Indian Energy Exchange on Monday, November 6, reported a 21% rise in total electricity trade volume to 9,260 million units (MU) on its platform for October 2023 over the year-ago period driven by an increase in power demand from distribution companies.

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The average power price surged 68% to Rs 6.45 per unit compared to the same month last year due to heavy demand as well as a lower base effect, according to a monthly update by the power exchange.

Overall trade volume that includes renewable energy certificates and energy saving certificates increased 18% year-on-year (YoY) to 9,483 MU during the month under review.

According to the business update, total power consumption of India surged by 22% YoY to 139 billion units in October 2023 as lower-than-average rainfall mainly in southern parts boosted electricity demand.

An increase in power demand from consumers prompted distribution companies to purchase electricity from the exchange, leading to a surge in trade volumes on IEX.

A lower base impact also added to the increase in the power consumption.

As per the update, the Day-Ahead Market volume rose 8.3% YoY to 4,742 MU in October 2023 from 4,379 MU in October 2022.

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The Real-Time Electricity Market (RTM) volume was up by 6.1% YoY to 2,402 MU in the last month against 2,265 MU in October 2022.

Also, Renewable Energy Certificates (RECs) trade volume was 2.17 lakh (equivalent to 217 MU) that was cleared in the trading sessions held on October 11 and 25 at a clearing price of Rs 380/REC and Rs 420/REC respectively.

A total of 5,814 Energy Saving Certificates (ESCerts) (equivalent to 5.8 MU) were traded on the exchange in October.

IEX shares were trading 0.63% higher at₹128.40 on BSE at 9.22 AM.

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First Published:Nov 6, 2023 10:27 AM IST