Indian Energy Exchange has completed the first year of Green Market. The Exchange has announced on Monday that its green term-ahead market has cumulatively traded 2744 MU of renewable energy in its first year comprising 1267 MU volume in the solar segment and 1477 MU in the non-solar segment.
21 August 2021 marks the first anniversary of IEX Green Market.
The market discovered Rs 3.75 per unit as the avg price in the first year with avg solar price at Rs 3.48 per unit and the average non-solar price at Rs 4.06 per unit.
The green market has received an overwhelming response and has reached a robust participant base close to 100 in a short span of time. The distribution companies from Karnataka, Telangana, Tamil Nadu and Himachal including RE generators like Choudhary Power, Bhilangana Hydro Power, Amplus Green, Adani solar and MRN Cane Power are a few key participants on the sell-side. While the distribution companies like CESC, Haryana, DNH, Tata Power Company and DVC along with Industrial consumers like Vedanta, SAIL, Jindal Steel, Tata Steel etc. are the key participants on the buy-side.
In the first year, Power Company Karnataka Limited (PCKL) has emerged as the top seller while Vedanta Limited was the top buyer in the Green Market.
S N Goel, Chairman and Managing Director, IEX added that “The inception of the green market has been a landmark milestone for our nation. Recently, on the eve of 75th Independence Day, the Honorable Prime Minister announced that India aspires to attain energy independence by the year 2047. The market can play a catalyst role in facilitating our efforts towards achieving energy independence and building a green and sustainable energy economy in the most competitive and efficient manner. The forthcoming introduction of the green day-ahead market will evolve the market further. In the mid to long term, gradual shift from PPA to market-based models will build and deepen the markets to next level, paving way for India to meet its ambitious 450 GW green capacity by 2030.”
On Sensex, IEX finished at Rs415.65 per piece up by 3.6%.