Professional Documents
Culture Documents
Indian Energy Exchange
Indian Energy Exchange
Indian Energy Exchange
OCTOBER 2019
Product Portfolio
Trading Mechanism
Market snapshot
Participation Volume Price
Trade @ IEX
Installed Capacity of India (Figures in GW)
State Private Central All India
105 164.4 86.5 356 356
344
29.5% 46.2% 24.3% 100% 327
298 69 78
57
268 39
243 32 44 45 45
223 29
43
7 7
200 41 6 7 26
28 26 26
41 6 26
24
39 5 24
132 39 5 23
5 21
8 20
35 201
185 192 197
4 165
15 145
130
112
71
Source: CEA 4
Indian Power Market Development trend
Spot trading
OTC on Exchanges
Markets
Multi
Buyer/Seller
Single
buyer/seller
Long Term
PPA for over 25 years through long term 93.86% 88.3%
Source: Percentage as per CERC Report on Short Term Power Market (Till March‘19)
7
Intraday Market & Day- • Intraday: For Delivery within the same day
Ahead Contingency • Day Ahead Contingency: Another window for next day
Round the clock since Jul’15 • Gate closure : 2.5 hours
Company Snapshot
6000+ Participants
4100+ Industries 70+ Commercial 50+ Discoms
500+ Conventional Generators 1500+ RE Participants
Transparency Liquidity
Nation-wide
voluntary access
Delivery Based
E-trading
contracts
No counterparty
Robust Platform
risk
10
60,000
Electricity Volume 52,241
50,000 46,214
Cleared Volume (MU)
40,576
40,000
34,397
29,270 28,363
30,000
22,811
20,000
14,415
12,712
10,000 6,214
2,616
0
FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 FY 15 FY 16 FY 17 FY18 FY 19
Product Portfolio
Product Segments
Financial Pay-In- D-1; Pay Pay in: T+1 Pay in: T+1 Pay-In- D-1; Pay Pay-In- D-1; Pay
Settlement Out – D+1 Pay out: T+1 Pay out: T+2 Out – D+1 Out – D+1
T = Trade D = Delivery
DAM and TAM Trading Timeline
Trading Mechanism
Features of Day Ahead Market
price (MCP)
A1
E1
W1
W3
13 Bid area defined W2
E2
Bidding and
Matching
Risk
Management
Congestion
Management
Treatment
of losses
and charges
DAM trading process
Review corridor
Bidding Matching and funds Result Confirmation Scheduling
availability
Single/Portfolio
Block Bid
Bid
DAM-Single Bid
DAM-Block Bid
Portfolio D 40 20 0 0 -40 -60 -80 -81 -85 -100 -120 -120 -120 -120 -120 -120 -120 -120 -120 -120
Portfolio E 0 0 0 0 0 -40 -50 -50 -50 -50 -60 -60 -90 -90 -90 -90 -90 -90 -90 -90
Portfolio F 0 0 0 0 0 -20 -20 -20 -20 -20 -20 -30 -40 -40 -40 -40 -40 -40 -40 -40
Total Buy, MW 190 170 150 150 140 120 110 100 97 94 90 90 70 30 30 30 30 30 30 30
Total Sell, MW 0 0 0 0 -40 -120 -150 -151 -155 -170 -200 -210 -250 -250 -250 -250 -250 -250 -250 -250
Net Transaction,
MW 190 170 150 150 100 0 -40 -51 -58 -76 -110 -120 -180 -220 -220 -220 -220 -220 -220 -220
20
Demand (Buy) Supply (Sell)
18
16
14
12
10
8
6
4
MCP: Rs 2.5 2
0
0 50 100 150 200 250 300
MCV: 120 MW
Congestion Management
SR WR
S3
S1
Deficit
50
50
150
30
B2
B3
S2
B1
MW
MW
MW
MW
407500
50 MW
Surplus
S1
B1
S2
S3
80 MW
120
100 MW
RS
RS 8000
100 MW
RS 9000
RS 7000
8500
100
RS 9500
RS 6000
8000
5500
MW
B2 Required
S3 160 MW Flow
Rs 9/u S2
50 MW 100 MW
Rs 7.5/u 100 MW
Rs 5.5/u
B1
S1 50 MW S2
50 MW RS 8.5/u 20 MW
Rs 8/u Rs 8/u
S2 S1 B1
B3
40 MW 80 MW 100 MW
30 MW
Rs 8.5/u Rs 9.5 Rs 6/u
Rs 7/u
Congestion Management
SR WR
Deficit Surplus
100
20 MW
MW 100
20 MW
MW
Lowest Buyers getting rejected
Highest Seller getting rejected
B2
Allowed
160 MW
S3 RS 9000 Flow S2
50 MW 20 MW 100 MW
RS 7500 B1 RS 5500
S1 50 MW S2
50 MW RS 8500 20 MW
RS 8000 RS 8000
S2 S1 B1
B3
40 MW 80 MW 100 MW
30 MW
RS 8500 RS 9500 RS 6000
RS 7000
Better handling of congestion @ IEX
C Volume of electricity that could have been cleared and 0.07 0.01
hence not scheduled because of congestion (BUs)
(A-B)
* This power would have been scheduled had there been no congestion.
Term Ahead Market
26
TAM Market Segments
Continuous Continuous
27
Types of Contracts
28
Trading of Intra-day Contracts
Trading Hour
Trading Hours:20
(00:30-20:30)
0:30- 1:30- 2:30- 3:30- 4:30- 5:30- 6:30- 7:30- 8:30- 9:30- 10:30- 11:30- 12:30- 13:30- 14:30- 15:30-
1:30 2:30 3:30 4:30 5:30 6:30 7:30 8:30 9:30 10:30 11:30 12:30 13:30 14:30 15:30 16:30
Delivery
Hours:20
(04-24)
4-5 5-6 6-7 7-8 8-9 9-10 10-11 11-12 12-13 13-14 14-15 15-16 16-17 17-18 18-19 19-20
31
BID MATCHING
Open/Closed Continuous
Auction Trading
B1
B2
B3 B4
B5
40 MW @ Rs
25 25 B6 B7
MW MW
9,000 50 MW @ Rs @ Rs @ Rs 50 MW @ Rs
8,000 8,000
50 MW @ Rs
7,000 6,000
10 MW @ Rs 5,500
10,000
125
TWS Screen
CONTINUOUS
Pending Buy Order TRADING PROCESS
Pending Sell Order
Buy 10 MW @ Rs 4500/MWh Sell 15 MW @ RS 5500/MWh
Trading Engine
Buy 10 MW @ RS 4500/MWh Sell 15 MW @ RS 5500/MWh
Buy 10 MW @ RS 4500/MWh
Trading Engine
Buy 10 MW @ RS 5000/MWh
Buy 10 MW @ 5000/MWh
TWS Screen
Pending Buy Order Pending Sell Order
Buy
Buy1010MW
MW@ RS
@4500/MWH
5000 Sell
Sell515
MWMW
@ Rs@
5000/MWh
5500
Buy 10 MW @ 4500
Trading Engine
Sell 15 MW @ Rs 5000/MWh
Trade 10 MW @ RS 5000/MWh
Bid Modified
Sell
Sell1515
MWMWh
@ RS 5000/MWh
@ 5500
Risk Management in DAM/TAM
Proprietary/Trading Licensee Professional Members
Members
Initial Margin Basis/Additional Initial Margin Basis/Additional
Margin Margin
Day-Ahead Margin equal to Last 7 Days Average of As per Bank Balance including Hair Cut
Market Buy turnover Factor
TAM-Intraday 105% of order - 105% of order Value -
T = Trade Date
Treatment of Losses
• Both Buyers and Sellers to absorb losses
Scheduled Drawal
Bid Volume <= SLDC Clearance
POC State X
100 MW 98.5 MW
Loss at State
Loss 93.72 MW at (Buyer)
at NR Buyer End
periphery
periphery 1.5% 4.85%
Scheduled Generation
Bid Volume <= SLDC Clearance
POC State
101.52MW 106.69MW
Y
100 MW at Loss at state Loss Injected by (Seller)
regional
periphery
periphery seller
1.5% 4.85%
State
Utilities
29 States I 5 UTs 28 States I 5 UTs
3560 4126
3300 3416 3482 3945 3990 4012 4024 4036 4090 4092
3816 3867 3912
3500 3728
3626
2887 3521
3421
3000 3315
3121 3210
2975 3044
2500
2000
1500
1000
500
0
Sep-14 Jan-15 May-15 Sep-15 Jan-16 May-16 Sep-16 Jan-17 May-17 Sep-17 Jan-18 May-18 Sep-18 Jan-19 May-19 Sep-19
Participation at IEX
0 6
26 8
430 7 123 2
35 1
5 0
476 4
0 1 0 3
1 0 14 0
343 10
7 0
537 21
58 18 0 1
48 0 3
0
25 27 37 20
0 1 489 32
224 12
249 63
Consumer: 4036
824 20 Generator: 481
32 0
Open Access Status across Indian States
Northern Region East & North Eastern Region
States Generator Consumer
States Generator Consumer
Haryana ✓ ✓ Assam ✓ ✓
Punjab ✓ ✓ Bihar ✓
Rajasthan ✓ ✓ Manipur/Mizo ✓ ✓
HP ✓ ✓ Tripura/Sikkim ✓ ✓
J&K ✓ Jharkhand
Uttaranchal ✓ ✓ A.P. ✓ ✓
Delhi ✓ ✓ Meghalaya ✓ ✓
UP ✓ ✓ Orissa ✓ ✓
Western Region West Bengal ✓
States Generator Consumer
Southern Region
Paper Cotton
3% 1%
Others
Cement 9%
4%
Textile
Auto 29%
Components
6%
Chemical
9%
Manufacturer
15%
Metal
24%
Prices
CERC MMC Report for FY 2018-19
56.00 5
Voume transacted (BUs)
48.00
Price (Rs/kWh)
32.00
4.03
4
24.00
16.00 52.17
47.32
8.00
1.35
0.00 3
Trading Licensees IEX PXIL
1.50
1.00
0.50
0.00
Month
IEX Monthly Prices
2.00
1.00
0.00
Quarterly Prices FY 2018-19
IEX Prices in Quarter 1 (Apr-June'18) IEX Prices in Quarter 2 (July-Sep'18)
4.00 6.00
3.50 5.00
3.00 4.00
Rs/kwh
2.50
Rs/kwh
4.76 3.00
2.00 4.13 3.92 4.24 5.30
1.50 2.00 3.82 3.33 3.27
1.00 1.00
0.50 0.00
0.00 RTC(00-24 hrs) Peak Hrs avg(18- Non-Peak avg(1- Night off Peak
RTC(00-24 hrs) Peak Hrs avg(18- Non-Peak avg(1- Night off Peak 23) 17,24 hrs) avg(1-6,24 hrs)
23) 17,24 hrs) avg(1-6,24 hrs)
Rs/kWh
3.00 3
5.15
2.00 4.29 4.00 2 3.64
3.38 3.18 3.03
1.00 1 2.31
0.00 0
RTC(00-24 hrs) Peak Hrs Non-Peak Night off Peak RTC(00-24 hrs) Peak Hrs avg(18- Non-Peak avg(1- Night off Peak
avg(18-23) avg(1-17,24 hrs) avg(1-6,24 hrs) 23) 17,24 hrs) avg(1-6,24 hrs)
Area Price (Rs./KWh)
0.00
2.00
4.00
6.00
8.00
10.00
1.00
6.35
2.77
East
3.52
2.53
2.63
September 2019
1.00
6.35
Min
2.77
3.52
2.53
North East
2.63
1.00
6.35
Max
2.77
3.52
2.53
2.63
North(N1+N2)
1.00
6.35
RTC*
2.77
3.52
(0-24 hr)
2.53
North(N3)
2.63
1.00
6.35
Prices for various time block
2.77
3.52
West
Peak*
2.53
(W1+W2)
2.63
(18-23 hr)
1.00
6.35
2.77
3.52
2.53
West (W3)
2.63
1.00
6.35
Non Peak*
2.77
3.52
(1-17 & 24 hr)
2.53
South(S1)
2.63
1.00
6.35
2.77
3.52
2.53
Night*
South(S2)
2.63
1.00
(1-6 & 24 hr)
6.35
2.77
3.52
2.53
South(S3)
2.63
Volume DAM Cleared Volume v/s MCP
39,831
40000 5.19 5
MCP (Rs/kWh)
34,066
FY 09-10
FY 10-11
FY 11-12
FY 12-13
FY 13-14
FY 14-15
FY16-17
FY17-18
FY18-19
DAM Snapshot
14000 7
5.93
12000 6
10000 4.69 5
8000 4
3.46 3.32 3.38 3.32
3.58 3.33
3.34 3.3 3.33 3.08 3.12 3.22
6000 3
2.77
4000 2
2000 1
10289
10678
11483
10943
10284
10732
10437
11170
10179
11087
11278
11405
11902
9710
4511
6695
9862
5458
6585
9861
5343
7958
8743
6403
9635
4728
6139
4111
6537
4410
5600
4158
5974
7234
5567
6432
5071
7303
5849
7858
6452
7557
6289
5647
4844
0 0
July'18 Aug'18 Sep'18 Oct'18 Nov'18 Dec'18 Jan'19 Feb'19 Mar'19 Apr'19 May'19 June'19 July'19 Aug'19 Sep'19
IEX Monthly Cleared Volume
6000 5725
4965
5000
Cleared Volume (Mus)
4086 4207
3920 3955
4000 3630
3364 3356 3488
3188 3146 3101 3107
2987 3078 3066
3000
2536 2447
2173 2276
2000
1000
Month
IEX Day Ahead Market Price & Volume Trend
September 2019
11.00 185
MCV Avg Price MIN price MAX price
170
10.00
155
9.00
140
8.00
125
Price (Rs/kWh)
Volume (MUs)
7.00 110
6.00 95
5.00 80
65
4.00
50
3.00
35
2.00
20
1.00 5
0.00 -10
2-Sep-19 9-Sep-19 16-Sep-19 23-Sep-19 30-Sep-19
TAM: Performance so far
Intraday Daily
21,15,158 MWh 17,16,286 MWh
TAM Monthly Snapshot -September’19
Generator-
Distribution
NO CREDIT CREDIT
licensees- IPPs -
CPP- MPPs –O A /FINANCING /FINANCING
consumers
Clients
Grid Connected
Generator, Distribution licensees, IPPs, CPP, MPP, OA
consumers
Trader Client
With valid PPA
Financial Requirements
Membership Category: Proprietary / Professional Member The
financial criteria for payment options available on IEX are:
Professional & Proprietary & Proprietary member
Fees Electricity Trader (Light Payment
(Full Payment Option) Option)
Admission fee Rs. 35,00,000 Rs. 10,00,000
SLDC Clearance/NOC
✓ NOC from respective SLDC 1 Month
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