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New Delhi: The Indian Energy Exchange (IEX) recorded a 35.8% surge in its total trading volume for August 2024, reaching 12,040 million units (MU). This increase includes a 17.1% year-over-year rise in electricity volumes, which hit 9,914 MU.
The renewable energy certificates (REC) market experienced a remarkable boost, with volumes escalating to 2,116 MU, up 737.4% from the previous year. This spike occurred alongside an all-time low in REC pricing, with certificates trading at ₹115 each during the session on August 28, 2024.
As monsoon conditions intensified in August, there was a notable increase in hydro and wind power generation. This surge in renewable energy availability contributed to significant reductions in the Day-Ahead Market (DAM) and Real-Time Market (RTM) prices. The DAM’s market clearing price dropped to ₹4.28 per unit, a roughly 38% decrease year-on-year, while the RTM saw a decline of 44.8%, with prices falling to ₹3.59 per unit.
Further integrating into the global green energy framework, ICX, an IEX subsidiary, has been designated as the local issuer for International Renewable Energy Certificates (I-REC(E)) in India by the I-TRACK Foundation Board. This move positions ICX as a key facilitator for renewable energy accreditation in the nation.
Additionally, the Real-Time Electricity Market (RTM) reported its highest ever monthly volume of 3,485 MU in August 2024, marking a 27.3% increase from the previous year. This record was further highlighted by the highest-ever single-day trade of 156 MU on August 26, demonstrating the market’s agility in adapting to fluctuating demand.
The Green Market segments, including the Green Day-Ahead and Green Term-Ahead Markets, also witnessed unprecedented growth. The Green Day-Ahead Market alone reported a volume of 849.3 MU at a weighted average price of ₹3.69 per unit, a 431.8% increase year-on-year.
The next REC trading sessions are eagerly anticipated on September 11 and 25, 2024.
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