The Indian Energy Exchange (IEX), India's largest Energy Exchange today assured distribution utilities and the nation of uninterrupted 24*7 access to its platform to support the utilities supply uninterrupted power during the ongoing COVID-19 crisis. The utilities are urged to leverage current low costs to ensure that critical sectors like healthcare, public utilities, businesses can ensure business continuity in the wake of COVID-19 and provide 24X7 power supply so that end-consumers do not struggle with power-cuts at this critical time.
Several stakeholders have also been concerned about availability of 24*7 power at this point in time. According to IEX, there is ample electricity available on its platform. The average price for March is currently at INR Rs 2.49 per unit and average price since 22 March at INR 2.15 per unit. The company estimates that rates may continue to be on the lower side as the COVID situation unfolds.
"In today's crisis situation, we are faced with the onerous responsibility to support and enable our customers in their endeavor to provide uninterrupted power supply to the currently stressed healthcare ecosystem in addition to all public utilities and related businesses that support it. We recognize Power as the lifeline of our country - at a time like this more than ever before - and will continue to ensure operational excellence, transparent price discovery and 24X7 support for all members and clients." Rajiv Srivastava, CEO & MD, IEX Ltd, said.
"Team IEX has been working relentlessly to provide round-the-clock operations with seamless connectivity and security to enable availability of power to all on a 24*7 basis. Our transparent and competitive price discovery mechanism ensures lowest possible price and supports utilities to relieve the stress on the procurement costs," Rajiv added.
While demand from industry and commerce has reduced owing to the lockdown, it has heightened in many other areas: domestic demand through work from home models, healthcare infrastructure and utilities.
Shares of Indian Energy Exchange Ltd was last trading in BSE at Rs.134.2 as compared to the previous close of Rs. 129.1. The total number of shares traded during the day was 3553 in over 337 trades.
The stock hit an intraday high of Rs. 137 and intraday low of 128.7. The net turnover during the day was Rs. 467193.