The overall volume traded on Indian Energy Exchange (IEX) in October 2023 was 18 per cent higher than in October 2022.
In a release, IEX said that it achieved 9,260 MU (million units or million kwh) total electricity volume in October 2023, registering an increase of 21 per cent on year-on-year basis.
Including 2.17 lakh Renewable Energy Certificates (REC), equivalent to 217 MU, and 5,814 Energy Saving Certificates (ESCerts), equivalent to 5.8 MU, the total volume traded in October 2023 was 9,483 MU – 18 per cent higher than in October 2022. [See table for segment-wise trading volume.]
According to data published by GRID-INDIA, in October 2023, the country’s energy consumption reached 139 billion units, marking a substantial 22 per cent year-on-year increase due to a surge in electricity demand owing to increase in electricity consumption, below-average rainfall in October, and a lower base from the same month last year.
This upsurge in power demand prompted discoms to actively purchase power on the exchange to meet the increased demand, thereby leading to a significant increase in trade volumes on IEX, the release said.
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This surge in demand pushed Day-Ahead Market (DAM) prices on IEX to Rs.6.45 per unit, representing a substantial 68 per cent year-on-year increase on a lower base price from the same month last year.