The Indian Energy Exchange (IEX)  has reported a consolidated revenue of ₹1.68 billion (~$20.1 million), an increase of 26.2% year-over-year (YoY) in the second quarter (Q2) of the financial year (FY) 2025.

The quarter’s consolidated profit after tax (PAT) stood at ₹1.08 billion (~$12.9 million), a 25.2% increase YoY.

IEX achieved a total trading volume of 36.7 billion units (BU) across all market segments, a 38.2% increase from the previous year. The trading volume includes 30.4 BU from the electricity market and 6.3 BU from the certificate traded volume.

The market clearing price in the Day Ahead Market for the quarter averaged ₹4.48 (~$0.054)/kWh, down 23.8% YoY. The market clearing price in the Real Time Market was ₹4.18 (~$0.050)/kWh, a 24.5% YoY decline.

The power market experienced increased liquidity on the exchange due to a favorable monsoon, high hydro and wind generation, and ample fuel availability, resulting in lower power prices.

Power Demand

Power demand in Q2 FY25 was 435 BU, remaining flat with a small 0.5% YoY increase. The peak demand reached 227 GW.

The fuel situation remained stable, with no shortages reported. Coal was available through e-auction at a nominal premium of about 20% over the administered price, with coal inventory standing at approximately 14 days.

IEX’s wholly-owned subsidiary, International Carbon Exchange (ICX), was accredited as India’s first International Renewable Energy Certificate (I-REC) Issuer.

IEX noted that the excess generation (~20%) from projects built for firm and dispatchable and round-the-clock renewable energy would increase sell liquidity at Exchanges.

Also, charging (non-peak) and discharging (peak hours) of Battery Energy Storage Systems (BESS) can be done through Exchanges. The concept note from MNRE proposes to set up a market-based BESS of ~10 GWh to sell at Exchanges.

Due to load shifting and Time-of-Day tariff, IEX expects increased demand during solar hours.

The exchange traded 723 MU of green energy in September 2024, a 214% YoY increase from 230 MU. In August, it had traded 871 MU of green energy which was a 259% increase over the same month in 2023.

IEX traded its highest monthly green energy volume of 989.6 MU in July 2024, a 259% YoY increase from 275.4 MU.

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