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L&T Partners with PS Technology to Revolutionise Railways
6 mins read. August 2, 2024 at 12:45 PM
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Indian Energy Exchange power market update, October'23
Indian Energy Exchange, India’s premier energy exchange, achieved 9260 MU total electricity volume in October 2023, registering an increase of 21% on YoY basis. IEX achieved 9,483 MU overall volume, including 2.17 Lac Renewable Energy Certificates (RECs) and 5,814 Energy Saving Certificates. The overall volume traded during October increased 18% on YoY basis.
In October '23, the country's energy consumption reached 139 billion units, marking a substantial 22% year-on-year increase due to a surge in electricity demand owing to increase in electricity consumption, below-average rainfall in October, and a lower base from the same month last year. This upsurge in power demand prompted DISCOMs to actively purchase power on the exchange to meet the increased demand, thereby leading to a significant increase in trade volumes on IEX.
This surge in demand pushed Day-Ahead Market (DAM) prices on the Indian Energy Exchange (IEX) to ₹6.45 per unit, representing a substantial 68% year-on-year increase on a lower base price from the same month last year.
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