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IEX Power Market update for March 2021, Financial Year 2021

Posted On: 2021-04-06 02:28:58 (Time Zone: Arizona, USA)


Spurred by the increasing demand for electricity across the various States, the electricity market at Indian Energy Exchange achieved an all-time high volume of 8248.52 MU in the month of March'21 surpassing all the previous milestones. The robust volumes led to a 92% YoY growth in electricity market during the month. According to the power demand data published by the National Load Dispatch Center, the national peak power demand touched 186 GW seeing a 9% YoY growth while the power consumption grew 23% YoY. The market faced transmission congestion on the inter-state transmission network due to which 24MU was lost during the month, representing 0.03% of total traded volume.

Cumulatively for the fiscal year 2021, the Exchange Market performed spectacularly well despite the CoVID-19 induced lock-down which resulted in the significant reduction in the demand for electricity in the country in the first two quarters of the year. The electricity market achieved all time high volume of 73,941 MU during the year leading to 37.2% YoY growth. The new market segments introduced during fiscal year 2021 - the real time market as well as the green market, made 14% contribution to the volume traded during the year. As per the NLDC data for fiscal year 2021, national peak demand for electricity at 190 GW saw 3.5 % growth while electricity consumption at 1,281 BU was down 0.6% YoY.

The phenomenal growth in electricity volumes on the Exchange platform during the month as well the fiscal year 2021 underlines the significant role of the Exchange market among the distribution utilities and the industrial consumers in facilitating the most competitive, flexible, and efficient power procurement.

DAY-AHEAD, TERM-AHEAD & REAL-TIME ELECTRICITY MARKET

During March'21 the day-ahead market traded 6,549 MU volume recording a significant 65% YoY growth. The average monthly price at Rs 4.06 per unit during the month saw a 20% MoM increase. The increase in price was mainly due to the increase in demand for electricity during the month due to sharp rise in temperature, revival of economic and commercial activities. For the fiscal year 2021 the day-ahead on the Exchange, traded 60,416 MU and registered 23% YoY growth. The day-ahead market saw ample availability of power during the year with sell-bids at 1.94X of the cleared volume. Even though the power consumption over the last six months revived significantly accompanied by the growth in the industrial and economic activities across the country, the average yearly price for Day Ahead Market at Rs 2.82 per during the fiscal saw 6.2% YoY decline.

The term-ahead market comprising intra-day, contingency, daily & weekly contracts traded 234 MU during the month. Cumulatively, for the fiscal year 2021, the term-ahead market traded a total of 3,272 MU.

The real-time market continued its splendid performance during March'21 and crossed 1BU benchmark for the fourth consecutive month. The market saw highest ever monthly volume of 1414 MU with 26% MoM growth. It also recorded the highest single day volume of 63 MU on 23 March'21. With sell-side bids at 1.8X of cleared volume, the market continued to have ample availability of power. The market has emerged as the preferred option for the distribution utilities and industrial consumers to address real-time electricity demand supply balance in the most competitive and efficient manner with the delivery of power at just 1-hour notice. This is also evident from the fact that the market saw participation from over 400 market participants during the month. The real-time market has cumulatively traded 9,468 MU since its commencement on 1st June' 20.

GREEN MARKET

The Green Term Ahead Market traded a volume of 51 MU during the month comprising 21 MU in the solar segment and 30 MU in the non-solar segment. A total of 24 participants participated during the month with distribution utilities from Haryana, Bihar, Uttar Pradesh, West Bengal, New Delhi, Karnataka, Telangana, and Maharashtra among others as the key participants. The market has been enabling distribution utilities, industrial consumers, and green generators to buy and sell green power while also supporting them in fulfilling their Renewable Purchase Obligation (RPO) targets in the most competitive way. The market has cumulatively traded 786 MU volume since its launch on 21 August'20.

RENEWABLE ENERGY CERTIFICATES

The REC trading session which was scheduled on 31 March'21 did not take place due to the stay order from APTEL in response to the petitions filed by a few Renewable Energy Associations against the CERC order dated June'20 regarding revision in the floor and forbearance prices of REC. During fiscal year 2021, the renewable energy certificate market cumulatively traded a 6.97 lakh certificates.

Shares of Indian Energy Exchange Ltd was last trading in BSE at Rs.341.35 as compared to the previous close of Rs. 346.6. The total number of shares traded during the day was 118829 in over 3218 trades.

The stock hit an intraday high of Rs. 349 and intraday low of 336. The net turnover during the day was Rs. 40422077.


Source: Equity Bulls

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