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					</table><p>The Indian Energy Exchange (<a href="https://www.iexindia.com/" target="_blank" rel="noopener">IEX</a>) traded 723 million units (MU) of green energy in September 2024, a 214% year-over-year (YoY) increase from 230 MU.</p>
<p>The Green Day-Ahead Market (G-DAM) achieved 712.5 MU volume during September 2024 with a weighted average price of ₹4.59 (~$0.055)/kWh, compared to 140.2 MU in September 2023, an increase of 408% YoY. The total volume on the segment during the quarter was 2,534 MU, a growth of 394% over Q2 FY2024.</p>
<p>The Green Term-Ahead Market (G-TAM) achieved 10.4 MU volume in September 2024, with an average monthly price of non-solar at ₹8.28 (~$0.099)/kWh. The segment&#8217;s total volume during the quarter was 49.7 MU.</p>
<p>Indian Energy Exchange achieved a total monthly volume of 11,370 MU in September 2024, a 24% YoY increase. The monthly electricity volume, at 10,332 MU, increased 21% YoY.</p>
<p>Government data from September 2024 shows India&#8217;s energy consumption reached 141.3 billion units (BUs), remaining steady year-on-year. A robust monsoon significantly boosted hydro and wind power generation, leading to a marked price reduction in the power markets.</p>
<p>The Market Clearing Price in the Day-Ahead Market (DAM) dropped by 33% to ₹4.18 (~$0.050)/kWh, while the Real-Time Market (RTM) price fell by 28% to ₹3.98 (~$0.047)/kWh, contributing to an increase in trading volumes throughout the month.</p>
<p><strong>Electricity Market: Day-Ahead, Term-Ahead and Real-Time Market</strong></p>
<p>The Day-Ahead Market (DAM) volume increased to 4,610 MU in September 2024 from 3,467 MU in the same month last year, registering an increase of 33% YoY. The DAM segment registered total volumes of 14,332 MU during Q2 FY 2025, an increase of 27% over Q2 FY2024.</p>
<p>The Real-Time Electricity Market (RTM) achieved its highest-ever monthly volume of 3,913 MU, up from 2,923 MU in September 2023, registering a 34% year-over-year increase. The RTM segment registered a record volume of 10,732 MU during Q2 FY2025, up 31% year over year.</p>
<p>Day Ahead Contingency and Term-Ahead Market (TAM), comprising of contingency, daily, weekly, and monthly contracts up to 3 months, traded 1,086 MU during the month, dropping 43 % YoY. The total volume in the segment during the quarter was at 2,684 MU, a decline of 42% YoY.</p>
<p><strong>Renewable Energy Certificate Market (REC MARKET)</strong></p>
<p>A total of 1.03 million RECs (equivalent to 1,031 MU), an increase of 100% YoY, were traded in the trading sessions held on September 11, 2024, and September 25, 2024, at a clearing price of ₹112 (~$1.33)/REC and ₹110 (~$1.31)/REC respectively. A total of 6.29 million RECs (equivalent to 6,297 MU), an increase of 353% YoY, were traded during the quarter.</p>
<p>At ₹110 (~$1.31)/ REC, it is the lowest-ever price discovered of REC in a trading session since inception.</p>
<p>The next REC trading sessions at IEX are scheduled for October 9, 2024, and October 30, 2024.</p>
<p>The Exchange <a href="https://www.mercomindia.com/iex-green-electricity-august-2024/" target="_blank" rel="noopener">traded</a> 871 MU of green energy in August 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 FY2024, a 16% increase YoY.</p>


Green Energy Trade on IEX Up 214% YoY in September 2024


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					</table><p>The Indian Energy Exchange’s (<a href="https://www.iexindia.com/" target="_blank" rel="noopener">IEX</a>) profit after tax (PAT) demonstrated an uptrend, with an 18.9% year-over-year (YoY) increase, soaring to ₹918 million (~$11 million) in the third quarter (Q3) of the financial year (FY) 2023-24 from ₹772 million (~$9.2 million).</p>
<p>The company&#8217;s total trading volumes surged by 16.8%, reaching 28.3 billion units (BU) compared to 24.2 BU in the same period last year.</p>
<p>The growth was accompanied by a 20.4% YoY increase in revenue, rising from ₹1.17 billion (~$ 14.07 million) in Q3 FY 23 to ₹1.41 billion (~$16.9 million) in Q3 FY 24.</p>
<p>For the first nine months (9M) of the year, IEX recorded ₹2.54 billion (~$30.5 million) of PAT, a YoY increase of 16.5%. The revenue for the period stood at ₹4.02 billion ($48.3 million), a 16.5% YoY increase from ₹3.45 billion ($41.5 million).</p>
<p><strong>Operational Highlights</strong></p>
<p>During the quarter, IEX recorded a trading volume of 28.3 BU, with 25.9 BU attributed to the conventional power market segment and an additional 0.4 BU from the green market segment.</p>
<p>The company facilitated the trading of 2.03 million certificates during this period.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-62655 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/1.png" alt="" width="1185" height="615" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/1.png 1185w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/1-300x156.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/1-768x399.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/1-650x337.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/1-624x324.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/01/1-600x311.png 600w" sizes="(max-width: 1185px) 100vw, 1185px" /></p>
<p>In the power sector, October saw a peak power demand of 221 GW, and electricity consumption during Q3 FY’24 increased by 10% YoY, reaching approximately 380 BUs.</p>
<p>The improved supply scenario resulted in increased sell liquidity since November 2023. Sell bids in collective auctions rose by 25% YoY in November 2023 and 18% YoY in December 2023, leading to a softening of prices on the exchange.</p>
<p>The average market clearing price in the Day-Ahead Market (DAM) segment during Q3 FY 24 was ₹5.00 (~$0.060)/unit, compared to ₹5.80 (~$0.069)/unit in Q2 FY&#8217;24. Increased electricity consumption coupled with an easing supply-side led to a surge in the volumes of electricity traded on the Exchange.</p>
<p>The company said that positive regulatory and policy developments during the quarter, including the revised Indian Electricity Grid Code and the Sharing of Inter-State Transmission Charges Regulations, are expected to enhance the sell liquidity on Exchanges further, resulting in a potential decline in power prices.</p>
<p>IEX <a href="https://www.mercomindia.com/energy-trading-iex-fell-december-23" target="_blank" rel="noopener">traded</a> 232 MU of green energy in December 2023, a 38% YoY drop from 377 MU.</p>
<p>In Q2 FY24, it <a href="https://www.mercomindia.com/iex-21-jump-profits-green-energy-trade-drops" target="_blank" rel="noopener">recorded</a> a PAT of ₹865 million (~$10.39 million), a 21.5% YoY increase from ₹712 million (~$8.55 million).</p>
<p>Mercom recently <a href="https://www.mercomindia.com/green-energy-trading-takes-hit-2023" target="_blank" rel="noopener">reported</a> on the downward trend of the green energy trade at the IEX and the reasons behind it.</p>


IEX Records 19% Jump in Q3 Profits, Trades 400 MU of Green Energy


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					</table><p>The Solar Energy Corporation of India (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>) paid solar and wind power producers ₹13.04 billion (~$156.6 million) for the energy purchased in September 2023. The payment reflected an <a href="https://www.mercomindia.com/seci-disbursements-august-2023/">increase</a> of 7% from the August disbursements.</p>
<p>The disbursements <a href="https://www.mercomindia.com/seci-refunds-%e2%82%b954-million-rooftop-solar-program-september" target="_blank" rel="noopener">increased</a> by 46% on a year-over-year basis.</p>
<p>In September, disbursements to solar and wind developers constituted 83.3% of the total payments made. The nodal agency disbursed a total of ₹15.26 billion (~$183.3 million)  during the month.</p>
<p>It released ₹1.84 billion (~$22.1 million) towards subsidy under the Central Public Sector Undertaking Program, Phase II.</p>
<p>SECI has returned success fees amounting to ₹120 million (~$1.4 million) to bidders.</p>
<p>The agency disbursed ₹114.5 million (~$1.4 million) to solar power developers against goods and services tax (GST) and safeguard and basic customs duty claims under the annuity method.</p>
<p>Azure Power Forty Three, Clean Solar (Bhadla), Wardha Solar (Maharashtra), Sb Energy Four, and Azure Power India were among the biggest recipients of GST and safeguard and basic customs duty reimbursements.</p>
<p>SECI also disbursed ₹53.9 million (~$646,927) upfront to solar power developers against GST and safeguard and basic customs duty claims.</p>
<p>During the month, SECI disbursed ₹45.4 million (~$544,947) towards transmission charges and ₹12.3 million (~$147,585) towards open access charges.</p>
<p>In all, ₹23.7 million (~$285,236) was disbursed to contractors and service providers.</p>
<p>It also returned a central financial assistance of  ₹10.8 million (~$130,412) to the Ministry of New and Renewable Energy received under the rooftop program.</p>
<p>Recently, SECI <a href="https://www.mercomindia.com/seci-capital-credit-facility-6-billion" target="_blank" rel="noopener">invited</a> quotations for a short-term working capital credit facility of up to ₹6 billion (~$72.3 million) to help it make monthly payments to solar, wind, and hybrid energy projects.</p>
<p>SECI <a href="https://www.mercomindia.com/seci-revenue-power-trading-100-billion" target="_blank" rel="noopener">earned</a> over ₹100 billion (~$1.22 billion) in revenues from trading renewable power in the financial year 2022-23, the highest ever since its inception.</p>


SECI Disbursements to Solar, Wind Generators See 46% YoY Rise in September 2023


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					</table><p>The Solar Energy Corporation of India (<a href="https://www.seci.co.in/" target="_blank" rel="noopener">SECI</a>) released ₹8.93 billion (~$108.61 million) in payments to solar and wind power generators for the power purchased in September 2022. The disbursal accounted for nearly 83% of the total amount paid by the nodal agency during the month.</p>
<p>The agency disbursed a total of ₹10.82 billion (~$131.52 million), including payments towards solar and wind power purchases, reimbursements to developers, and duties in September.</p>
<p>Adani Wind Energy Kutch Three, Alfanar Energy, Adani Hybrid Energy Jaisalmer One, Sprng Renewable Energy, Orange Sironj Wind Power, Wardha Solar (Maharashtra), Ayana Renewable Power One, and Azure Power Forty-Three were the main recipients of the payments in September.</p>
<p>The agency also reimbursed ₹1.25 billion (~$15.22 million) as a refund of the central financial assistance (CFA) to the Ministry of New and Renewable Energy (MNRE). SECI is working as an implementing agency of MNRE and disburses CFA under various programs of the ministry, per terms of the respective approval orders. These include solar parks, solar installations on canal tops and canal banks, and defense establishments.</p>
<p>SECI reimbursed ₹122.13 million (~$1.49 million) to solar power developers against goods and services tax (GST) and safeguard duty claims per the annuity method. The nodal agency also released ₹101.04 million (~$1.23 million) for subsidy released under the viability gap funding program.</p>
<p>It paid ₹56.57 million (~$683,456) as open access charges and released ₹54.03 million (~$652,769) as a refund of subsidy under the rooftop solar program.</p>
<p>The agency disbursed ₹29.17 million (~$352,420) as payment toward transmission charges and ₹94.53 million (~$1.14 million) as payments to contractors and service providers.</p>
<p>SECI payments come as a relief to developers struggling to maintain the rising project costs and non-payment from the state DISCOMs.</p>
<p>In August 2022, SECI <a href="https://mercomindia.com/seci-%e2%82%b98-13-billion-wind-solar-power-generators-august-2022/" target="_blank" rel="noopener">released</a> ₹8.13 billion (~$98.3 million) in payments to solar and wind power generators for the power purchased. The disbursal accounted for nearly 73% of the total amount paid by the nodal agency during the month.</p>


SECI Refunds ₹54 Million in Subsidy for Rooftop Solar Program in September 2022


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					</table><p>The Indian Energy Exchange (<a href="https://www.iexindia.com/" target="_blank" rel="noopener">IEX</a>) traded 454 million units (MU) of renewable energy in September 2022, registering a 4% month-over-month (MoM) growth.</p>
<p>However, the total energy traded on the exchange last month declined by 8% year-over-year (YoY) to 8,160 MU, primarily because the average clearing price in the Day-Ahead Market rose to ₹5.63 (~$0.069)/kWh, which was 9% higher on a MoM basis and 28% higher YoY.</p>
<p>Apart from renewable energy, the traded volume comprised 7,118 MU in the conventional power market and 588 MU in the renewable energy certificate (REC) market.</p>
<p>Supply-side constraints continued due to the high prices of e-auction coal, imported coal, and gas, resulting in lower traded volume during the second quarter.</p>
<p>In the July-September quarter of the fiscal year (FY) 2023, the exchange registered 23,115 MU volume, which was lower by 11% YoY across market segments. Cumulatively, the total volume traded in the first half of FY 2023 marginally declined by 1% over 1H FY22.</p>
<p>According to the power demand data published by the National Load Dispatch Center, the energy consumption at 127 BU saw 11% YoY growth during September 2022. The national peak demand at 199 GW grew 10% YoY.</p>
<p><strong>Green Market: Day-Ahead and Term-Ahead</strong></p>
<p>The Green Market comprising the Green Day-Ahead Market (GDAM) and Green Term-Ahead Market (GTAM), traded 454 MU volume during the month, a MoM increase of 4%.</p>
<p>The GDAM traded 324 MU with a weighted average price of ₹5.42 (~$0.066)/kWh. The weighted average price was ₹5.20 (~$0.065)/kWh in the preceding month. The traded power included a solar volume of 199 MU and a non-solar volume of 125 MU.</p>
<p>In all, 747 entities participated in the process. The highest number of participants in a single day was 614 on September 5, 2022.</p>
<p>The GTAM traded 129 MU volume during the month. The traded power included 16 MU of solar and 17 MU of non-solar and 96 MU of hydro.</p>
<p>The average monthly price for solar was ₹5.05 (~$0.062)/kWh compared to ₹3.57 (~$0.045)/kWh in the previous month.</p>
<p>The average monthly price for non-solar was ₹6.15 (~$0.075)/kWh and for hydro it was ₹5.56 (~$0.067)/kWh.</p>
<p><strong>Electricity Market: Day-Ahead, Term-Ahead, and Real-Time Market</strong></p>
<p>In September 2022, the DAM traded 4,050 MU of energy, registering a 15% growth on a MoM basis. However, high prices led to lower volume in the DAM by 37% on a YoY basis. In Q2 FY 2023, 11,095 MU volume was traded in the segment.</p>
<p>The Real-Time Electricity Market traded 2,193 MU, registering a growth of 19% YoY. The highest single-day volume of 104 MU was on September 25, 2022. There were 614 participants in this segment during the month.</p>
<p>The Real-Time Market achieved a cumulative trade of 6,589 MU in Q2 FY 2023, registering a robust 24% YoY growth. The consistent growth of the real-time electricity market is an indication of the growing reliance of distribution utilities and industries to achieve power demand-supply balancing in real-time most efficiently.</p>
<p>The Term-Ahead Market (TAM), comprising intra-day, contingency, daily &amp; weekly contracts, traded 875 MU during the month, registering 721% YoY growth and 21% MoM growth. Cumulatively for the quarter, TAM traded a total of 2,038 MU and registered a remarkable 30% YoY growth.</p>
<p><strong>Renewable Energy Certificate Market</strong></p>
<p>September saw 588,000 RECs cleared, registering a decline of 30% MoM. The volume comprised 198,000 non-solar RECs with a clearing price of ₹1,000 (~$12.53) per REC. Increased inventory of solar RECs saw the clearing price reaching floor-level of ₹1,000 (~$12.53) per REC with 390,000 solar RECs traded. In the previous month, 167,000 solar RECs were traded at a clearing price of ₹1,100 (~$13.95). The next REC trading session is scheduled for October 26, 2022.</p>
<p>In May this year, the Central Electricity Regulatory Commission (CERC) <a href="https://mercomindia.com/cerc-regulations-boost-renewable-energy-certificates-trading/" target="_blank" rel="noopener">issued</a> ‘Terms and Conditions for RECs for Renewable Energy Generation Regulations, 2022.’ According to the new regulations, renewable energy generating stations, captive generating stations based on renewable energy sources, distribution licensees, and open access consumers are now eligible to issue RECs.</p>
<p>Earlier, CERC <a href="https://mercomindia.com/cerc-orders-power-exchanges/" target="_blank" rel="noopener">directed</a> the power exchanges to redesign their bidding software so that members could submit their buy bids at the maximum price of ₹12 (~$0.16)/kWh for the day-ahead and real-time markets.</p>


Solar Power Traded at ₹5.05/kWh in Green Term Ahead Market at IEX in September

<p>Distribution companies (DISCOMs) owed ₹154.83 billion (~$2.09 billion) to renewable energy generators (excluding disputed amounts) in overdue payments at the end of September 2021, according to data released by the Ministry of Power (<a href="https://powermin.gov.in/" target="_blank" rel="noopener">MoP</a>).</p>
<p>The figure reported for September was 6% higher than ₹146.07 (~$1.97 billion) <a href="https://mercomindia.com/discoms-owed-renewable-generators-billion/" target="_blank" rel="noopener">spread</a> over 259 invoices at the end of August 2021.</p>
<p>As per the data released by MoP’s payment ratification and analysis portal <a href="http://praapti.in/" target="_blank" rel="noopener">PRAAPTI</a>, the outstanding payments to renewable energy generators stood at ₹8.71 billion (~$117.41 million) at the end of September 2021. At the end of August 2021, the figure was ₹8.59 billion (~$115.79 million).</p>
<p style="text-align: center;"><a href="https://mercomindia.com/wp-content/uploads/2021/10/DISCOM-Dues-September-2021.png"><img loading="lazy" decoding="async" class="alignnone wp-image-29470 size-full" src="https://mercomindia.com/wp-content/uploads/2021/10/DISCOM-Dues-September-2021.png" alt="DISCOM Dues September 2021" width="644" height="271" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/10/DISCOM-Dues-September-2021.png 644w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/10/DISCOM-Dues-September-2021-300x126.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/10/DISCOM-Dues-September-2021-624x263.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2021/10/DISCOM-Dues-September-2021-600x252.png 600w" sizes="(max-width: 644px) 100vw, 644px" /></a></p>
<p>The DISCOMs paid ₹27.61 billion (~$372.18 million) in outstanding amounts to power generators during September, a decrease of 36% compared to the August figures.</p>
<p>The DISCOMs also released 133.15 billion (~$1.8 billion) against overdue amounts during September, a decrease of 35% compared to the August figures.</p>
<p>The overdue amount owed by DISCOMs to power generators at the end of September stood at ₹992.17 billion (~$13.42 billion), an increase of 3.7%, and the outstanding amount stood at ₹129.33 billion (~$1.75 billion), a decrease of 29% compared to August.</p>
<p>Among the states, Tamil Nadu had the highest backlog of ₹226.86 billion (~$3.05 billion), followed by Maharashtra with ₹188.43 billion (~$2.54 billion), and Rajasthan with ₹114.03 billion (~$1.54 billion).</p>
<p>In terms of ease of doing business with the DISCOMs, Jammu &amp; Kashmir and Meghalaya remained at the bottom. Rajasthan, Maharashtra, Karnataka, Tamil Nadu, Telangana, and Andhra Pradesh did slightly better. The list of states that did well during the period included Uttarakhand, Himachal Pradesh, Haryana, Gujarat, Bihar, Odisha, Chhattisgarh, Goa, Assam, Arunachal Pradesh, and Nagaland.</p>
<p>Non-conventional energy generators to whom the DISCOMs owed the most at the end of the month included Tata Power, Adani Green Energy, and Hero Future Energies, with ₹27.43 billion (~$369.76 million), ₹20.96 billion (~$282.54 million), and ₹10.96 billion (~$147.74 million), respectively.</p>
<p>Earlier this year, MoP <a href="https://mercomindia.com/ministry-power-plan-revamp-discoms/" target="_blank" rel="noopener">issued</a> detailed guidelines for reform-based result-linked power distribution program over the next five years. The outlay for the program is ₹3.03 trillion (~$40.82 billion), with budgetary support of ₹976.31 billion (~$13.1 billion) from the Government of India. The program aims to improve power supply quality and reliability to consumers through a financially sustainable and operationally efficient distribution sector. The plan is to reduce the aggregate technical and commercial losses across India to 12-15% and eliminate the gap between the average cost of supply and the aggregate revenue requirement by 2024-25.</p>


DISCOM Dues to Renewable Generators Rise to ₹154.83 Billion at the End of September

<p>The Infrastructure Development Bank of Zimbabwe (IDBZ) has issued an Expression of Interest (EoI) for a cumulative capacity of 235 MW of solar photovoltaic (PV) power projects at seven locations across the country.</p>
<p>The deadline for the submission of the EoI is September 30, 2019.</p>
<p>The seven solar projects include:</p>
<ul>
<li>GDE Bulilima solar energy project with a capacity of 50 MW at a farm in Bulilima district, Matabeleland South Province, Zimbabwe.</li>
<li>National University of Science and Technology (NUST) solar projects with a capacity of 5 MW</li>
<li>Gwayi Solar Project entails a capacity of 50 MW in Gwayi, Kusile district, Matabeleland North Province, Zimbabwe.</li>
<li>Rufaro solar farm project entails the development and establishment of a 50 MW solar photovoltaic power station and the construction of a 1 x4.3km 132kV Lynx line from the solar project to the existing Marondera – Bromley 132kV line.</li>
<li>Sable solar farm project comprises of 50 MW (AC) solar project which will be located at a farm in Kwekwe, in the Midlands Province.</li>
<li>Gutu solar farm project entails the development and establishment of a 20 MW solar photovoltaic power station in Gutu, Masvingo.</li>
<li>Plumtree solar project is estimated to get a 10 MW solar project.</li>
</ul>
<p>Meanwhile, the Economic Community of West African States (ECOWAS) has taken the <a href="https://mercomindia.com/west-african-countries-solar-corridor/" target="_blank" rel="noopener noreferrer">initiative</a> to create a West Africa Clean Energy Corridor (WACEC) to increase the share of renewable energy in the energy mix of the region. The primary objective of WACEC is to support the development of utility-scale renewable energy-based power, to promote the integration of renewable energy sources into the West African power systems and to create a market for trans-border regional power trade.</p>
<p>In August 2019, <a href="https://mercomindia.com/sola-group-solar-projects-southern-africa/" target="_blank" rel="noopener noreferrer">Mercom</a> had reported that the SOLA Group committed to set up 40 MW of solar projects in Southern Africa. It has secured 400 million Rand ($26.28 million) to build commercial and industrial solar PV facilities across Southern Africa. The renewable energy fund, called Orionis, will enable 40 MW of solar PV projects to be built without capital expenditure by the electricity off-takers.</p>
<p>Previously, it was reported that Zimbabwe announced the construction of its largest independent power producer (IPP) solar PV project. The Harava <a href="https://mercomindia.com/zimbabwe-soon-begin-development-22-mw-solar/" target="_blank" rel="noopener noreferrer">22 MW utility-scale project</a> will be developed on 40 hectares of land in Bwoni Village, Seke Rural district which is located South West of the city of Harare. The project focuses on improving the lives of local communities.</p>


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