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					</table><p>The Indian Energy Exchange (<a href="https://www.iexindia.com/" target="_blank" rel="noopener">IEX</a>) traded 5,206 million units (MU) of renewable energy during the financial year (FY) 2023, a 7.3% year-over-year (YoY) increase.</p>
<p>The exchange traded 391 MU of renewable energy in March 2023, a decline of 0.26% YoY and a growth of 15% month-over-month (MoM) compared to 341 MU traded in February 2023.</p>
<p>The renewable energy traded during the fourth quarter (Q4) of FY23 stood at 1,080 MU.</p>
<p>The green energy traded in the market includes Green Day-Ahead Market (G-DAM) and Green Term-Ahead Market (G-TAM).</p>
<p>IEX traded 96.8 BU of total energy volume across all segments during FY23, a growth of 5% YoY, despite highly constrained sell-side liquidity, which led to the price increasing by 35% on a YoY basis.</p>
<p>The exchange traded 9,212 MU of energy during March, including renewable energy certificates (REC) equivalent to 869 MU and ESCerts equal to 23 MU. The traded volume declined by 4% YoY and increased by 12% MoM.</p>
<p>The exchange achieved 26,052 MU during Q4 of FY23.</p>
<p>The Exchange said that the supply-side liquidity is expected to improve with the help of various supporting policies and regulatory initiatives to increase coal and gas-based generation.</p>
<p>This would help manage the high temperatures and increased demand expected in the coming months, which in turn will help improve sell-side availability on the exchange, leading to competitive prices and higher clearance for distribution companies (DISCOMs) and open access consumers, it added.</p>
<p>The energy demand met in the country during March stood at 128 BU, declining 2% on a YoY basis, as per data published by GRID-INDIA.</p>
<p><strong>Green Market: Day-Ahead and Term-Ahead</strong></p>
<p>The GDAM achieved 295 MU volume with a weighted average price of ₹5.62 (~$0.069) per unit during the month. The market saw participation from 212 entities, with the highest number of participants in a single day at 163 on March 17. The segment achieved 831 MU during Q4 FY23 and 3,814 MU during the entire fiscal year.</p>
<p>The GTAM achieved 97 MU volume with an average monthly price of ₹5.50 (~$0.067) per unit for non-solar and ₹6.69 (~$0.082) per unit for hydro in March 2023. The segment achieved 249 MU during Q4 FY23 and 1,392 MU during the entire fiscal year.</p>
<p><strong>Electricity Market: Day-Ahead, Term-Ahead, and Real-Time Market</strong></p>
<p>The Day-Ahead Market (DAM) traded 4,745 MU during the month, a 2% MoM growth due to favorable prices. The segment traded 14,301 MU energy during Q4 FY23 and a cumulative 51,151 MU for FY23. The average market clearing price during FY23 was recorded at ₹5.90 (~$0.072) per unit, 35% higher than FY22, primarily due to the demand-supply mismatch.</p>
<p>The Term-Ahead Market, comprising intra-day, contingency, daily &amp; weekly contracts, and contracts up to three months, traded 1,087 MU during the month, a 14% MoM increase.</p>
<p>A total volume of 10,093 MU was traded in the segment during FY23, an 82% YoY growth, and 2,493 MU traded during the quarter, a 48% QoQ growth.</p>
<p>The Real-Time Electricity Market (RTM) achieved 2,098 MU volume during the month, a 22% MoM growth, with 701 participants.</p>
<p>The RTM segment registered 24,174 MU during FY23, a 21% YoY growth, and 5,914 MU during Q4 FY23, a 9% QoQ increase. The growth could be attributed to distribution utilities and industries balancing their power demand-supply in real-time.</p>
<p><strong>Renewable Energy Certificate (REC) Market</strong></p>
<p>The IEX traded 869,000 RECs during the trading session in March with a clearing price of ₹1,000 (~$12.19) per REC, an increase of 133% compared to the last month.</p>
<p>The exchange traded 5.97 million RECs in FY23, equivalent to 5,965 MU, and 1.64 million RECs traded in Q4 FY23, equal to 1,637 MU.</p>
<p>The next REC trading session is scheduled for April 26, 2023.</p>
<p><strong>Energy Saving Certificates (ESCerts) Market</strong></p>
<p>The ESCerts trading under the Perform Achieve and Trade (PAT) Cycle II <a href="https://www.mercomindia.com/energy-saving-certificates-trading-resume" target="_blank" rel="noopener">resumed</a> on the exchange in February 2023. The segment traded 22,881 ESCerts during March 2023, equivalent to 23 MU. The floor price for the trading was fixed at 10% of the cost of one million tons of oil equivalent (Mtoe) of energy consumed, equal to ₹1,840 (~$), as notified by the central government.</p>
<p>The market achieved a cumulative trade of 176,479 ESCerts during the fiscal year, equivalent to 176 MU.</p>
<p>The IEX <a href="https://www.mercomindia.com/iex-february-2023" target="_blank" rel="noopener">traded</a> 341 MU of renewable energy in February 2023, a 2% decrease MoM compared to 347 MU traded in the previous month and a 25% YoY decline.</p>


IEX Trades 5,206 MU of Renewable Energy During FY23, Up 7% YoY


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					</table><p>The Government of India has set a revenue target of ₹33.61 billion (~$414 million) for the financial year (FY) 2022-23 for Indian Renewable Energy Development Agency (<a href="https://www.ireda.in/home" target="_blank" rel="noopener">IREDA</a>), 18% higher than the previous year’s revenue from operations.</p>
<p>The target was set under the memorandum of understanding signed between the IREDA and the Ministry of New and Renewable Energy (<a href="https://mnre.gov.in/" target="_blank" rel="noopener">MNRE</a>).</p>
<p>The government has set key performance parameters such as return on net worth, return on capital employed, non-performing assets (NPAs) to total loans, asset turnover ratio, and earnings per share.</p>
<p>The MoUs between IREDA and the MNRE are signed every financial year to set a revenue target for the company measured using specified parameters.</p>
<p>According to the company, IREDA secured 96.54 marks for the MoU of FY 2021-22.</p>
<p>The public limited government company established as a Non-Banking Financial Institution, <a href="https://mercomindia.com/iredas-loan-approvals-renewables-swells-q2-fy23/" target="_blank" rel="noopener">posted</a> a profit of ₹1.84 billion (~$22.66 million) in the second quarter of FY 2023, an increase of 67% compared to ₹1.10 billion (~$13.55 million) during the same period last year.</p>
<p>IREDA’s net NPAs also reduced from 4.87% to 2.72% during the quarter compared to the corresponding period during FY 2021-22.</p>
<p>The financial institution spearheads the government’s initiative to expand renewable energy generation and component manufacturing by extending financing options for such projects.</p>
<p>The company has so far financed more than 3,068 renewable energy projects loan accounts with cumulative loan sanctions and disbursements of approximately ₹1.42 trillion (~$17.50 billion) and ₹900.37 billion (~$11.09 billion), respectively. It has supported the addition of 19.5 GW of renewable energy capacity through its financing.</p>
<p>In August last year, IREDA <a href="https://mercomindia.com/daily-news-wrap-up-ireda-partners-bank-india-renewable-projects/" target="_blank" rel="noopener">signed</a> an MoU with the Bank of India for co-lending, co-origination, and loan syndication for renewable energy projects, including small hydro and ethanol projects.</p>
<p>Recently, IREDA also <a href="https://mercomindia.com/ireda-approves-%e2%82%b944-45-billion-loan-sjvn-1-gw-solar/" target="_blank" rel="noopener">sanctioned</a> a ₹44.45 billion (~$547.42 million) loan to SJVN Green Energy, a subsidiary of SJVN, to develop a 1 GW solar project in Bikaner, Rajasthan.</p>


Government Sets IREDA Revenue Target of ₹33.61 Billion for FY23

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