent MoM decline making the real-time power sourcing a compelling opportunity for the market participants.

The green term-ahead market performed exceptionally well this month, surpassing all the previous milestones. The market traded the highest-ever volume of 726 MU in July 2021 seeing 76 percent MoM increase.

The green term-ahead market also registered the highest-ever single-day volume of 153.1 MU on July 16, 2021. Since the onset of wind season in April-May, the green market has been greatly enabling the distribution utilities to sell excess energy for the other deficit states to buy.

In fact, July saw high wind generation in the country, with average wind generation recorded at 349 MU per day, 64.5 percent higher than 212 MU per day in 2020. During the month, the market saw participation from 51 members which is the highest ever since inception in August 2020. It reflects growing traction in the green market as it becomes a key facilitator of competitively priced renewable energy procurement among distribution utilities and industrial consumers, IEX said.

The market saw participation from distribution utilities from West Bengal, Bihar, Haryana, Telangana, Karnataka, Uttar Pradesh, Goa, Maharashtra, Punjab, DNH, Daman and Diu, Assam and Tamil Nadu among others.