The average spot power price recorded in February 2018 shot up by approximately 27 percent when compared to the the price recorded in the same month last year.
While the spot power price recorded in February 2018 was ₹3.23 (~$0.05)/kWh, the price recorded in February 2017 stood at ₹2.54 (~$0.04)/kWh.
According to the data provided by the Indian Energy Exchange (IEX), the day-ahead market at IEX saw a trade of 3,326 MUs in February 2018, which is almost at par with the 3,375 MUs traded in January 2018 and about 14 percent higher than the 2,927 MUs traded in February 2017.
According to IEX, on an average, approximately 119 MUs were traded on a daily basis. Average daily sell and buy bids were 224 MUs and 155 MUs respectively. The total sell bids during the month were 6,270 MUs, while the total buy bids were 4,326 MUs.
The average Market Clearing Price (MCP) discovered in the day-ahead market was at ₹3.23 (~$0.05)/kWh. Again, this figure is almost the same when compared to that of January 2018, in which the MCP stood at ₹3.20 (~$0.05)/kWh.
The increase in spot market price was largely on account of increase in demand associated with the seasonal variation and increase in the price of coal and railway freight.
One Nation, One Price was realized for 24 days in February 2018 while it was realized for 23 days in the previous month.
The day-ahead market experienced transmission congestion mainly on account of import by the northern states, which was 4 percent of the time.
Consequently, the average daily Area Clearing Price (ACP), which is the price at which the settlement takes place, varied across the bid areas.
The ACP for north India was ₹3.32 (~$0.051)//kWh, while for the southern part of the country it stood at ₹3.23 (~$0.05)/kWh. For the rest of the country, the ACP was ₹3.22 (~$0.049)/kWh.
On a daily average basis, 872 participants traded in the day-ahead power market in February 2018.
According to IEX, in the financial year (FY) 2017-18, as of March 5, 2018, the day-ahead market has traded 41,529 MUs at an average price of ₹3.19 (~$0.049)/kWh.
Saumy is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism & Mass Communication from the Manipal Institute of Communication at Manipal University. More articles from Saumy Prateek.