New Delhi: Indian Energy Exchange’s (IEX) overall trade volume grew nearly 29 per cent to 10,633 million units (MU) in May against 8,251 MU in the year-ago period.

The electricity (trade) volumes at 9,568 MU increased 21 per cent year-on-year, an IEX statement said. According to the statement, IEX achieved a monthly overall volume of 10,633 MU in May 2024, marking a 28.9 per cent year-on-year increase.

The renewable energy certificates (REC) increased 640.3 per cent year-on-year to 1,055 MU. A total of 10.55 lakh RECs (equivalent to 1,055 MU) were traded in the trading sessions held on May 8 and May 29 at a clearing price of Rs 185/REC and Rs 165/REC, respectively. At Rs 165 per certificate, the REC market recorded an all-time low price in the trading session held on May 29, 2024.

These prices provide an opportunity for obligated entities (Discoms and captive power producers) to meet their renewable purchase obligations and for voluntary customers to meet their sustainability aspirations. Proactive measures taken by the government and the regulators, including the sale of surplus un-requisitioned power on power exchanges, increased fuel supply and ensuring higher availability of generating units led to an increased sell liquidity on the exchanges, which kept the prices under control on the trading platforms, it explained.

Therefore, it stated that despite the increase in electricity consumption, the market clearing price in the Day Ahead Market during May 2024 was Rs 5.3/unit, lower by more than 20 per cent compared to prices discovered under bilateral contracts. Notably, it stated that on May 30, 2024, the country witnessed an all-time high peak demand of 250 GW along with the highest ever single-day energy consumption of 5,466 MU.