October saw a sharp rise in India’s electricity consumption, and the Indian Energy Exchange (IEX) announced on Monday that its electricity volume had increased by 21% to 9,260 million units (MU). The company reported in a regulatory filing that in October, its day-ahead market (DAM) increased by 8.3% to 4,742 MU, compared to 4,379 MU in the same month the previous year.
Data from Grid Controller of India Limited (GRID-India) for October show that, compared to 2022, the nation’s energy consumption increased by 22% to 139 billion units (BU). This resulted from October’s rainfall falling short of average and from last year’s lower base.
The surge in electricity demand has motivated distribution companies (Discoms) to actively procure power from the exchange to meet the growing demand. This has consequently resulted in a noteworthy rise in trading volumes on the Indian Energy Exchange (IEX), as reported by the company.
The price of DAM increased by 68% to Rs 6.45 per unit as a result of the increase in demand.
With a weighted average price per unit of Rs 6.37, the green day-ahead market (G-DAM) saw 180.80 MU of volume during the month. During the month, 194 market participants took part in the segment.
October saw a volume of 7.23 million units in the green term-ahead market (G-TAM), with a non-solar average monthly price of Rs 8.40 per unit.
In October 2022, the volume of the real-time electricity market (RTM) increased by 6.1% to 2,402 MU from 2,265 MU in October 2022.
“The RTM segment allows distribution utilities and industries to enhance their flexibility and optimize portfolios more efficiently by constantly adjusting their power demand-supply balance in real-time,” stated the company.
In October, 1,911 MU were traded on the day-ahead contingency and term-ahead market (TAM), which includes contingency, daily, weekly, and monthly contracts with a maximum duration of three months. This represents a year-over-year (Y-o-Y) increase of 207.6%.
The price of IEX’s shares was up 4% at Rs 132.8 per share as of 10:05 am on Monday.
