IEX clocks 15% growth in electricity sales volumes in June quarter

The sale of power volume grew 14.5 per cent to 14,878 million units at the Indian Energy Exchange (IEX) in June quarter as compared to 12,990 million units in the same period last year, the official data showed.

According to the data released by the IEX on Thursday, the average spot power price at the exchange was down 26 per cent year- on-year and yielded significant savings for distribution utilities and Industries.

The average spot power price in first quarter dipped to Rs 2.44 per unit from Rs 3.29 per unit in the year-ago period.

“The price of power on the exchange reduced by 26 per cent YoY yielding significant savings for the distribution companies and open access consumers. With an increase in economic activity witnessed during the end of the quarter, the open access volumes in June witnessed 28.7 per cent m-o-m ( month on month) increase,” IEX said in a statement on its quarterly performance issued on Thursday.

The renewable energy certificates sale in the first quarter on IEX was down 41.7 per cent to 6.97 lakh compared to 11.96 lakh in the same period last year.

On Wednesday, IEX reported 6.34 per cent surge in its consolidated net profit to Rs 42.09 crore for June quarter of the current financial year, mainly due to higher revenues.

The net profit in the year-ago period was Rs 39.58 crore, according to a regulatory filing.

Total income increased to Rs 81.09 crore in the first quarter, from Rs 69.66 crore in the same period last year.

Its consolidated net profit was Rs 175.71 crore in 2019-20. The total income in the fiscal was Rs 297.40 crore.

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