Power trading platform Indian Energy Exchange (IEX) has expanded its delivery based green market with the launch of two new products – Green Daily Contract and Green Weekly Contract. In a press release, the exchange said that trading in the new contracts in both solar and non-solar segments will commence with immediate effect. With this launch, IEX Green Market now has four contracts, and offers greater choice to the market participants to buy renewable energy on the same day and upto 11 days ahead.
The daily and weekly contracts will enable market participants to trade in on energy basis (MWh) with the bidding taking place for 15- minute time blocks. IEX said that trading in energy terms will help to address the intermittency issues involved in renewable energy procurement. Further, this will also assist market participants to minimise deviations as well as related penalties. The energy will be delivered leveraging the national, regional and state level transmission network.
IEX’s green market was in September last year, and has cumulatively traded 459 million units (MU) so far, comprising 404 MU under Solar and 55 MU under Non-Solar segments within 100 days since commencement of trading. Moreover, with an average price of ₹3.47 per unit in the solar and ₹3.77 per unit in the non-solar segments, the market offers an attractive avenue to the market participants for renewable energy procurement, the press release said.
SN Goel, Chairman, IEX, said: “India is witnessing a rapid change in energy sector with renewables driving the energy shift. To meet our ambitious renewable energy targets and sustain the existing pace of growth in renewable capacity addition, there is a need for a market-based framework. As already witnessed in developed countries, markets have been facilitating integration of energy from various sources to meet country’s power demand in the most efficient and competitive manner. Therefore, green markets have an instrumental role to play in enabling energy landscape transformation in the country.”
