New Delhi, Apr 4 (PTI) The average price of spot power on IEX rose 24 per cent to Rs 4.02 per unit in March over the previous month on seasonal transition and early onset of summer, the energy exchange said.

“The average Market Clearing Price (MCP) discovered in the day-ahead market at Rs 4.02 per unit was 24 per cent more over Rs 3.23 per unit price in February’18 and 57 per cent above Rs 2.56 per unit same month (March) last year,” IEX said in a statement.

The seasonal transition and early onset of summers was evident in the Day Ahead Market on the Exchange, it said.

The Day-Ahead Market (DAM) at Indian Energy Exchange (IEX) witnessed the trade of 3,955 MU (million units) last month, up about 19 per cent from 3,326 MU traded in February. It was about 18 per cent increase over 3,364 MU traded in March last year.

On a daily average basis about 128 MU were traded while the average daily sell and buy bids were 174 MU and 172 MU respectively.

The average spot power price was the highest at Rs 4.7 per unit during evening peak hours from 6pm to 11pm followed by Rs 4.26 per unit in morning from 7am to 10 am and Rs 3.94 per unit from 11am to 5pm.

The IEX said that the increase in spot market price was largely on account of aspects such as increase in demand associated with seasonal variation and inadequate availability of coal with the thermal generators.

More recently the day-ahead market has also been attracting the renewable energy generators and specifically the solar energy generators. In March’18, Six (6) solar generators with size varying from 3 to 100 MW sold 25.4 MUs in the day-ahead market on the Exchange, it added.

On daily average basis 762 participants traded in the DAM in March’18.

One Nation, One Price was realised for 27 days last month, as against 24 days in February, and the market did not experience any inter-state transmission congestion for 91 per cent during the month.

In 2017-18, the DAM traded 44.8 BUs at an average price at Rs 3.19 per unit while it traded 39.8 BU in 2016-17 at average price at Rs 2.41 per unit at IEX.

The Day-ahead Market registered growth of 12.7 per cent year on year basis with the Exchange accomplishing 98.4 per cent Market Share.

The Term-Ahead Market (TAM) traded 138 MU in March, mainly in the Intra-day and Day Ahead Contingency Market segments. The TAM traded 17 MU in February’18 and 66 MU in March’17. In 2017-18, the TAM on Exchange traded 1,372 MU while it was 744 MU in previous fiscal registering year on year growth of 84 per cent.

The Renewable Energy Certificate (RECs) Market which trades on last Wednesday of every month saw the trade of 20.79 Lakh.

In 2017-18, the REC Market traded 93.29 Lakh RECs while it was 46.19 Lakh RECs in previous fiscal. The Market registered growth of 102 per cent year on year basis with the Exchange accomplishing 57 per cent market share. This commendable achievement was realised only on the strength of trade in Non-Solar RECs which traded at floor price.

However it said that in trading session held in March 2018, the IEX saw reversal in buy-sell bid pattern after almost six years since 2012. The sell bids were short of buy bids by almost 1.77 lakh RECs and going forward the REC Market is expected to see shortage situation on the sell-side.

This is published unedited from the PTI feed.