Karnataka was the top seller of power in the Green Day Ahead Market (GDAM) in the first quarter (Q1) of 2022, accounting for 58.9% of the total power sold in the quarter, according to Mercom India Research’s newly released report Mercom India Solar Open Access Market Report Q2 2022.   

Karnataka was followed by Madhya Pradesh (6.5%), Adani Hybrid Energy Jaisalmer Three (Solar) with 6%, Adani Hybrid Energy Jaisalmer (One) with 5.9%, and ReNew Solar Energy Jharkhand (Three) with 3.7%.

The top five entities accounted for 81.1% of the total power sold in GDAM.

Karnataka was also the top power seller in the GDAM space in Q4 2021.

In October 2021, GDAM was introduced on the power exchanges. This segment provides participants the opportunity to purchase electricity on a day-ahead basis.

Some of the prominent features of GDAM/GDAC:

• A single window for bidding per the existing timeline of 10 AM to 12 noon.
• Market clearing is sequential; first, Green Day Ahead Contract (GDAC) will be cleared, followed by the Day Ahead Contract (DAC), considering the uncleared bids of GDAC, if any.
• In the event of real-time transmission constraints, curtailment of transmission would be per the provisions of the Grid Code.
• Buyers will be given the flexibility to choose the renewable purchase obligation (RPO) they wish to fulfill from the power procured from GDAC.
• GDAC will be restricted to those renewable energy generators not registered under the renewable energy certificate (REC) mechanism. The sale of power by such generators in DAC would not be eligible for RECs.
• The waiver of ISTS charges and losses would be governed as per the provision of the sharing regulations.

Top buyers in GDAM

Dadra & Nagar Haveli was the leading energy procurer in GDAM, accounting for 23.9% of the total energy procured, followed closely by Assam with 23.6%.

Odisha (12.6%), West Bengal (9%), and Maharashtra (8.4%) were the other states in the top five. Delhi, Punjab, Kerala, Karnataka, and Uttar Pradesh made the top ten. The top five states accounted for 77.5% of the total energy procured through GDAM in Q1 2022.

Volume and price in GDAM

March 2022 recorded the highest volume of energy traded in the GDAM segment with a market clearing price of ₹6.96 (~$ 0.087)/kWh. The trading volume registered an increase of 79.4% in Q1 2022 compared to Q4 2021, whereas the highest market clearing price was 70.2% higher than the previous quarter.

In April this year, the Central Electricity Regulatory Commission directed the power exchanges to re-design their bidding software so that members can submit their buy bids at the maximum price of ₹12 (~$0.16)/kWh for the Day Ahead Market and the Real Time Market.

‘Mercom India Solar Open Access Market Report Q2 2022’ is 129 pages and covers vital information and data on the market in major states. For the complete report, visit: https://mercomindia.com/product/india-solar-open-access-market-report-q2-2022/