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ENGIE to Build 22 MW Solar Project for Saudi Cement Factory


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					</table><p>The Indian Energy Exchange (<a href="https://www.iexindia.com/" target="_blank" rel="noopener">IEX</a>) traded 871 million units (MU) of green energy in August 2024, a 259.5% year-over-year (YoY) increase from 242.3 MU.</p>
<p>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%.</p>
<p>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.</p>
<p>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.</p>
<p>Government data from August 2024 shows that India&#8217;s energy consumption reached 144.2 billion units, a 5% decline from the previous year.</p>
<p>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.</p>
<p>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.</p>
<p><strong>Electricity Market: Day-Ahead, Term-Ahead &amp; Real-Time Market Performance</strong></p>
<p>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.</p>
<p>On August 26, the RTM also set a new record for single-day trade, with 156 MU, demonstrating the market&#8217;s flexibility in responding to fluctuating demand-supply conditions.</p>
<p>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.</p>
<p><strong>Renewable Energy Certificate (REC) Market</strong></p>
<p>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.</p>
<p>At ₹115 (~$1.37) per certificate, the REC market recorded its lowest-ever price.</p>
<p>The next REC trading sessions are scheduled for September 11 and September 25, 2024.</p>
<p>The Exchange <a href="https://www.mercomindia.com/iex-july-2024/" target="_blank" rel="noopener">traded</a> 990 MU of green energy in July 2024.</p>
<p>IEX <a href="https://cms.mercomindia.com/iex-q4-profits/" target="_blank" rel="noopener">recorded</a> a total annual income of ₹5.51 billion (~$66.02 million) in the financial year 2024, a 16% increase YoY.</p>


IEX Green Electricity Trade Up 259% in August 2024


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					</table><p><a href="https://www.mercomindia.com/india-rooftop-solar-1h-2024" target="_blank" rel="noopener">India added 1.1 GW of rooftop solar capacity in the first half (1H) of calendar year 2024, the highest half-yearly installations to date, according to Mercom India’s</a> newly released Q2 2024 India Rooftop Solar Market Report. The capacity addition was about a 26% year-over-year (YoY) increase from the 873 MW installed in 1H 2023. Rooftop solar capacity additions in the second quarter of 2024 were unprecedented, with 731 MW, up 89% YoY from 388 MW. Sequentially, capacity additions grew by 99% from 367 MW.</p>
<p><a href="https://www.mercomindia.com/mnre-solar-module-capacity-almm" target="_blank" rel="noopener">The Ministry of New and Renewable Energy has expanded the Approved List of Models and Manufacturers (ALMM) by adding 4,089 MW of new solar module capacity.</a> The cumulative module manufacturing capacity under ALMM now stands at 54,706 MW. Avaada Electro, Laxmi Solar Power System, and Uratom Solar were the new entrants to the ALMM, accounting for 554 MW, 121 MW, and 46 MW, respectively. Tata Power Solar, Jakson Engineers, and SASA Energy increased their enlisted capacity by 2,697 MW, 662 MW, and 9 MW, respectively. In a recent update to the ALMM Order, MNRE revised the guidelines for the inspection and final enlistment of provisionally listed manufacturers.</p>
<p><a href="https://www.mercomindia.com/am-green-takes-final-investment-decision-for-green-ammonia-project" target="_blank" rel="noopener">AM Green Ammonia BV, incorporated by Greenko Group, has arrived at its Final Investment Decision for its first one million-ton green ammonia project in Kakinada</a>, Andhra Pradesh. This project will be based at an existing urea plant in Kakinada. The facility will be converted into a green ammonia production unit, with operations starting in the second half of 2026. The company has secured 1,300 MW of carbon-free power through 4,500 MW of wind-solar hybrid capacity and 950 MW of pumped storage capacity. A 25-year power purchase agreement with NTPC covers half of the required power capacity. Gentari, Petronas’ renewable energy arm based in Malaysia, is expected to provide the remaining capacity.</p>
<p><a href="https://www.mercomindia.com/sunsource-energy-commissions-21-mw-solar-project-in-tamil-nadu" target="_blank" rel="noopener">SunSource Energy, a subsidiary of SHV Energy, announced the commissioning of a 21 MW solar power project in Ramanathapuram, Tamil Nadu.</a> The 50-acre project, which marks the company’s entry into the state, is expected to generate 760 million kW of clean energy and offset 700 million kg of CO2 emissions during its technical lifetime. SunSource Energy has already secured partnerships with leading commercial and industrial businesses for the offtake of the 21 MW capacity. Santanu Guha, CEO of SunSource Energy, said, “We are pleased to commission our first plant in Tamil Nadu, one of India’s leading states for renewable energy.”</p>
<p><a href="https://www.mercomindia.com/daqo-q2-2024-revenue" target="_blank" rel="noopener">China-based polysilicon manufacturer Daqo New Energy Corporation reported a significant decline in both revenue and net income for the second quarter (Q2) of 2024</a> due to a drop in polysilicon prices below production costs. The company’s Q2 revenue fell to $219.9 million, a 65% year-over-year decrease from $636.7 million. Earnings Before Interest, Taxes, Depreciation, and Amortization also took a hit, with Q2 showing a loss of $144.9 million from a profit of $229.9 million last year. The quarterly adjusted net loss amounted to $98.8 million, starkly contrasting the $134.5 million net income reported in the corresponding quarter of the previous year.</p>
<p><a href="https://www.mercomindia.com/renew-signs-437-mw-green-attribute-sale-contract-with-microsoft" target="_blank" rel="noopener">Renewable energy company ReNew has signed a green attribute sale contract of 437.6 MW with Microsoft. The contract is expected to generate</a> over one million units of green electricity attributes annually, contributing to Microsoft’s ambition to become carbon-negative by 2030. ReNew will direct approximately $5 million of revenue from the contract towards a community fund to support environmental justice initiatives focusing on women’s livelihoods and economic empowerment, energy access, rural electrification, environmental remediation, water quality improvement, and other concerns of communities disproportionately impacted by pollution and climate change.</p>


Daily News Wrap-Up: India Reaches 1 GW Rooftop Solar Capacity in 1H 2024

<p>Singapore-based <a href="https://www.senokoenergy.com/households" target="_blank" rel="noopener noreferrer">Senoko Energy</a> announced that it had launched a pilot project for peer-to-peer (P2P) renewable energy trading. The project is supported by an <a href="https://electrify.sg/" target="_blank" rel="noopener noreferrer">ELECTRIFY</a> and <a href="https://engiefactory.com/" target="_blank" rel="noopener noreferrer">ENGIE Factory</a>, the venture arm of French multinational electric utility company ENGIE.</p>
<p>According to the company’s press release, the project will allow Singapore businesses and households to sign up for ELECTRIFY’s P2P trading platform through SolarShare, a new Senoko Energy service offering. Producers and consumers will be allowed to trade locally-produced solar energy after registration on the platform.</p>
<p>The registered user will also see the dynamic pricing of their green electricity rates on the platform, as they can control the buying and selling price of renewable electricity through the marketplace, added the press statement.</p>
<p>Seneko Energy said that new and existing customers could participate in the pilot project with an initial limit of 100 participants. The project is aimed to test the potential of commercialization of this new energy offering, with the eventual target of rolling it out to every business and household in Singapore, it added.</p>
<p>The energy demand during non-daylight hours will continue to be met by Senoko Energy to ensure there is no disruption in the supply of electricity. Customers who buy green energy from the platform will receive a consolidated bill at the end of the month, according to Seneko.</p>
<p>“A ‘prosumer’ culture will strengthen the energy security of Singapore as producers can contribute excess energy to the grid, while consumers can choose where their electricity comes from at their preferred price,” said James Chong, Head of Commercial Division of Senoko Energy.</p>
<p>Commercial and residential consumers will be allowed to activate the energy trading platform to look at the accessible solar producers and select from whom to purchase based on their power usage, according to the press statement. ELECTRIFY’s platform will utilize real-time data at every 30-minute intervals for users to differentiate between the market demand, the amount of energy supplied, and the price offered.</p>
<p>Last year, Mercom <a href="https://mercomindia.com/trading-platform-international-renewable-energy-certificates-singapore/" target="_blank" rel="noopener noreferrer">reported</a> that Singapore-based SP Group became the first authorized local issuer of International Renewable Energy Certificates (I-RECs) in the Asia Pacific region. The SP Group previously <a href="https://mercomindia.com/blockchain-renewable-energy-singapore/" target="_blank" rel="noopener noreferrer">launched</a> one of the world’s first blockchain-powered renewable energy certificates at the Association of Southeast Asian Nations (ASEAN) Energy Business Forum.</p>
<p>Meanwhile, in India, it was <a href="https://mercomindia.com/uttar-pradesh-blockchain-trading-rooftop-solar/" target="_blank" rel="noopener noreferrer">reported</a> previously that the Uttar Pradesh Electricity Regulatory Commission had approved a pilot project for P2P transactions of power from rooftop solar systems using blockchain-based technology. Under this pilot project, government buildings or consumers would carry out P2P transactions for the trading of rooftop solar power.</p>
<p>In May 2020, Australia’s power ledger <a href="https://mercomindia.com/power-ledger-to-help-thailand-increase/" target="_blank" rel="noopener noreferrer">announced</a> a partnership with Thai Digital Energy Development (TDED) to create a blockchain-based digital energy business developing P2P energy trading and environmental commodity trading solutions in Thailand.</p>


Singapore Set to Get a New Peer-to-Peer Renewable Trading Platform

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