IEX reports 26.4% rise in renewable energy certificate trading

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Indian Energy Exchange (IEX) has announced its audited financial results for the year ended March 31, 2024. It recorded revenue of INR 550.8 crore ($66 million) in FY 2024, 16.2% up year-on-year (YoY). Standalone profit after tax grew 16.7% YoY to INR 341.4 crore.

IEX achieved its highest ever trading volume of 110.1 billion units (BU) in FY 2024, an increase of 13.7% on YoY basis. Electricity volumes at 101.7 BU increased 12.2% YoY.

Additionally, 75.39 lac renewable energy certificates (RECs), equivalent to 7.54 BU, were traded during FY 2024. REC traded volume in FY’24 increased 26.4% on YoY basis. The day-ahead-market (DAM) prices on the exchange declined to INR 5.24/unit in FY 2024, 12% lower than INR 5.94/unit in FY 2023.

On the power sector front, according to government data, India’s electricity consumption in FY 2024 reached 1,622 BU, representing a 7.7% increase on a year-on-year basis.

The regulatory and policy landscape for the power market witnessed positive developments during the fiscal year. Notable among these were the General Network Access (GNA) regulation, the Indian Electricity Grid Code (IEGC) regulations, and Transmission Charges Sharing regulations.

IEX is India’s premier energy exchange providing a nationwide, automated trading platform for physical delivery of electricity, renewable power, renewable energy certificates and energy saving certificates. The exchange platform enables efficient price discovery and increases the accessibility and transparency of the power market in India while also enhancing the speed and efficiency of trade execution.

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