iex june'16 issue 6 | volume 3 bulletin · 2016-06-24 · dated 10th october, 2014. the...
TRANSCRIPT
www.iexindia.com | 01
N E W S A N D I N F O R M A T I O NIEX Bulletin
REGULATORY NEWS
CERC notifies CERC DSM (Third Amendment) Regulations, 2016
On 6th May, 2016, the CERC notified CERC DSM (Third Amendment) Regulations, 2016. The amendment is essentially introduced to allow RE rich States, higher deviation margins as compared to other States.
Another important aspect of the amendment regulations is that it allows higher deviation for Solar/Wind generators which are regional entities. The key highlights of the amendment are as follows:
� A Renewable Rich State is a State with minimum combined installed capacity of wind and solar power of 1000 MW or more.
� Charges for Deviations
yy Deviation charges under drawl/over injection for the Renewable Rich State in excess of the following limits to be zero.
Deviation Limits for Renewable Rich States
S. No. States having combines installed capacity of Wind and Solar projects
Deviation Limits (MW)-"L"
1 1000-3000 MW 200
2 > 3000 MW 250
yy For renewable rich state, when Deviation from schedule in a time block in MW is less than limits specified above, Deviation charges are payable by regional entity at normal Charges for Deviation.
More information: www.cercind.gov.in
CERC notifies Terms and Conditions for Dealing in Energy Savings Certificates Regulations, 2016
On 27th May, 2016, the CERC notified Terms and Conditions for Dealing in Energy Savings Certificates Regulations, 2016. The key highlights of the Regulations are as under:
� POSOCO to function as the Registry and undertake:
yy Registration of Eligible Entity.
yy Maintaining records of ESCerts.
yy Dissemination of information.
yy Assistance in development of IT Platform for maintaining database of ESCerts.
� BEE to act as Administrator with the key role to:
yy Define detailed procedure in consultation with the Registry.
JUNE'16 ISSUE 6 | VOLUME 3
In thIs Issue...
PAGE REGULATORY NEWS
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01 CERC notifies CERC DSM (Third Amendment) Regulations, 2016
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01CERC notifies Terms and Conditions for Dealing in Energy Savings Certificates Regulations, 2016
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02 CERC Reviews Extended Market on Power Exchanges
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02 CERC proposes Draft Inter-State STOA (Fourth Amendment) Regulations, 2016
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02 Rajasthan High Court sets aside RERC Additional Surcharge Order
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03 Tamil Nadu and Karnataka Governments revoke Section 11 of Electricity Act 2003
PAGE INTERNATIONAL NEWS
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03 Japan liberalized the retail market, Exchange volume surge
PAGE MARkET INSIGhTS
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04 Power Market Journey Since 2008
PAGE MARkET NEWS
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07 Power Market Update: May’16
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08 REC Market Update: May’16
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09 Trade Data: May’16
02 | www.iexindia.com
yy Provide assistance to the Commission in the matters involving exchange of ESCerts on Power Exchanges.
yy Disseminate relevant market information to all stakeholders.
yy Monitor transaction in ESCerts.
yy Intimate the Registry regarding the extinguishment of ESCerts from the accounts of the concerned Eligible Entity.
yy Co-ordinate with the Power Exchanges and Registry for smooth interface for transaction of ESCerts.
� The value and validity of ESCerts is as specified in the Energy Conservation Rules.
� Dealing in the Certificates:
yy ESCerts to be dealt only through the Power Exchange.
yy Frequency of transaction through Power Exchanges on monthly basis.
yy Power Exchanges to obtain prior approval of the Commission, on eligibility criteria, transaction process, ESCert price discovery mechanism and process of interaction between Exchange and Registry.
� Pricing of Certificate:
yy The denomination of one ESCert will be equal to energy consumed in metric Ton of Oil Equivalent (toe).
yy The market price of an ESCert will be as discovered through the process of bidding at the respective Power Exchange.
� Fees and Charges:
yy The Commission in consultation with the Bureau will determine the fees and charges payable by the Eligible entities to the Registry.
More information: www.cercind.gov.in
CERC Reviews Extended Market on Power Exchanges
On 13th May, 2016, the CERC issued a discussion paper on Review of the Functioning of Round the Clock Intraday/Contingency Market (Extended Market Session) on Power
Exchanges. Key highlights of the public notice are as below:
� The extended market session has been operational since 20th July 2015 in both the power exchanges.
� Of the total volume of electricity transacted through Intra Day and Day Ahead Contingency (DAC) contracts, 65% of the volume was transacted in extended hours and the rest 35% of the volume was transacted in normal hours during July’15 to Jan’16.
� The price of electricity transacted through Intra Day and DAC contracts was relatively low during extended hours when compared with normal hours during July’15 to Jan’16.
� Introduction of extended market session may not impact POSOCO because it has to function 24x7 even otherwise. However, more volume was transacted at lower price during extended hours when compared with normal hours which is certainly beneficial to the market participants.
IEX has further suggested that the gate closure time between trade and delivery be reduced from 3 hours to 2 hours. Lastly, IEX has requested that it would be ideal to get NLDC/RLDCs to post real-time TTC and ATC information on their website.
More information: www.cercind.gov.in
CERC proposes Draft Inter-State STOA (Fourth Amendment) Regulations, 2016
CERC has proposed Draft Open Access in inter-State Transmission (Fourth Amendment) Regulations, 2016. The Draft proposes to remove the mechanism of socialization of operating charges under collective transactions. The following has been proposed:
� NLDC operating charges at ` 1/MWh for collective transactions.
� Operating charges payable by each of the successful buyer and seller to be capped to a maximum ceiling of ` 200 per day per entity.
More information: www.cercind.gov.in
Rajasthan high Court sets aside RERC Additional Surcharge Order
The Rajasthan Electricity Regulatory Commission levied an Additional Surcharge of ` 1.00/unit with effect from
www.iexindia.com | 03
1st May, 2016. However, the Honorable Rajasthan High court has set aside the Order passed by RERC on the reason of violation of principles of natural justice and has directed RERC to:
� Notify the objectors about the Discoms' application and all other information furnished in the matter.
� RERC to hear the objectors and pass orders within ten days. The objectors will not be entitled to any adjournment.
� After hearing the parties, the additional surcharge, if any, as determined by RERC would be payable effective the date it was payable under the order dated 12.05.2016.
More information: www.rerc.rajasthan.gov.in
Tamil Nadu and karnataka Governments revoke Section 11 of Electricity Act 2003
The Tamil Nadu and Karnataka Governments have recently revoked directions given under Section 11 of the Electricity
Act, 2003. All generating stations in the region can now supply electricity generated by them outside the State. The key highlights are as below:
Tamil Nadu
� The Government of Tamil Nadu gave directions under Section 11 of Electricity Act 2003 vide Order dated 10th October, 2014.
� The Chairman and Managing Director of TENGEDCO via a letter dated 18th May, 2016, informed the Government of the present availability of generation in the State.
� The Order will be reviewed with reference to power supply position by end of September, 2016.
Karnataka
� The Government of Karnataka gave directions under Section 11 of Electricity Act 2003 vide Order dated 16th September, 2015.
More information: www.tnerc.gov.in & www.karnataka.gov.in/kerc
Japan liberalized the retail market, Exchange volume surge
Japan liberalized its low-voltage electricity market on April 1, allowing roughly 85 million households and small businesses (38 percent of the market) to choose electricity providers for the first time. In the 2000s, Japan had reformed retail competition for high-voltage customers.
More than 250 companies, including mobile carrier SoftBank Group Corp., city gas retailer Tokyo Gas Co. and oil refiner JX Holdings Inc., will now be able to sell electricity.
The liberalization is part of a broader post-Fukushima reform to develop a more stable supply of electricity, lower rates and more choices.
The March 2011 earthquake, tsunami and nuclear meltdown led to rolling blackouts in Tokyo, revealing the vulnerabilities of the nation’s power system. The meltdown also led to the closure of the nation’s fleet of atomic plants, forcing utilities to import fossil fuels and raise household power rates.
JEPX Volume surge: Japan saw a surge in spot energy trading on the eve of full deregulation of the retail power market as
newcomers readied to do business. Many of the non-utility power providers who do not own their own generating capacity procured electricity for resale to homes by buying it on the Japan Electric Power Exchange (JEPX).
Trading for day-ahead supplies for 1st April on JEPX, surged to 47 million kilowatt hours (MU), up 60.6 percent from the same day a year earlier.
Before the changes, JEPX trading typically accounted for around 1-2 percent of overall electricity supplies in Japan, but the increase in volume is expected to be encouraging to those who argue building liquidity is crucial to ensure a competitive market.
The average price of the exchange's day-ahead DA-24 spot index was 7.43 yen per kWh for 1st April, down 38 percent from 11.99 yen the same day a year earlier, according to the JEPX website.
Next Steps: The 10 monopolistic regional utilities will be required by 2020 to separate transmission, distribution and retail businesses. At the same time, the government aims to abolish the retail tariff, which regulates a base price for power sold by regional utilities and can fluctuate depending on fuel and operating costs.
INTERNATIONAL NEWS
04 | www.iexindia.com
75
0
500 2,
545 4,56
0
10,8
34
10,8
05
10,9
85
13,2
85
21,8
50
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
0,0
5,000
10,000
15,000
20,000
25,000Private Generation Capacity added (MW)
2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16
Exchanges became operational
% of total capacity added
MARkET INSIGhTS
June 27th, 2008 marked itself in the history of Indian power sector, as the first Power Exchange went live in the country. Indian Energy Exchange, the first Power Exchange of India, will be completing 8 years this month. In its journey, IEX has been witness to unprecedented growth in the power sector.
The generation capacity addition in these six years has grown at a CAGR of 11%, the NEW grid was connected to the Southern grid, accomplishing the country’s dream on ‘One Nation One Grid’ which was soon magnified to ‘One Nation, one grid, one price’ with the help of the Exchange market.
On the regulatory front, some key enablers like PoC charge mechanism, Deviation Settlement Mechanism and recently Ancillary Services Market was introduced thereby shaping the power markets of the country. Extending Exchange contracts to allow 24x7 Markets in order to provide better demand management and with a view of integrating renewables has been another stride in allowing the Power Exchange markets to serve the consumer needs better.
In these 8 years, a lot of transition has happened in the Power Exchange market. The volume, participation, open access consumer profile has grown tremendously. Below we give a snapshot of all the changes and transition experienced in the Power Sector since the inception of Power Exchanges in the country.
1. Growth of private generation over the years
2. Growth of transmission systems in the country
Growth of Power Exchanges in Last Eight Years
Power Market Journey Since 2008
Source: CEA
Source: CEA
800
700
600
500
400
300
200
HVDC (GW)
AC+HVDC (GW)
Inter-ergional transmission capacity (GW)
6th Plan 7th Plan 8th Plan(31.03.1997)
9th Plan(31.03.2002)
10th Plan(31.03.2007)
11th Plan(31.03.2012)
As on(31.03.2016)
Target at theendof 12 Plan(31.03.2017)
100
0
47 75
125 18
2
257
8 14 1041
0
28 1565
9
58 2369
266
5
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3. Growth in exchange market volume (IEX DAM) and price over the years
Source: IEX data
1,33
4
1,91
9
2,84
2
4,45
6
4,73
7
4,94
2
4,90
7
1,30
2
2,37
1
2,53
9
3,95
6
5,74
1
4,68
9
6,43
4
704
1,34
7
1,57
1
2,55
4
3,30
2
3,21
2
3,87
8
5.19
3.56 3.54 3.48
2.80
3.51
2.73
0.00
1.00
2.00
3.00
4.00
5.00
6.00
0
1000
2000
3000
4000
5000
6000
7000
Aver
age
Hou
rly
Volu
me
(MW
)
Average Hourly Volume (MW) and Price
2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16
Purchase Bid (MW) Sell Bid (MW) Cleared Volume (MW) MCP (`/kWh)
4. Comparison of volume and price traded under OTC through trader (Short term) and IEX market
Source: CERC Market Monitoring Report, IEX data
2.62
6.17 11
.80
13.7
9
22.3
5
28.9
2
28.1
2
34
21.9
2
26.7
2
27.7
0
35.8
4
36.6
4
35.1
1
35.5
0
37.5
2
7.16
5.19
3.56 3.53 3.482.80
3.51
2.73
7.46
5.324.74
4.23 4.34 4.24 4.30 4.18
1
2
3
4
5
6
7
8
-0
5
10
15
20
25
30
35
40
Pric
e (`
/kW
h)
Volu
me
(BU
)
Volume and Price comparison (Bilateral vis-a-vis IEX)
-1
IEX Volume Trader Volume Bilateral PriceIEX Price
FY08-09 FY09-10 FY10-11 FY11-12 FY12-13 FY13-14 FY14-15 FY15-16
5. Participation trend at IEX
Source: IEX Data
89 251
924
1237
1910
2840
3482
3872
52 702
1053
1748
2747
3044
3421
0
500
1000
1500
2000
2500
3000
3500
4000
4500Participants at IEX
Electricity ParticipantsOpen Access Consumers
Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16
6. Open Access participant portfolio at IEX
Electricity Act, 2003 mandated Open Access to transmission and distribution network for 1MW & above consumers from January 2009. The first open access consumer joined the Exchange in August 2009. Today there are over 3800 availing Open Access through the Exchange platform. A change in the participation mix over these years is highlighted on next page:
06 | www.iexindia.com
Source: IEX data
Textile Metal Chemical AutomobilesHome Product Food Cement PaperElectronics Plastic Oil & Gas
Textile Metal Chemical AutomobilesHome Product Food Cement PaperMisc Electronics Plastic Commercial ComplexGlass Services/IT Educational InstituteOil & GasCeramic Rubber Jewellery
Industrial segment in March 2011 Industrial segment as on March 2011
In last eight years, the Indian Energy Exchange has made tangible contribution to the power sector which is as summarized below:
1. Foster market efficiency by better utilisation of resourcesIndia has traditionally being a supply shortage nation, with a constant concern of security and reliability of supply. Creation of a physical national grid has been supported by the exchange. The Exchange has facilitated transfer of huge volumes of electricity across India resulting in better utilisation of resources, meeting energy demand and spurring economic growth and improving energy security. Today, IEX trades 100 MUs on daily average basis. On a cumulative basis, since inception, IEX has traded over 150 BUs.
2. Exchange Prices serve as benchmark; prices are now also displayed on GOI’s Vidyut PravahThe prices have continuously reduced considerably. In fiscal 2015-16, the average unconstrained price discovered in the day-ahead market was ` 2.72 per kwh. The prices at the Exchange are now considered robust and used as a benchmark for power sector. At such attractive prices, several Discoms and open access consumers are leveraging IEX to optimise their power procurement. Further, inclusion of IEX prices in the recently launched Vidyut Pravah initiative of the Government of India indeed reflects trust and confidence of the stakeholders. IEX also accomplished the Government’s aspiration of One Nation, One Grid and One Price on six different occasions in fiscal year 2015-16.
3. Prices also indicate need for transmission network augmentation/reinforcement
With mechanism of market splitting and implicit auction of transmission, the exchange has truly reflected pattern of congestion in the transmission network in transparent manner. This in turn reflected economic impacts of congestion, quality of supply and retail tariffs. The real price of “transmission” paid by the customers and high prices discovered on exchange in Northern and Southern regions generated signals for capacity enhancement and augmentation in transmission both at the inter-state and intra-state level.
4. 24x7 Trading window to help State Utilities balance their demand-supply efficientlyWith 24x7 trading window in Day-Ahead Contingency and Intra-Day contracts since July 2015, Exchanges facilitate State Utilities to source power just 3 hours before actual requirement almost close to real time. The utilities now have the opportunity to hold an optimal mix of long term and short term contracts to meet their overall demand.
5. Facilitate State Utilities optimize their power procurement
The utilities now optimize their cost of procurement of power by replacing expensive power under long term contracts with cheaper power available on the exchange for a certain volume of electricity. Evidently, the state utilities today contribute 50-55% of the volume transacted on IEX daily.
6. Promote competition through Open AccessOpen access is the key cornerstone of the Electricity Act 2003. For the government to accomplish ‘Make in India’, success of open access is pivotal as also rightly recognized in National Economic Survey 2016. IEX pioneered operationalization of distribution open access way back in 2009. Today, the Exchange has 3400+ open access consumers representing key industrial segments such as: textile, metal, chemical, automobile, cement etc. as well as new age consumers such as: commercial complexes, malls, housing societies and townships, hospitals, universities etc.
www.iexindia.com | 07
Power Market Update: May’16
At ` 2.32 per unit, the average Market Clearing Price (MCP) in the IEX spot power market in May, 2016 was 20% lower in comparison to MCP in April. Even the average Area Clearing Price (ACP) - the price at which settlement takes place, reduced across all States and varied from ` 2.06 per unit to ` 2.78 per unit. Average ACP in South was ` 2.78 per unit, about 33% lower than previous month, mainly due to generation availability in South. Last year, prices in South were split and were 100% more in S2 (TN and Kerala) at ` 5.55 per unit and 29% more in S1 (AP, TL and KN) at ` 3.59 per unit. Congestion towards North persisted through the month, adversely impacting ability of participants from Northern States to procure power through the Exchange.
The graphical depiction of average ACP in April is as below:
� North-East, East and West: ` 2.06 per unit, 23% decrease over April and 9% decrease over May’15.
� North: ` 2.72 per unit, 7% decrease over April and 20% increase over May’15.
� South: ` 2.78 per unit, 33% decrease over April and 23% decrease over price in S1 bid area and 50% decrease over price in S2 bid area in May’15.
Congestion
� Exchange lost about 5 MUs per day due to congestion.
� ER->SR and WR->SR interconnections were congested about 55% of the time.
� ER->NR and WR->NR interconnections were congested 73% of the time during the month.
Volumes
Average daily trade was at 95 MUs, about 10% lower than 115 MUs traded last month. Overall, 2,929 MUs were traded, 15% less than 3,465 MUs traded in April. Lack of demand from utilities was the primary reason for reduced trade this month as average daily buy bids of only 4,603 MW were received in comparison to average daily buy bids of 6,151 MW received last month. Moreover, the market maintained its buyer’s bias with average daily sell bids of 7,710 MW.
� Total Sell bids: 5,736 MUs
� Total buy bids: 3,425 MUs
� Total Cleared Volume: 2,929 MUs
� Northern & Southern States: Net Buyers
� Eastern, Western & North-Eastern States: Net Sellers
The table below gives the average daily buy-sell picture at regional level for May’16 vis-à-vis April’16:
Participation
1,050 participants traded in the spot market on an average daily basis. The highest participation was on 24 and 26 May, 2016 when 1,120 participants traded on the Exchange.
Term-Ahead Market:
About 56 MUs were scheduled during the month across all segments of the Term Ahead Market - Intraday, Day Ahead Contingency, weekly and Daily.01
-05-
2016
03-0
5-20
16
05-0
5-20
16
07-0
5-20
16
09-0
5-20
16
11-0
5-20
16
13-0
5-20
16
15-0
5-20
16
17-0
5-20
16
19-0
5-20
16
21-0
5-20
16
23-0
5-20
16
25-0
5-20
16
27-0
5-20
16
29-0
5-20
16
31-0
5-20
16
Pric
e (`
/kW
h)
Price During the Month RoI North South
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50South -Avg: ` 2.78/kWh
Rest of India -Avg price: ` 2.06/kWh
North -Avg price: ` 2.72/kWh
MARkET NEWS
REGIONAVERAGE DAILY BUY (MW) AVERAGE DAILY SELL (MW)
NETMay'16 April'16 Change (%) May'16 April'16 Change (%)
North East 62.29 85.32 -27% 254.50 218.00 17% SELL
East 479.66 842.93 -43% 682.14 964.26 -29% SELL
North 1466.46 1821.34 -19% 1418.45 999.49 42% BUY
West 1089.65 1333.63 -18% 1181.75 2344.15 -50% SELL
South 838.39 729.55 15% 399.61 286.87 39% BUY
55.4% 55.4%
0.0%
72.9% 73%
0% 0%N3 Import W3 ExportE�S W�S S1�S2 W�N E�N
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0% % of time congestion
08 | www.iexindia.com
Eligible Entities (RE Generators) 2,316 are Obligated Entities (DISCOMs, Open Access Consumers & Captive Generators) and 13 are registered as Voluntary Entities.
An overview of participation in the REC Market at IEX as on 31st May, 2016:
A total of 1.06 lacs RECs were traded in the REC market trading session held on 25th May, 2016 at IEX. The number of RECs traded in May’16 is 64% less as compared to same month last year.
The key details of this trading session are as below:
� Non-solar segment: Total buy bids were 88,923 and total sell bids were 76,88,639.
All buy bids were cleared at floor price of ` 1,500 per REC.
� Solar segment: Total buy bids were 17,113 and total sell bids were 28,01,352.
All buy bids were cleared at floor price of ` 3,500 per REC.
Participants
A total of 1,312 participants traded at IEX with 830 participants in non-solar segment and 482 participants in the solar segment.
On an overall basis, a total of 3,170 participants are registered in the REC segment at IEX. Of this, 841 are
Total number of registered participants 3,155
Obligated Entity 2,312
DISCOMs 32
Open Access Consumers 2,117
Captive Consumer 113
Voluntary 13
Eligible Entity (Private Generators) 830
Highest participation in a session (March'16) 2,105
REC MARkET UPDATE: MAY’16
Solar Buyer Mix
Captive User
Discom
Open Access
Non Solar Buyer Mix
Captive User
Discom
Open Access
6,919 (8%)
29,865 (33%)52,139 (59%)
8,127 (47%)
800 (5%)
8,186 (48%)
www.iexindia.com | 09
TRADE INFO: MAY’16
MONThLY PRICE SNAPShOT
Minimum MCP Maximum MCP Average MCP
` 2.32/kWh` 3.59/kWh` 0.70/kWh
MONThLY VOLUME SNAPShOT 1 MU = 1 Million kWh = 1 GWh
AREA PRICES
Prices (`/kWh)
Area Min Max RTC* (0-24 hr)
Peak* (18-23 hr)
Non Peak* (1-17 & 24 hr)
Night* (1-6 & 24 hr)
East, North East & West 0.09 3.50 2.06 2.30 1.98 2.03
North 0.80 6.50 2.72 2.82 2.68 2.78
South 0.09 6.20 2.78 3.15 2.66 2.28
* Simple Average of Area Clearing Prices for specified duration of time.
Average Daily
Volume
94 MUs
Unconstrained Volume
3,083
4,143
Cleared Volume
2,929
3,936
PurchaseBids
3,425
4,603
Sell Bids
5,736
7,710
Cumulative Cleared
Volume (MU)
6,394For FY'17
VOLUME
Average Daily (MW)
TotalVolume (MUs)
010 | www.iexindia.com
TERM AhEAD MARkET SNAPShOT (May’16)
Total Volume (MWh)
Max Price (`/kWh)
Min Price (`/kWh)Contracts
9,984 3.75 0.55Day-Ahead Contingency
31,363 4.45 4.20Weekly
14,117 4.25 1.99Intraday
504 3.83 3.83Daily
RP: Registered Projects
REC MARkET SNAPShOT
Trade Session on 25th May, 2016
RECPurchase
Bids Sell Bids Cleared (REC) Price (`/REC) Participants
76,88,639 1,50088,923 830Non Solar 88,923
17,113 3,500Solar 17,113 28,01,352 482
2288
916
692
292
6624
1250
1036752
352
137
383
154
237
6373123 294
RP: 4854 MW
State-wise RE Capacity (MW)
Tamil Nadu
Karnataka
Chhattisgarh
Maharashtra
Rajasthan
Punjab
Uttar Pradesh
Andhra Pradesh
Himachal Pradesh
Gujarat
Madhya Pradesh
Others
Small Hydro
Solar
Others
Wind
Bio-fuel Cogeneration
Biomass
Source wise RE capacity (MW)
Registered ProjectsRegistered Projects
RP: 4854 MW
www.iexindia.com | 01111 | www.iexindia.com
PARTICIPATION SNAPShOT (as on 31st May, 2016)
Total Registered Participants
3,900+
Open Access Consumers
3,478
Private Generators
315
Highest Participation
1,410, 22nd June'13
Pric
e (`
/kW
h)
Volu
me
(MW
h)
Hourly MCV (MWh) Hourly MCP (`/kWh) Hours
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24
Average Hourly Market Clearing Volume and Price for the Month
0.00
0.50
1.00
1.50
2.00
2.50
3.00
020,00040,00060,00080,000
100,000120,000140,000160,000
Pric
e `/
kWh
Volu
me
MW
h
IEX Price and Volume Trend in May 2016
01-0
5-20
16
02-0
5-20
16
03-0
5-20
16
04-0
5-20
16
05-0
5-20
16
06-0
5-20
16
07-0
5-20
16
08-0
5-20
16
09-0
5-20
16
10-0
5-20
16
11-0
5-20
16
12-0
5-20
16
13-0
5-20
16
14-0
5-20
16
15-0
5-20
16
16-0
5-20
16
17-0
5-20
16
18-0
5-20
16
19-0
5-20
16
20-0
5-20
16
21-0
5-20
16
22-0
5-20
16
23-0
5-20
16
24-0
5-20
16
25-0
5-20
16
26-0
5-20
16
27-0
5-20
16
28-0
5-20
16
29-0
5-20
16
31-0
5-20
16
30-0
5-20
16
Cleared Volume (MWh) MCP N1 S1 W3
0
20,000
40,000
60,000
80,000
100,000
120,000
0.000.501.001.502.002.503.003.504.004.50
00.20.40.60.8
11.21.41.6
Pric
e D
i�er
entia
l (`/
kWh)
01-0
5-20
16
02-0
5-20
16
03-0
5-20
16
04-0
5-20
16
05-0
5-20
16
06-0
5-20
16
07-0
5-20
16
08-0
5-20
16
09-0
5-20
16
10-0
5-20
16
11-0
5-20
16
12-0
5-20
16
13-0
5-20
16
14-0
5-20
16
15-0
5-20
16
16-0
5-20
16
17-0
5-20
16
18-0
5-20
16
19-0
5-20
16
20-0
5-20
16
21-0
5-20
16
22-0
5-20
16
23-0
5-20
16
24-0
5-20
16
25-0
5-20
16
26-0
5-20
16
27-0
5-20
16
28-0
5-20
16
29-0
5-20
16
30-0
5-20
16
31-0
5-20
16
E N
CONGESTION PROFILE (May 2016)
0
0.5
1
1.5
2
2.5
Pric
e D
i�er
entia
l (`/
kWh)
South Import
01-0
5-20
16
02-0
5-20
16
03-0
5-20
16
04-0
5-20
16
05-0
5-20
16
06-0
5-20
16
07-0
5-20
16
08-0
5-20
16
09-0
5-20
16
10-0
5-20
16
11-0
5-20
16
12-0
5-20
16
13-0
5-20
16
14-0
5-20
16
15-0
5-20
16
16-0
5-20
16
17-0
5-20
16
18-0
5-20
16
19-0
5-20
16
20-0
5-20
16
21-0
5-20
16
22-0
5-20
16
23-0
5-20
16
24-0
5-20
16
25-0
5-20
16
26-0
5-20
16
27-0
5-20
16
28-0
5-20
16
29-0
5-20
16
31-0
5-20
16
30-0
5-20
16
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