New Delhi, Aug 5 (SocialNews.XYZ) In a sign that economic activity is fast returning to normal levels after getting badly affected during the peak of second wake in April-May period, the country's largest power exchange, Indian Energy Exchange (IEX) has reported a 37 per cent growth in the volume of electricity traded at the exchange in July, 2021.
The total volume of electricity traded at the exchange stood at 7322 MU (million units) in July 2021, 37 per cent higher than the same month last year. Along with a pick up economic activity, competitive power prices coupled with flexible procurement and a diverse spectrum of market segments have enabled the exchange to increase trading of electricity. Besides, the exchange is also providing participants to accrue significant financial savings by securing electricity from the platform.
According to the power demand data published by the National Load Dispatch Center, the national peak demand on July 7 at 200.6 GW was the highest ever, registering a 17.6 per cent YoY increase while the energy consumption at 125.5 BU grew 10.6 per cent on a YoY basis. During the month, India's manufacturing PMI rose to a 3-month high at 55.3. With easing of lockdown restrictions, economic activities as well as power consumption accelerated.
While the increase in power demand has been contributing to the electricity volume growth at IEX, the Exchange's role as the most flexible, competitive and transparent platform for power procurement for the distribution utilities and industries has been the most key aspect towards its increasing role and impact.
In July, the day-ahead market traded 4238 MU at the average monthly price at Rs 2.95 per unit. The sell-bids at 2X of the cleared volume ensured ample availability of power and provided competitive procurement opportunities to the distribution utilities and industries.
The cross-border electricity trade under day-ahead market saw 72 MU volume traded and registered 68.4 per cent MoM increase. Currently, Nepal is the only participating country in IEX CBET market while other South Asian countries like Bangladesh and Bhutan, are expected to join the platform shortly.
The term-ahead market comprising intraday, 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 1596 MU seeing a significant 103 per cent YoY increase with the highest-ever single day volume since inception at 81.6 MU on 10th July 2021. The average monthly price of Rs 2.77 per unit saw 8.4 per cent MoM decline making the real-time power sourcing a compelling opportunity for the market participants.
The green term-ahead market also performed exceptionally well in July, surpassing all the previous milestones. The market traded the highest-ever volume of 726 MU in July'21 seeing 76 per cent MoM increase.
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.
The market saw participation from distribution utilities from West Bengal, Bihar, Haryana, Telangana, Karnataka, Uttar Pradesh, Goa, Maharashtra, Punjab, Dadra And Nagar Haveli, Daman & Diu, Assam and Tamil Nadu among others.
Source: IANS
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