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IEX expands Green Market with daily, wkly contracts

India is witnessing a rapid change in the 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 S N Goel, IEX Chairman

IEX expands Green Market with daily, wkly contracts
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IEX expands Green Market with daily, wkly contracts

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Average price Rs 3.47 per unit in solar and Rs 3.77 per unit in non-solar segments

New Delhi: Indian Energy Exchange (IEX) on Friday announced the expansion of its Green Market with the launch of new contracts Green Daily Contract and Green Weekly Contract, that will offer greater choice to market participants to buy renewable energy on the same day and up to 11 days ahead.

According to the statement, trading in the new contracts in both solar and non-solar segments will commence with immediate effect. With this launch, the IEX Green Market now has four contracts, and offers greater choice to market participants to buy renewable energy. In a first for IEX Green Market, the Daily and Weekly contracts, will enable market participants to trade in on energy basis (MWh) with the bidding taking place on a 15-minute time-block.

The 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.

Energy will be delivered leveraging the national, regional and state level transmission network. The Green Market at IEX, a first of its kind initiative in the country, was formally launched by Power Minister R K Singh on September 1, 2020.

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