Indian Energy Exchange Ltd Share Price – NSE  /  BSE

Financial Services, Small Cap

Indian Energy Exchange achieved 110 BU in FY'24, registering an increase of 13.8% on YoY basis. Electricity volumes at 101.7BU increased 12% YoY. Additionally, 75.39 lac RECs (equivalent to 7,539 MU) were traded during FY'24. REC traded volume in FY'24 increased 26% on YoY basis. The Government undertook several measures which led to a better supply scenario in the country, as a result of which the sell side liquidity improved on the Exchange.

During the year, the sell liquidity on the exchange increased by 16.9% YoY, which led to a decline in the DAM prices from Rs 5.94/unit in FY'23 to Rs 5.24/unit in FY'24, i.e a decline of 12% YoY. Indian Energy Exchange, India's premier electricity exchange, achieved 110 BU in FY'24, registering an increase of 13.8% on YoY basis. Electricity volumes at 101.7BU increased 12% YoY. Additionally, 75.39 lac RECs (equivalent to 7,539 MU) were traded during FY'24. REC traded volume in FY'24 increased 26% on YoY basis.

The Government undertook several measures which led to a better supply scenario in the country, as a result of which the sell side liquidity improved on the Exchange. During the year, the sell liquidity on the exchange increased by 16.9% YoY, which led to a decline in the DAM prices from Rs 5.94/unit in FY'23 to Rs 5.24/unit in FY'24, i.e a decline of 12% YoY.

During Q4 FY'24, IEX achieved 30.1 BU volume across all segments, registering an increase of 15.7% on YoY basis. This volume comprises 25.9 BU from the conventional power market segment, 1 BU from the green market segment, and 32.48 lac Renewable Energy Certificates (RECs) (equivalent to 3.2 BU). REC traded volume in Q4FY'24 increased by ~98% on YoY basis. The DAM prices on the exchange reduced from Rs 6.08/unit in Q4 FY'23 to Rs 4.89/unit in Q4 FY'24, a decline of 20% YoY.

For the month of March'24, IEX achieved 9.8 BU overall volume, marking a 6.2 % year-over-year increase. The Market Clearing Price in Day Ahead Market during March'24 was Rs. 3.91/unit, down approximately 28% year-on-year, due to increased sell quantum. The sell bids on the exchange (Day Ahead Market plus Real Time Market) during the month increased by ~37% on YoY basis.

The fiscal year 2024 witnessed several favourable policy and regulatory interventions that further deepened power markets. Notable among these were the General Network Access (GNA) regulation, the Indian Electricity Grid Code (IEGC) regulations, and Transmission Charges Sharing regulations. Further there were amendments in the Electricity Late Payment Surcharge Rules of 2024, which requires the sale of URS power on exchanges.

According to government data, for the year, the energy requirement at 1,626 BU grew by 7.5% YoY in 2023-24.

ELECTRICITY MARKET: DAY- AHEAD, TERM- AHEAD & REAL-TIME MARKET

The Day-Ahead Market (DAM) volume was at 4,653 MU in March'24, as compared to 4,745MU in March'23. The DAM segment registered 14,916 MU during Q4FY'24, as compared to 14,301 MU in Q4FY'23, registering an increase of 4.3% on YoY basis. The segment achieved 53,353 MU for the cumulative FY'24, as compared to 51,151 MU in FY'23, registering an increase of 4.3% on YoY basis.

The Real-Time Electricity Market (RTM) volume increased to 2,786 MU in March'24, from 2,098 MU in March'23, registering an increase of 32.8% on YoY basis. The RTM segment registered volume of 7,505 MU during Q4FY'24, as compared to 5,914 MU during Q4FY'23, registering an increase of 26.9 % on YoY basis. The segment achieved 30,125 MU for the cumulative FY'24, as against 24,174 MU in FY'23, registering an increase of 24.6% on YoY basis.

Day Ahead Contingency and Term-Ahead Market (TAM), comprising of contingency, daily & weekly and monthly contracts up to 3 months, traded 806 MU during March'24. The total volume on the segment during the quarter was 3,511 MU, growth of 19.3% over Q4 FY'23. For the FY'24, the segment achieved 14,944 MU, registering a growth of 48% on YoY basis.

GREEN MARKET: GREEN DAY-AHEAD & GREEN TERM-AHEAD MARKET

IEX Green Market, comprising the Green Day-Ahead and Green Term-Ahead Market segments, achieved 426 MU volume during March'24, 960 MU in Q4 FY'24 and 3,227MU in FY'24.

The Green Day-Ahead Market (G-DAM) achieved 410 MU volume with a weighted average price of Rs 3.81 per unit. The market saw participation from 244 market participants during the month. The G-DAM segment achieved 885 MU during Q4 FY'24 and 2,502 MU during FY'24.

The Green Term-Ahead Market (G-TAM) achieved 16 MU volume in March'24. The G-TAM segment achieved 75 MU during Q4 FY'24 and 725 MU for FY'24.

RENEWABLE ENERGY CERTIFICATE MARKET (REC MARKET)

A total of 11.14 lac RECs (equivalent to 1114 MU) were traded in the trading sessions held on 13th March'24 and 27th March'24, at a clearing price of Rs. 300/REC and Rs. 270/REC respectively. REC traded volume in March'24 increased by ~28% on YoY basis.

32.48 lac RECs (equivalent to 3248 MU) were traded during Q4FY'24. REC traded volume in Q4FY'24 increased by ~98% on YoY basis.

75.39 lac RECs (equivalent to 7539 MU) were traded during FY'24. REC traded volume in FY'24 increased by ~26% on YoY basis.

The next REC trading sessions at the Exchange are scheduled on 10th April'24 and 24th April'24.

ENERGY SAVING CERTIFICATES (ESCerts)

During FY'24, 8.55 lac ESCerts (equivalent to 855 MU) were traded on IEX, at the floor price of Rs. 1840 per ESCert.

Trading of Energy Saving Certificates Market (ESCerts) under PAT Cycle III is scheduled to start from April 09, 2024.

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According to government data published in February 2024, the country's energy consumption rose 8.5% to 127.8 billions units.

The Day-Ahead Market (DAM) volume was at 4,722 MU in February 2024 as compared to 4,664 MU in February 2023.

The Real-Time Electricity Market (RTM) increased to 2,340 MU in February 2024, from 1,714 MU in February 2023, registering an increase of 36.4% YoY.

The Day Ahead Contingency and Term-Ahead Market (TAM), comprising of contingency, daily & weekly and monthly contracts up to 3 months, traded 1,487 MU during February 2024, higher by 55.9% on YoY basis.

IEX Green Market, comprising the Green Day-Ahead and Green Term-Ahead Market segments, achieved 298 MU volume during February, 2024.

The Green Day-Ahead Market (G-DAM) achieved 266 MU volume during the month, with a weighted average price of Rs 5.5 per unit. The segment saw participation from 214 market participants during the month.

The Green Term-Ahead Market (G-TAM) achieved 32 MU volume in February 2024.

A total of 6.14 lakh RECs (equivalent to 614 MU) were traded in the trading session held on Wednesday, 14 February 2024 and 28 March 2024, at clearing price of Rs 360/REC and Rs. 347/REC respectively.

The next REC trading sessions at the Exchange are scheduled on 13 March 2024 and 27th March 2024.

IEX is India's premier energy exchange providing a nationwide, automated trading platform for physical delivery of electricity, renewable power, renewable energy certificates and energy saving certificates.

The company’s consolidated net profit jumped 18.89% to Rs 91.8 crore on 14.97% increase in revenue from operations to Rs 115.30 crore in Q3 FY24 over Q3 FY23.

The scrip fell 2.21% to Rs 150.15 on the BSE.

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Indian Energy Exchange achieved 9,462 MU overall volume, in February'24, marking a 15.4% year-over-year increase. The Market Clearing Price in Day Ahead Market during February ‘24 was Rs. 4.93/unit, down approximately 26% year-on-year, due to increased sell liquidity. The sell bids on the exchange (Day Ahead Market plus Real Time Market) during the month increased by 47% on YoY basis.

According to government data published in February'24, the country's energy consumption reached 127.8BUs, representing an 8.5 % increase on a year-on-year basis.

Ministry Of Power issued amendments in the electricity late payment surcharge rules, 2024, requiring sale of URS power on exchanges. These rules also provide for penalty in terms of reduced fixed charges to GENCOS if they fail to offer URS power in the market. This will improve sell side liquidity on exchange platform and lead to competitive price discovery.

ELECTRICITY MARKET: DAY- AHEAD, TERM- AHEAD & REAL-TIME MARKET

The Day-Ahead Market (DAM) volume was at 4,722 MU in February'24, as compared to 4,664 MU in February'23.

The Real-Time Electricity Market (RTM) volume increased to 2,340 MU in February‘24, from 1,714 MU in February'23, registering an increase of 36.5 % YoY.

Day Ahead Contingency and Term-Ahead Market (TAM), comprising of contingency, daily & weekly and monthly contracts up to 3 months, traded 1,487 MU during February'24, higher by 55.9 % on YoY basis.

GREEN MARKET: GREEN DAY-AHEAD & GREEN TERM-AHEAD MARKET

IEX Green Market, comprising the Green Day-Ahead and Green Term-Ahead Market segments, achieved 298 MU volume during February'24.

The Green Day-Ahead Market (G-DAM) achieved 266 MU volume during the month, with a weighted average price of Rs 5.5 per unit. The segment saw participation from 214 market participants during the month.

The Green Term-Ahead Market (G-TAM) achieved 32 MU volume in February '24

RENEWABLE ENERGY CERTIFICATE MARKET (REC MARKET)

A total of 6.14 lac RECs (equivalent to 614 MU) were traded in the trading sessions held on 14th February'24 and 28th February'24, at a clearing price of Rs. 360/REC and Rs. 347/REC respectively.

The next REC trading sessions at the Exchange are scheduled on 13th March'24 and 27th March'24.

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Indian Energy Exchange Ltd gained for a third straight session today. The stock is quoting at Rs 151.55, up 4.99% on the day as on 12:49 IST on the NSE. The benchmark NIFTY is up around 0.18% on the day, quoting at 22378.4. The Sensex is at 73806.15, up 0.08%. Indian Energy Exchange Ltd has risen around 3.41% in last one month.

Meanwhile, Nifty Financial Services index of which Indian Energy Exchange Ltd is a constituent, has risen around 2.62% in last one month and is currently quoting at 20842.7, up 0.03% on the day. The volume in the stock stood at 95.41 lakh shares today, compared to the daily average of 100.9 lakh shares in last one month.

The benchmark March futures contract for the stock is quoting at Rs 152.7, up 5.02% on the day. Indian Energy Exchange Ltd is up 4.3% in last one year as compared to a 27.19% spurt in NIFTY and a 14.15% spurt in the Nifty Financial Services index.

The PE of the stock is 39.12 based on TTM earnings ending December 23.

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