GTAM Trades 2,744 MU of Renewable Energy in its First Year
On the occasion of the first anniversary of the IEX Green Market, the Exchange announced that its green term-ahead market (GTAM) has cumulatively traded 2,744 MU of renewable energy (RE) in its first year comprising 1,267 MU volume in the solar segment and 1,477 MU in the non-solar segment.
August 24, 2021. By Manu Tayal
The market discovered Rs 3.75 per unit as the average price in first year with average solar price at Rs 3.48 per unit and the average non-solar price at Rs 4.06 per unit.
Further, the green market, which was launched formally by R.K. Singh, Minister of Power and New & Renewable Energy on 1 September’20, has reached a robust participant base close to 100 in a short span of time.
During the first year, Power Company Karnataka Ltd (PCKL) has emerged as the top seller while Vedanta Ltd as the top buyer in the Green Market.
The green market offers a robust value proposition such as competitive prices, transparent and flexible procurement, as well as payment security to the buyers and sellers.
The green power generators, and distribution utilities who have surplus renewable energy, are now participating in the market to sell this surplus to other deficit entities facilitating them to meet their energy and RPO requirements in an integrated way.
The market has been a great leveler towards addressing the RE integration challenges.
Speaking on the occasion, G. Kumar Naik, Chairman, PCKL and Additional Chief Secretary to Government, Energy Department, Government of Karnataka, said “the State of Karnataka has proud credentials of being a renewable - rich State with 15 GW of installed capacity base and another 9 GW of green capacity under implementation. PCKL has been successfully leveraging the recently introduced Real- Time Electricity Market and the Green Term - Ahead Market at IEX to sell our surplus renewable energy, as per the Govt of Karnataka’s decision to effectively integrate the renewable energy without undertaking RE power curtailment. This has helped Karnataka to reduce the renewable intermittency as well as strengthen the State’s grid security. These measures have been helping the PCKL/ESCOMs to save the precious financial resources, making it a win- win solution for the State (KPTCL) as well as the renewable energy generators.”
“The, Telangana DISCOMs have sold about 797 MU of solar energy from September 2020 to July 2021. It has helped the State in ensuring financial liquidity while also enabling us to channelize the surplus renewable energy into the market. The green market is an important part in India’s green energy shift and going forward, we will increasingly tap into the market segment,” said C Srinivasa Rao, Joint Managing Director, Telangana Transco.
S N Goel, Chairman and Managing Director, IEX added that, “The inception of the green market has been a landmark milestone for our nation. Recently, on the eve of 75th Independence Day, the Honorable Prime Minister announced that India aspires to attain energy Independence by the year 2047. The market can play a catalyst role in facilitating our efforts towards achieving energy independence and building a green and sustainable energy economy in the most competitive and efficient manner. The forthcoming introduction of green day-ahead market will evolve the market further. In the mid to long term, gradual shift from PPA to market-based models will build and deepen the markets to next level, paving way for India to meet its ambitious 450 GW green capacity by 2030.”
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