The Indian Energy Exchange (IEX) traded 871 million units (MU) of green energy in August 2024, a 259.5% year-over-year (YoY) increase from 242.3 MU.

The Green Day-Ahead Market (G-DAM) saw a volume of 849.3 MU in August 2024, with a weighted average price of ₹3.69 (~$0.044)/kWh, compared to 159.7 MU in August 2023, a YoY increase of 431.8%.

Meanwhile, the Green Term-Ahead Market (G-TAM) recorded a volume of 21.7 MU in August 2024, with an average monthly price of ₹7.89 (~$0.094)/kWh for non-solar energy.

IEX achieved a total volume (including certificates) of 12,040 MU in August 2024, marking a 35.8% YoY growth. The electricity volume alone reached 9,914 MU, up 17.1% YoY.

Government data from August 2024 shows that India’s energy consumption reached 144.2 billion units, a 5% decline from the previous year.

With the monsoon in full swing, there was a notable rise in hydro and wind power generation, increasing the availability of renewable energy in the grid. This significantly reduced Day-Ahead Market (DAM) and Real-Time Market (RTM) prices.

The Market Clearing Price in the DAM was ₹4.28 (~$0.051)/kWh, down 38% YoY. The RTM Market Clearing Price dropped 44.8% YoY to ₹3.59 (~$0.043)/kWh.

Electricity Market: Day-Ahead, Term-Ahead & Real-Time Market Performance

The DAM traded 4,666 MU, up 22.5% YoY from 3,810 MU in August 2023. The RTM reached an all-time high monthly volume of 3,485 MU, a 27.3% increase from 2,738 MU in the corresponding period last year.

On August 26, the RTM also set a new record for single-day trade, with 156 MU, demonstrating the market’s flexibility in responding to fluctuating demand-supply conditions.

Additionally, the Day-Ahead Contingency and Term-Ahead Market (TAM), which includes contingency, daily, weekly, and monthly contracts for up to three months, traded 886 MU in August 2024.

Renewable Energy Certificate (REC) Market

A total of 2.12 million RECs (equivalent to 2,116 MU) were traded during sessions held on August 14 and August 28a 737.4% YoY increase at clearing prices of ₹118 (~$1.41) and ₹115 (~$1.37) per REC, respectively.

At ₹115 (~$1.37) per certificate, the REC market recorded its lowest-ever price.

The next REC trading sessions are scheduled for September 11 and September 25, 2024.

The Exchange traded 990 MU of green energy in July 2024.

IEX recorded a total annual income of ₹5.51 billion (~$66.02 million) in the financial year 2024, a 16% increase YoY.