IEX August volumes rise 35.8% to 12,040 million units, stock trades in green

IEX said its electricity volume rose 17.1% YoY to 9,914 MU while renewable energy certificates (REC) increased 737.4% YoY to 2,116 MU. The firm said that at ₹115 per certificate, the REC market recorded an all-time low price in the trading session held on August 28, 2024.

“These prices provide an opportunity to obligated entities -- DISCOMS and captive power producers -- to meet their renewable purchase obligations, and voluntary customers to meet their sustainability aspirations,” the firm said.

IEX pointed out that with monsoon gaining momentum in August, there was a substantial increase in hydro and wind power generation, which enhanced the overall availability of renewable energy in the system.

This led to a significant decline in the day-ahead market (DAM) prices and real-time market (RTM) prices on the exchange. IEX said the market clearing price in the day-ahead market during August 2024 stood at ₹4.28/unit, down approximately 38% year-on-year (YoY). At the same time, the market clearing price in the real time market declined 44.8% YoY to ₹3.59/unit during August 2024.

Earlier this week, the firm said its wholly-owned subsidiary International Carbon Exchange (ICX) has entered into an issuer agreement with the International Tracking Standard Foundation, which authorizes ICX to act as a local issuer of International Renewable Energy Certificates (I-REC) in the Indian market.

As part of this role, ICX will be responsible for registering production facilities and issuing I-RECs on the registry managed by Evident for India. Evident EV is a registry that provides a fully auditable chain of custody record to support the trading of energy attribute certificates and uniquely verifiable claims of ownership by end-users.

The International Tracking Standard Foundation is a non-profit organisation that provides a robust standard for developing attribute tracking systems.

Shares of the firm gained over 21% since the beginning of the year. The stock has risen over 49% in the last one year.