Professional Documents
Culture Documents
MBA Project Final
MBA Project Final
MBA Project Final
PROJECT
Submitted by
RONY JOHNSON
Enrolment No: 060410058
to
of
2011
Evolution of Market Based
Electricity Trading in India
PROJECT
Submitted by
RONY JOHNSON
Enrolment No: 060410058
to
of
2011
Proforma for Approval of Project
Proposal
Evolution of Market Based Electricity
Trading in India
SYNOPSIS
a) Rationale for the study
modern living and business. Demand for electricity is now growing globally at a
rate higher than that of economic growth and, in many countries, at almost 1.5
electricity supply industry worldwide has resisted rapid change. This is mainly
because of the inertia of its large size and investments, and being monopolistic
From the late 1980s and 1990s onwards tremendous developments in the
place throughout the world, including India. These changes were prompted by
online share trading market. This study aims to understand all this
2. How the electricity industry evolved over the years from a vertically
integrated monopoly to a competitive market based industry in modern
world and how electricity trading system works.
c) Research Methodology
(NTPC Ltd), the largest power utility in India and its electricity trading wing,
NTPC Vidyut Vyapar Nigam limited (NVVN Ltd). The data for power exchange
Commission (CERC).
industry over the years will be discussed, also the rise of power markets in
In short this study will give necessary background for power professionals to
function effectively in the rapidly rising power trading markets and power
utility firms.
Due to space restriction and to limit the topic to a novice point of view an
elementary discussion of power exchange only is intended here. This study can
Place: Place:
Date: Date:
ACKNOWLEDGMENT
Electric systems around the world are physically and operationally very similar.
the transmission wires are networked and serve large areas; the distribution
wires are local. The typical organization of the industry prior to deregulation
These companies built their own generating plants and coordinated the
system operators coordinated the generating plants, telling them when to run
and when to back off so as not to overload the transmission network. The
areas, and because of this, prices were regulated—in the India mostly by
regulators at the state level and central level. The integrated companies built
to serve their own customers, and had to build enough to serve them all, at all
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times. In India this integrated companies are represented by the state
selling and retailing. These are the functions that would be deregulated—their
transmission systems; everyone has to use the same wires. They have to serve
monopoly, since the system operator has to control all the plants in a control
area, or the system will not function. The worry is that in restructuring, the
competitive parts need to be separated from the regulated parts, and the
internal coordination without losing its important efficiencies. This has been
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1.2 CASE FOR COMPETITION
The major theme of this project is simple: The need of introducing competition
into the production markets, because this is where most of the long-term
benefits of restructuring will accrue. Competition in the retail markets will not
produce low prices if the production markets are not competitive. It was in the
production end that the problems of the old system were mainly observed—a
led to a desire to reorganize the industry. Since these are the places that
from experience elsewhere and in parts of the world and India by electricity
that many of the reasons the industry was organized as regulated monopolies
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Consumers want, and should expect to have:
Low prices (although they know they have to pay enough to keep
suppliers in business);
Reliable service;
available.
However, there are certain technical details that have to be attended to for
competition to be able to produce these results. There are cogent reasons why
interactive transmission network. The instant you flip the switch, something
operator; the penalty for inattention is to black out the whole area.
know that restructuring this industry is harder than most people think. Airline,
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with considerable success. They were a piece of cake in comparison to
electricity. One thing has been made clear from experience both at home and
abroad: You cannot simply cease to regulate the industry and walk away from
to account for them. The institutional changes must, in the end, permit
commerce. Many buyers and many sellers must be able to access each other
easily; they must be able to make contracts in advance and at spot prices; and
they must be able to transport the electricity with a high degree of certainty as
Efficiency is the goal; competition is the means; open access, restructuring, and
deregulation are terms sometimes used to describe the reforms, but they are
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The Essential Features of Electricity
How does the electricity industry function in simple terms? There are the
operations, distribution (Figure 1); and there are merchant functions such as
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Traditionally the e ti e i dust has had its p i es set fo it go e e t’s o
Generation (Production)
Generation (production) accounts for about 35 per cent to 50 per cent of the
described as the opposite of the oil industry. Whereas the oil industry uses
crude oil to produce multiple products such as gasoline, heating oil, and
kerosene, the electric industry takes in multiple fuels and turns them all into
the world. Wires turning in a magnetic field produce the electricity. The wire is
turned by a motive force acting against a fan or turbine. The motive force is
generally steam, but it can also be falling water, turning windmills, tidal
motive force of the vast majority of the commercial plants is steam, which in
turn is produced by a variety of fuels. Coal is the major fuel, but there are also
substantial amounts of oil, natural gas, and uranium (nuclear power). Virtually
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all plants use only one fuel, but anyone company may use a variety of fuels in
different plants.
The a ious fuels ha e diffe e t p i es, hi h affe t the ost of a pla t’s
output. The efficiency of plants also varies, but they all have their place in
production. The plants that burn fuel less efficiently cost less to build and are
used full-time as base load units. Before the late 1980s, efficiency typically
varied from about 18 per cent to 36 per cent, and there were economies of
scale—the bigger plants were more efficient. Because of the scale factors,
plants got larger and larger; they took years to plan and build.
Transmission
Transmission accounts for about 5 per cent to 15 per cent of the final cost of
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managed on a continuous, real-time basis—no traffic jams any busy signals.
For this reason, which we examine in more detail a little later, the transmission
by second basis.
System Operations
System operations is the function that coordinates the generating plants with
the load the su of all usto e s’ i sta ta eous usage to ai tai a sta le
generating plant, travels at the speed of light (about 186,000 miles per
customers do not have to call up and ask for power, and their usage is not
load at all times. This is the job of the system operator and his staff, which is
peculiar to electricity, and a major focus of this book. They sit in a control
room, following the changes in load and ordering plants to start and stop
generating—dispatching the system in real time. They also schedule the plants
in advance—how far in advance depend on how long it takes the slow plants to
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start up. Hydro plants need only minutes. In contrast, a nuclear plant needs a
day or more.
These days most control rooms are heavily computerized, but it was not
always so, and even today there is a lot of judgment involved. Especially when
the job had (or in some cases still has) to be done with slide rules, diagrams,
and intuition, the best engineers were assigned to this function, since it is so
iti al. The s ste ope ato ’s jo i ludes holding plants in reserve, ready to
run, and calling for special outputs known as ancillary services. The system
operator has the extremely complex task of managing the system in real time
and ensuring that no transmission lines get overloaded. Each line has a
system stability. The operator plans in advance to avoid overloads. In real time
systems.
Distribution
The distribution function accounts for about 30 per cent to 50 per cent of the
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really a single function, because it is the local end of the business, and is
usually associated with the customer service operation, with metering and
billing and retail sales. Transmission and distribution together are the transport
system (they both have wires and poles, and are fully connected with each
other) but we generally think of them separately, and they are always
flows can reverse, whereas distribution is usually radial and the flows are one-
By the time electricity reaches the distribution wires it is too late to control the
generating plants. The electricity simply flows over the wires to the customers.
meters record how much has flowed. The distribution people do not receive,
store, and send it out—they just read the meters and send the bills. The big
physical task of the distribution function is to keep the local wires in good
shape, replacing poles and wires after storms or, if they are underground,
protecting them from salt on the streets, and adding new ones as the
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population moves or as the load grows. The wires heat up as the load rises,
and this can cause overloads and local blackouts if the installation is not large
enough for the load. The vast majority of all consumer outages are local, and
Retailing
functions. Retailing and whole selling are merchant functions. Retailing is sales
pricing, and selling electricity, and also metering its use, billing for it, and
companies that produce all their own power, there is no wholesale power
bigger function.
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2.2 TRADITIONAL ORGANIZATION OF THE INDUSTRY
For 100 years after electricity was commercialized in 1878, a single company in
each area typically produced, transported, and retailed the product and
operated the system. This vertical integration of functions was always the
area.
some cases both are in place. It may seem to come to the same thing, but in
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Reasons for Vertical Integration and Monopoly
No one ever thought it could be done any other way, but in retrospect, the
reasons for vertical integration and the monopoly were due to transactions
monopolies.
were these:
run along a street, a public right of way. This was both for reasons of space and
visual appearance, and also because there are serious economies of scale in
2. The natural monopoly aspects of transmission, not only its scale economies
and site requirements but also its network characteristics. Only one set of
But these two things alone would have led to monopolies only on the wires
businesses; they did not demand vertical integration. The main reasons for
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transmission (via the system operator) that it was considered impossible to
separate them. The transactions costs were too high. The managers of the
generating plants had to obey the system operator, and the best way to do
that at the time was to have them in the same company. So, if only a single
system operator and the generating plants had to come along with it.
5. Finally the economies of scale in generation, during the period when bigger
and bigger plants produced lower and lower prices, added to the conventional
regulation and competition has to do with who takes responsibility for various
risks. The placement of the risks is what provides the incentive to improve.
uncompetitive;
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3. Management decisions about maintenance, manning, and investment;
4. Credit risk.
Under regulation, the customers take most of the risks, and also take most of
the rewards, with the regulators doing their best to oversee the big
the customers continue to pay (more) for the old technology, whereas under
competition the old-technology producers find their assets are worth less.
Under regulation, if demand turns out to be less than anticipated, prices have
to rise to cover the cost of excess capacity, whereas under competition, excess
Under competition, these risks are initially with the owners of the plants—they
will pay for mistakes or profit from good decisions and management. Under
they have strong incentives to choose the best technology and not get side
tracked into costly mistakes. They also take the risk of changes in market
demand and prices, so they need to be flexible in their building plants, and
watch the market constantly. They need to adjust their maintenance schedules
to get plants back on line when prices are high (which is just when they are
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sharpen their pencils, and it has had this effect elsewhere in the world when
There are key technical factors specific to the industry that may not be obvious
to the lay reader. They dictate the complexities of the short-term trading
arrangements.
stored. Battery technology has not advanced to the point where electricity can
be bought in periods of low demand and stored at home for periods of high
of this is that when demand varies over the course of a day, production has to
vary at exactly the same time. Some people hear the word pool in connection
nothing could be further from the truth. In addition, demand (usage) is highly
variable over the day and the year. Use is low at night, and rises in the
morning, usually reaching a peak in the afternoon, especially on hot days when
air conditioning is in full use. In hot areas, summer is the peak season. As in
other industries with peak demands and no storage (airlines, vacations, hotels)
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balance. Wholesale hourly electric prices in competitive markets commonly
vary by about 2:1 over the course of a day in the off-season and by as much as
10:1 between the peak in the high season and the overall low (with some
and high resistance means it is difficult. A big thick transmission line is an easy
path with low resistance and electricity will flow there rather than over a
electricity to take a particular path—it flows where it will over the network,
according to the laws of physics. One implication of this is that there is no such
thing as a defined path for delivery: Final customers simply get whatever
implication is that the addition of a new line to a network may radically change
series of physical interactions, so that what happens on one part of the system
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affects conditions on the network many miles away—in some cases many
hundreds of miles away. Many things can potentially destabilize the network,
equipment, and sudden loss of output at a generating plant. And a single plant
called reactive power, and other ancillary services that are essential to electric
concerned with pricing these various outputs so that the system operator gets
Truth 4: Electricity travels at the speed of light. Each second, output has to be
precisely matched to use. If it is not, the frequency falls, clocks go slower, more
many loads fail that it can set off a chain of events leading to a blackout. It is
critical that the system not become unstable in this way, so the system
from doing so. The implication is that it requires advance planning and split-
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second control by the system operator to coordinate everything. The system
Electricity really is different from other commodities in its need for short-term
and real-time coordination.) The system operator has to be able to control the
plants. The nearest analogy is the air traffic controller. His job certainly has
lives at stake rather than just risking a blackout of the whole area, but the air
traffic controller can tell planes to circle for an hour, whereas the system
overload threatens.
In the first 100+ years of electric industry history, these factors dictated that
time it was believed that it was an inevitable technological truth that system
operations could not be unbundled from generation. But the real difficulty was
of command and control when the system operator is separated from the folks
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However, this has been done in every place that has introduced competition in
generation.
The series of special factors just laid out is unique to electricity; they are the
reason, and the only reason, that wholesale market institutions (trading
has special attributes that require certain market design decisions be made
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Reforming the Electricity Industry
We first see which functions can be competitive and which have to remain
the structural options for introducing competition into the electric industry.
These models are defined in terms of the degree of monopoly retained in the
sector. But the models imply different requirements for restructuring the
The generation function is the major candidate for being made competitive.
The old arguments from economies of scale no longer hold; and the problems
possible.
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The retail function can be competitive as far as procuring, pricing, and selling
electricity.
might make a transmission investment and charge for it. This is not really
transmission network.
remain regulated under any of the four models we introduce; and as essential
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The general problems are:
rules.
To ensure that the market prices that replace regulated prices are set in
a market that is truly competitive. This is the critical issue that ought to
be central to policy.
wires, and system operations. The defining question is: If there are to be
competitive generators, whom can they sell to? Or alternatively, who are the
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These models are all in operation somewhere in the world; they each have
them. All functions in the industry are bundled together, and regulated (see
Figure 2). This model served the industry well for 100 years, and is still the
model in existence in most places. In this section, we will give more attention
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Model 2: Single Buyer
permitted to buy from the competing generators (see Figure 3). This model is
capital. The defining feature is that independent generators may only sell to
the existing utilities, which still have a complete monopoly over all final
customers. The prices at which the IPPs sell to the utilities are regulated, but
determine the lowest cost offering, and the utility signs long-term life-of-plant
contracts with the IPPs when the regulator has approved the process of the
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auction and the results. These contract prices are then passed on to the final
based on long-term contracts, like the IPP markets under regulation, transfers
market risk, technology risk, and most of the credit risk back to customers
because the IPP contracts shelter the IPPs from market prices and improved
technologies, and the utilities are generally good credit risks. This is the
attraction for the Asian countries, because they are perceived as fairly risky
there are not enough buyers for full competition. Without a contract, a would-
the risk of being beaten back to his running costs in price negotiations with the
single buyer after the plant is completed. Sellers need either many potential
buyers or life-of-plant contracts. The IPP contracts are almost invariably two-
part contracts that pay a fixed annual fee to o e the IPP’s fi ed osts, a d
amounts designed to cover the variable costs for each unit of power
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generated. The design issue is where the profits are earned: How to get the
plants to run at all if they have been paid their profits up front in the fixed
charges; or, if the profits are paid in the variable payments, how to get the
plants to stop running when they are not needed. The solution is usually to pay
the profits in the fixed charge and to have penalties for failing to run a
Discoms) and large customers are the purchasers, but Model 3 still gives the
Discoms a monopoly over all the smaller final customers. (By contrast, Model
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4, which we discuss later, permits all customers, large or small, a choice of
is where most of the benefits are, it has many buyers to pull through the
benefits of lower prices, and it avoids the costs and problems of providing
market.
4. No default option for the large customers other than the spot market price.
generators or aggregators.
many buyers and sellers, supply and demand responsiveness. It is a major step.
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It is only simple in that it does not require the whole new consumer-oriented
Model 4.
Why the Large Customers? The large customers are included as purchasers,
but not the small customers. Markets need many buyers as well as many
sellers—too few buyers lead back to Model 2, the single buyer, where sellers
Perhaps under Model 3, the Discom could own its own generation, and sell to
the small customers at regulated prices, based on the cost of service of its own
generators. The regulated prices would simply act as if they were a contract
between the generator and the Discom—a regulated transfer price. This may
be the way to navigate a transition but it will not work in the long haul. This
see that this is not a viable solution. While initially the prices can be set at the
old regulated rates, what happens as time goes on? Which assets enter the
rate base of the regulated part, and which sell their output at competitive
prices? How are the regulated prices set? Can the regulated assets be disposed
of? Can the Discom build new plants? No one will be satisfied with the result,
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unless by absolute chance the regulated prices were exactly the same as the
market prices. If they are not, the big customers will lobby for re-regulation, or
the small customers will seek deregulation. Then next year the positions will be
reversed. It is far preferable to buy out of the old regime and start anew. Even
the small customers should be paying market prices, and they will if the
the old prices, which stabilize prices for the first few years while the
production markets settle down. Actually, this is what most countries have
done. When the plants are divested or deregulated, they go to the competitive
market with a suite of contracts to sell to the Discoms. This sets the
market prices. After the transition, the generating plants live or die by their
vesting contracts are in place, the generating companies are not regulated—
they choose whether to open and close plants, they are penalized at market
prices by having to purchase in the spot markets to meet their contracts if their
plants did not work; they gain additional profits from increasing efficiency.
They are subject to all the pressures of competition except that of having to
make contracts in the real markets, which they do after the vesting contracts
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run out. But the vesting contracts are artificial—they are not determined by
action.
competing generator can sell to anyone, although small customers usually buy
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Sweden, Spain, Alberta, and many states of the United States. Retail access
competing retailers (and not just the Discoms) to pressure generators into
better prices, and to offer deeper and more liquid markets for financing new
plants.
4 are the settlement process, meter reading, and billing, which are greatly
expanded from Model 3, and the education of millions of customers. They are
implementation also leaves time for the new institutions on the wholesale
markets to be fine-tuned.
Model 4 works best where regulators trust the competitive markets to produce
the best deal for the customers, and do not waste time trying to retain old-
markets are in fact competitive and working to keep costs and prices down.
small customers, by regulating prices, which leads back to some of the Model 3
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The advantage of Model 4 is that it gives all customers choice, which they have
in the rest of the economy; they seem to want it, and when they have it, they
seem to like it. For example, in the United Kingdom, which phased in retail
access in three tranches, in 1990, 1994, and 1999, while requiring the Discom
choose, and the number grows as time goes on. The United Kingdom made no
special incentives in the early years for switching, and (correctly) did not
The big drawback of Model 4 is the cost of the settlement system for all the
small consumers, and the need to get the consumers educated. Just how big
consolidated with the software needed for the new metering and billing
In addition, it can be argued that the costs of retail competition are wasted on
small customers. Large customers have purchasing managers, who spend full
time on buying supplies, but small customers do not have the time or energy
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Which Model?
The choice of model is up to the policy makers, but in deciding they need to
understand the implications for structural change, the need for new
from here to there. The different models need different amounts of structural
especially for wholesale markets, and new roles for regulation (Figure 5).
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If the goal is competition in production, most of this can be achieved through
real competition, and not just letting in a few competitors on the edges while
price.
going on; and if default service is required, it does not avoid the Model 3
problems.
Full retail competition is a logical end point to these reforms, because Model 4
efficiency come directly from the customers, not from regulated Discoms. Also,
many customers, particularly the larger and medium-size ones, seem to want
choice and there is no particular reason, other than cost, for them not to have
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with liberalization of the retail markets, gradually reducing the size of the
customers who are offered choice, with the aim of eventually offering choice
to everyone, and getting the Discom out of the business of selling electricity.
As we have seen earlier the market trading of the electricity is the crucial part
electricity spot markets (i.e. APX – The Netherlands, APX UK / UKPX – United
Kingdom, Borzen – Slovenia, EEX – Germany, EXAA – Austria, GME – Italy, Nord
Markets
counter (OTC) market, where the bulk of transactions is still being settled. As
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where electricity is traded a day in advance, and an operating schedule
actual physical delivery the day after, exchanges sometimes offer an intra-day
closes a few hours before the actual physical delivery of the electricity
any time during real-time operations, system operators use a balancing or real-
time market, where participants can submit bids that specify the prices they
Trading System
power delivery during a particular hour of the next day (except in England &
Wales, where half-hour contracts are traded). The usual trading system is a
daily double-side auction for every hour to match transactions at a single price
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and a fixed point in time. Again the UK market is an exception in this respect
In either form participants, by submitting bids, determine how much they are
prepared to sell or buy at what prices. Sometimes the possible price values are
execution price lies outside these limits, participants are allowed to change
Usually the participants can add to their bids several execution conditions and
they can offer or ask the same quantity of power for a period of consecutive
Auction trading
Figure 6 depicts the basic structure of an auction. All the submitted bids are
collected in a sealed order book, i.e. the participants know only their own bids
and cannot see the others. The bids are changeable until the closure of the call
phase. For price determination in an auction all the bids collected up to the
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predetermined closure of the call phase are sorted according to the price and
aggregated to get a market demand and supply curve for every hour.
The simple bid matching ignores any execution conditions or grid capacity
constraints and results in an initial market clearing price (or auction price) for
every hour and trade volumes for every bid (see Figure 7). The market clearing
price is the price level at the intersection of the aggregated demand and supply
derive the curves, additional pricing rules are applied in case of multiple price
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calculated market clearing price of the product in question – referred to as the
There may be a surplus at the market clearing price resulting of the simple bid
matching (e.g. there is a demand surplus in Figure 7). In this case the volumes
of bids with the market clearing price as limit are proportionally curtailed, or
the algorithm selects the bids according to the time of order book entering
The initial solution has then to be checked against all the conditions added to
the bid. For a block bid, an average of the market clearing prices for the hours
included in the bid is calculated. This price has to be equal or better than the
price limit stated by the participant to satisfy the bid (minimum income (sales)
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If not all conditions are satisfied the price solution is not valid. In this case one
of the unfulfilled bids is eliminated and the price calculation is run again. This
checking process is iterated until all the remaining bids can be fulfilled.
The trade volumes of the matched bids have also to be checked against the
schedules have to be balanced either by only adjusting the trade volumes (e.g.
OMEL), by adjusting the trade volumes and re-running the iterative bid
matching (e.g. APX), or by splitting the market in several areas (e.g. EXAA,
GME, EEX, and Nord Pool). This takes place either before (e.g. APX) or after the
Continuous trading
called continuous trading. This form is used either to only trade block contracts
(e.g. Borzen, EEX) or both individual hours or block contracts (e.g. UKPX, APX
UK).
participants have access to the order book. Second, each incoming bid is
Finally, the contract price is not the same for all transactions, as it is
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determined according to only the concerned bids (pay-your-bid pricing at e.g.
APX, UKPX, APX UK) or the order book at the time of the bid matching (e.g.
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Electricity Trading - Indian Scenario
In this section we will start with the historical evolution of Indian electricity
sector and segregate the various stages into the models we discussed in earlier
section. Then we will move to the electricity market and discuss about the
Introduction
The power sector has registered significant progress since the process of
planned development of the economy began in 1950. Hydro power and coal
based thermal power have been the main sources of generating electricity.
the political boundaries of states was introduced in the early sixties. In spite of
the overall development that has taken place, the power supply industry has
been under constant pressure to bridge the gap between supply and demand.
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Growth of Indian power sector
sector has been receiving adequate priority ever since the process of planned
development began in 1950. The Power Sector has been getting 18-20% of the
total Public Sector outlay in initial plan periods. Remarkable growth and
progress have led to extensive use of electricity in all the sectors of economy in
the successive five years plans. Over the years (since 1950) the installed
the electricity generation increased from about 5.1 billion units to 420 Billion
units – 82 fold increases. About 85% of the villages have been electrified
except far-flung areas in North Eastern states, where it is difficult to extend the
grid supply.
In order to optimally utilise the dispersed sources for power generation it was
into 5 regions and the planning process would aim at achieving regional self-
sufficiency. The planning was so far based on a Region as a unit for planning
and accordingly the power systems have been developed and operated on
regional basis. Today, strong integrated grids exist in all the five regions of the
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country and the energy resources developed are widely utilised within the
regional grids. The northern four regional grids were interconnected later. Now
there are two grids in the country i.e., North-East-West-North East (NEW) Grid
and the South Grid. The two grids are interconnected asynchronously through
various models
We can structure the historical growth of Indian electricity sector into four
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Model 1-Vertical integrated Monopoly (Formation of State Electricity Boards,
SEBs)
In December 1950 about 63% of the installed capacity in the Utilities was in the
private sector and about 37% was in the public sector. The Industrial Policy
power almost exclusively in the public sector. As a result of this Resolution and
concurrent jurisdiction of the Centre and the States. The Electricity (Supply)
Act, 1948, provides an elaborate institutional frame work and financing norms
of the performance of the electricity industry in the country. The Act envisaged
creation of State Electricity Boards (SEBs) for planning and implementing the
Authority constituted under the Act is responsible for power planning at the
national level. In addition the Electricity (Supply) Act also allowed from the
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During the post-independence period, the various States played a predominant
role in the power development. Most of the States have established State
been established to install and operate generation facilities. In the rest of the
smaller States and UTs the power systems are managed and operated by the
From, the Fifth Plan onwards i.e. 1974-79, the Government of India got itself
supplement the efforts at the State level and took upon itself the responsibility
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viz. Tehri Hydro Development Corporation (THDC) and Nathpa Jhakri Power
emphasis has been placed on attracting private investment and the major
policy changes have been announced by the Government in this regard which
The Electricity (Supply) Act, 1948 was amended in 1991 to provide for creation
Financial Environment for private sector units modified to allow liberal capital
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Administrative & Legal environment modified to simplify the procedures for
In 1995, the policy for Mega power projects of capacity 1000 MW or more and
supplying power to more than one state introduced. The Mega projects to be
set up in the regions having coal and hydel potential or in the coastal regions
based on imported fuel. The Mega policy has since been refined and Power
Mega Power Projects. PTC would purchase power from the Mega Private
GOI has promulgated Electricity Regulatory Commission Act, 1998 for setting
up of Independent Regulatory bodies both at the Central level and at the State
level viz. The Central Electricity Regulatory Commission (CERC) at the Central
and the State Electricity Regulatory Commission (SERCs) at the State levels. The
main function of the CERC are to regulate the tariff of generating companies
composite scheme for generation and sale of electricity in more than one State
50 | P a g e
transmission utilities, to regulate inter-state bulk sale of power and to aid &
advise the Central Government in formulation of tariff policy. The CERC has
The main functions of the SERC would be to determine the tariff for electricity
wholesale bulk, grid or retail, to determine the tariff payable for use by the
state of flux. The need for restructuring the power sector was felt due to the
States of India there are multiple private utilities, which are technically and
Hence, in 1998 the Regulatory Commissions were formed under the Electricity
51 | P a g e
Electricity Regulatory Commission (CERC) has a key role in rationalizing tariff of
Reform Programme (APDRP) from the year 2000-01 with the twin objectives of
The Electricity Bill 2003, approved in Indian Parliament in May 2003, aims to
enhance the scope of power sector reforms. This act consolidates all the
rationalizing tariff, etc. All the necessary powers including issue of licenses are
given to the regulators which are made independent entities from the
government. Electricity Act 2003 has come into force from June 2003. As the
act allows third party sales, it introduces the concept of trading bulk electricity.
electricity.
The responsibility for the development of the Electricity Market in the country
the Electricity Act 2003 (EA 2003). Section 5.7 of the National Electricity Policy
(NEP) provides for promoting competition in the Electricity Sector with the
52 | P a g e
objective of benefiting the end consumer. The Central Electricity Regulatory
Electricity Market at the inter-state level. The Indian Electricity Grid Code
(IEGC) was introduced in Feb 2000 with subsequent revision in April 2006 and
2002-2003. The ABT mechanism provided the framework for scheduling and
handling of imbalances. These two building blocks together provided the basic
rules for system operation and the commercial settlement. Thus, out of the
four essential pillars of electricity market design, i.e., Scheduling and Despatch,
Open Access in inter-state transmission was introduced in May 2004 and this
bilateral market in the country and the results are very encouraging. Open
case of congestion.
In July 2006, CERC took a giant leap forward in developing the electricity
53 | P a g e
framework and rules. CERC issued the Guidelines for Establishment of Power
Exchange in February 2007 and in principle approval was granted to the first
The Open Access in Inter State Transmission Regulations 2004 provided only
occurred. These methodologies for transmission charges & losses were not
scenario. All these factors needed careful consideration and were crucial to the
the new Regulations became effective 1st April 2008. The Regulator has
54 | P a g e
framework for the development of Power Exchange. The objective was to
play its role so as to facilitate provision of value added and quality service to
demarcated.
Salient Features:
a) Voluntary participation
b) Day ahead
c) Energy only
f) Hourly bids
g) Uniform pricing
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Timeline and Available Margins for Collective Transactions vis-à-vis
Bilateral Transactions:
The Open Access Regulations provide for a variety of products in the bilateral
transactions category which have a pre-defined time line. These are advance,
portfolio to the system operator. These transactions are processed before the
total available margins for short term open access are assessed by the RLDCs in
margin available for scheduling of collective transactions. The day ahead and
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India Energy Exchange (IEX), the country's first power trading platform, was
operations from the 27th June 2008 after the Rules and Bye Laws were
The second Power Exchange, Power Exchange of India (PXIL), was granted in-
Exchange of India Limited (NSE), and the National Commodity & Derivatives
Corporation Limited, Gujarat Urja Vikas Nigam Limited, West Bengal State
Company Limited, JSW Energy limited, GMR Energy Limited and Tata Power
Power regulator Central Electricity Regulatory Commission has given its nod to
state-run NTPC, NHPC, PFC, and Tata Consultancy Services for setting up a
power exchange. It is a joint venture company of NTPC, NHPC, PFC and TCS and
57 | P a g e
has been granted in-principle approval to set up and operate a National Power
adopted and the Power Exchange(s) have been given full functional autonomy.
This allows for competition amongst the existing Power Exchanges and an
benefit from the Process of Exchanges vying with each other for providing
Exchanges for the services rendered are automatically regulated by the market
forces.
Due to high growth rate of the Indian power sector, high uncertainty, haulage
where congestion may occur. To start with each region was divided into two
bid areas. Ideally, each State may be defined as a Bid Area. Some of the large
States like UP and Maharashtra may have to be sub-divided into 2-3 sub-bid
areas. Other criterion for creating/restructuring the bid areas may be based on
the past experience of grid operation, pattern of drawls, seasonal variation and
58 | P a g e
degree of participation of the State and intra-State utilities in the short term
open access market. The Power Exchanges have also been advised of this
Figure-8 below shows the list of ten bid areas presently being used.
Exchanges, NLDC and the Regional Load Despatch Centres (RLDCs). The bidding
window for submission of the bids in the Power Exchange(s) is from 1000Hrs to
59 | P a g e
Transactions. A provisional solution is given by the Power Exchanges to the
NLDC advises the Power Exchanges about the limits of scheduling. The Power
1730Hrs.
arrived at after considering all valid purchase and sale bids on unconstrained
transmission network.
purchase bids can have only non-increasing quantity for every increase in bid
price & every sale bid will have only non-decreasing quantity for every increase
in bid price
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Figure-9 Calculation of Market Clearing Price & Market Clearing Volume
(a) Demand curve is drawn by plotting the sum of purchase (buying) data
(b) Supply curve is drawn by plotting the sum of sale data (Volume) against
(c) These two curves intersect at a point. This is the point of equilibrium. At this
61 | P a g e
d) If a perpendicular is drawn from point of equilibrium to price axis i.e. Y axis it
will meet at a point on Y axis. Price representing this point is market clearing
price (MCP)
axis it will meet at a point on X axis. Volume up to this point represents Market
clearing volume.
Mathematically it can be proved that the area under supply curve up to point
of equilibrium taking X axis as base is equal to the area under demand curve
from point of equilibrium to the high point of the curve taking the MCP line
(f) All sale bids having price less than or equal to MCP value and all purchase
bids having more than or equal to MCP value will be cleared for trade.
62 | P a g e
d) East: Orissa, West Bengal
The first private sector generator to trade through Power Exchange is M/s
captive generation from the industry has also been able to trade through the
Power Exchange.
In this section we will analyse the data of electricity traded in two power
3. Price Volatility
The data for this analysis was taken from CERC website, which is also given in
appendix.
The figure-10 shows the growth of power trading by two exchanges, IEX and
PXIL in 2009 and 2010. As evident from figure-8 the maximum power traded
per day in IEX and PXIL for year 2009 was 27.09 MU and 8.2 MU respectively.
While in year 2010 it was 59.97 MU and 14.79 MU respectively. The total
cumulative power traded in IEX and PXIL for year 2009 was 5077.59 MU and
63 | P a g e
716.347 MU respectively. While in 2010 it was 10120.47 MU and 1433.45 MU
respectively.
40
38
36
34
32 IEX 2009
30
PXIL 2009
28
26 IEX 2010
24
22
PXIL 2010
20
18
16
14
12
10
8
6
4
2
0
0 50 100 150 200 250 300 350 400
Days
This shows that the trading volume is doubling each year in both exchanges i.e.
a growth rate of 100%. IEX handles a major share of 87% of the total electricity
It is observed that the quantum of buy bids is much more than the quantum of
sell bids reflecting clearly the shortage scenario prevailing most of the time.
The bids placed in the Power Exchange(s) are reflective of the UI Price
64 | P a g e
anticipated for the next day. Thus the power exchanges are acting efficiently as
an electricity market price discovery mechanism. Physically, there are two grids
in the country i.e., North-East-West-North East (NEW) Grid and the South Grid.
The two grids are interconnected asynchronously through HVDC links and
systems. The two grids thus signify two electricity markets having different real
time (UI) prices. There exists a possibility of arbitrage between these two
markets.
14
12
Price in Rs/kWh
10
IEX 2009
8
PXIL 2009
IEX 2010
6 PXIL 2010
0
0 50 100 150 200 250 300 350 400
Days
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exchanges IEX and PXIL for year 2009 and 2010 were 0.932 and 0.95
respectively.
In 2009 the weighted average price of electricity traded in IEX and PX were
5.96 Rs/kWh and 6.04 Rs/kWh respectively. The same for the year 2010 were
3.71 Rs/kWh and 3.84 Rs/kWh respectively. Thus the competition is building
up and the prices showed a positive reduction from year 2009 to 2010.
66 | P a g e
Volatility in the Price of electricity transacted through IEX has been computed
using daily data for the entire year and it was 18%. While Volatility in the Price
Indian Power Sector entered the Electricity Market Regime on 27th June, 2008
when IEX went into commercial operation. PXI joined the Pan-India Power
both the Power Exchanges together traded more than 11500 MU netting a
trading revenue over Rs.4370 crores during the short period of their operation
proving the sceptic wrong that power trading is not possible in a power deficit
country like India and proving Shri Amartya Sen right who has forcefully argued
Both the Power Exchanges IEX and PXI have switched over to Term-Ahead
Market (TAM) from 15th September 2009 as per CERC order dated. 31.08.2009
to one month in advance which has further deepened the electricity market in
future trading mode discovering thereby the week/month ahead price of the
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power for Evening Peak hours, Off-Peak hours and Round The Clock (RTC)
basis.
Newer types of products like futures and options will get introduced in near
plants are coming up that does not have a long term power purchase
Migration to the Model-4 of retail competition in India market may take time,
68 | P a g e
Conclusion
This study explored in detail the essential aspects of electricity industry and
industry was explained along with the existing trading mechanism in European
markets. The evolution of Indian electricity in line with the global trends was
The insight from this study is that the trading of electricity is on rise in India.
over the years. It is expected that soon market based mechanism will handle at
least 10% of the consumption of the country. As the markets mature we can
expect the electricity traders to bring more innovative products and execute
structured deals for the power sector participants. Similarly power exchanges
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contracts and helping in electronic price dissemination. It can be expected that
liquidity will improve in day ahead and short term markets. New markets like
ancillary and capacity markets will also be developed. Eventually the whole
retail electricity market, where individual customer can choose their electricity
supplier.
To sum up, there is a bright future for trading in the power sector of the
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Future Scope of Work
Following are some future areas identified for the extension of this work,
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References
5. Making Competition Work in electricity, Sally Hunt, John Wiley & Sons
Ltd,2000
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Appendix
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40 6.64 0.64 1.6 8.05 6.93 4.5 7.4 7.27
41 6.15 0.72 3 8.05 6.75 4.5 7.95 7.44
42 6.71 1.23 2.5 7.99 6.51 4.8 7.99 7.88
43 6.31 1.87 1.6 8.1 6.65 4.8 7.51 7.45
44 8.38 1.96 3.3 8.5 6.77 4.8 7.5 7.34
45 8.59 1.81 2 8.1 7.16 0 8 7.48
46 10.44 1.3 1.6 7.5 6.46 4.8 7 6.98
47 6.73 0.6 3.5 8.75 6.8 5 8.1 7.51
48 7.66 1.13 3.5 8.7 6.91 5 8.1 7.79
49 4.88 1.4 2.5 8.75 7.26 5 8.3 7.82
50 4.8 1.43 3 8.55 7.18 5 8.55 8.34
51 4.24 0.29 1.6 8.4 7.16 5 8.4 8.1
52 2.47 1.5 1.6 8.05 6.92 5 8.05 7.84
53 4.69 0.46 2 6.99 6.36 5 6.99 6.83
54 5.25 0.96 3.5 7.75 6.82 5 7.7 7.4
55 8.34 1.56 4.5 8.75 7.4 5 7.69 7.06
56 5.55 0.87 4 9.25 8.12 5 8.45 7.26
57 5.87 0.85 4 9.75 8.96 3.5 9.1 8.64
58 3.71 1.7 4.1 10 9.44 3.5 9.75 9.21
59 4.52 2.3 7.5 10 9.33 6 10 8.98
60 5.74 7.07 7.5 10 9.28 6.5 9 8.39
61 4.92 2 7.5 10.2 9.38 0 10 9.43
62 12.81 3.4 6.5 10.6 9.32 7.5 10.2 9.21
63 10.95 1.64 6.5 11 9.58 7.6 10.6 9.84
64 9.34 0.98 7.83 11.5 10 7.7 11 9.54
65 8.54 0.48 8.2 12.05 11.08 8.08 11.75 8.82
66 14.94 0.45 10.12 12.1 11.24 8.25 12.05 9.55
67 14.09 1.2 11.26 12 11.88 10.1 12 11.27
68 11.14 1.73 11.26 13.1 12.08 11.31 12.05 11.9
69 14.94 1.73 12 13 12.8 11.28 13.1 11.96
70 9.74 6.49 12 8.79
71 14.97 3.08 5 12.5 10.29 9.5 11.05 10.55
72 15.83 1.7 5 13 9.72 9.5 12.5 11.91
73 15.23 0.47 4.98 13 9.22 6 13 8.31
74 14.5 2.5 4.5 10.79 7.91 0 10.83 7.77
75 15.02 1.89 4.42 12.5 8.3 0 10.79 7.58
76 12.63 1.23 4.42 12.5 7.35 0 10.79 7.53
77 13.29 0.99 4.4 10.79 6.94 4.42 10.79 7.13
78 14.15 1.96 4.4 10.4 6.9 0 10.79 6.39
79 13.66 2.13 5 10.35 7.27 0 10.39 6.61
80 14.81 2.14 5.65 11.25 7.85 0 10.39 7.14
81 7.25 0.55 1.5 6.4 5.73 5.65 10.75 6.77
82 8.21 0.65 0.6 8.05 6.94 5 10 7.95
83 11 2.3 3.4 8.5 6.52 4.99 8 7.58
84 10.53 2.26 3.44 8 6.39 4.99 8.05 7.53
85 9.05 2.57 1.46 8.6 6.47 3.7 8 7.39
86 7.08 0.65 1.5 7 4.95 4.99 7.95 7.12
87 14.14 3 8.1 6.15
88 15.42 0.4 2.5 6.15 4.93 0 7.6 7
89 12.82 0.78 2.83 8 5.61 4.99 7.1 6.86
90 20.45 2.54 3 9.6 6.73 4.39 8.1 6.95
91 16.61 0.26 3 10.1 6.65 0 9.59 7.93
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92 19.08 0.6 2.98 10.2 7.29 4.99 10 7.1
93 21.24 1.27 3 10.25 7.47 4.99 9.59 8.19
94 17.57 1.45 3.8 10.25 8.75 0 10 8.94
95 11.32 0.6 9.5 11 10.53 0 10.25 7.82
96 12 7 13 11.35
97 17.91 1.06 10.19 12.5 11.77 10.19 12.01 11.09
98 15.45 0.61 8 12.8 11.68 0 12.1 11.12
99 19.07 2.08 7 12.85 11.42 9 12.8 11.9
100 18.3 3.22 6 9.28 8.03 9 12.8 12.05
101 19.73 1.91 5.5 11.5 9.14 7.94 11.8 9.89
102 17.25 2.08 3.88 9.27 6.65 7.69 9.75 9.37
103 13.69 1.7 4.32 11.77 8.98 0 9.75 9.35
104 12.05 0.67 4.88 12.6 10.27 0 9.75 8.88
105 7.61 0.18 8 13 11.49 4.38 12.09 7.5
106 9.91 1.28 6.99 13.6 11.75 6.75 12.45 11.17
107 6.68 0.71 4.8 13.6 10.85 6.75 12.3 10.45
108 5.09 0.32 6.99 13.6 11.57 0 11.62 8.43
109 8.76 1.12 8 14 11.69 0 12 9.93
110 10.26 0.7 7.1 14 10.48 7.1 12.7 10.64
111 9.47 0.7 7.08 14.5 11.21 0 12.25 9.75
112 7.96 3.35 6 13 8.95 7.05 13.5 10.38
113 7.51 1.8 5.99 14.5 10.8 6.29 13.14 9.4
114 6.88 0.95 8 14.5 12.42 8 14.5 10.84
115 7.32 0.5 10.5 14.5 13.2 10.5 14.5 12.34
116 7.39 5.8 14.5 11.03
117 8.9 0.25 10.25 14.9 13.36 0 13.5 11.7
118 10.29 10.5 14.9 13.5
119 15.04 10.5 14.5 13.25
120 16.37 10.3 14.9 13.4
121 10.36 2.53 8 15 10.63 9.3 13.9 12.48
122 13.13 1.9 7 14.5 10.29 7.99 14.49 11.31
123 14.53 0.6 5.25 14 8.81 6.49 11.99 9.76
124 14.31 0.33 5.6 14 10.4 7.6 12.85 7.6
125 14.09 1.85 5 14.6 10.62 6.45 14.25 10.25
126 13.08 2 14.5 8.94
127 17.21 0.7 4 14.5 8.52 4.78 11 7.58
128 15.12 0.45 4.8 14.75 9.22 0 9 7.75
129 16.09 0.35 4.49 10.3 6.93 4.74 12.5 7.98
130 10.52 0.41 4.64 7.98 5.72 4.7 10 7.77
131 15.62 0.55 4.5 11 7.74 5 9.5 7.93
132 13.79 0.65 4.4 11 8.07 5 9.5 8
133 14.14 0.8 3.7 9 6.41 5 9.5 7.53
134 11.7 1.95 3.7 9 6.28 3.7 8.25 7.69
135 10.24 1.43 4.4 8 6.32 3.7 8 7.42
136 9.33 3.9 12.6 7
137 7.92 0.2 3.6 5.6 4.34 3.7 7.5 4.13
138 8.99 0.55 4.8 8 6.27 3.7 7.74 7.19
139 9.93 0.45 4 7.5 5.53 3.7 7.62 7.18
140 10.94 0.55 3.6 7.7 5.31 3.7 7.62 6.58
141 6.67 3 7 5.02
142 8.7 3 6 4.68
143 4.84 3 4.9 3.91
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144 6.9 2.2 3.9 3.04
145 5.97 2.5 4.9 3.46
146 2.17 1.65 3 2.35
147 5.92 1.65 3.7 2.98
148 11.98 2.5 6 4.22
149 9.05 2.5 7 5.57
150 8.61 2.5 6.75 5.22
151 2.06 1.57 1.9 2.49 2.1 3 5.9 4.9
152 2.92 0.36 3.49 1.71
153 6.8 0.13 2.1 1.45
154 4.57 0.98 2.9 2.02
155 7.36 0.35 0.71 2.9 2.07 2.2 6.75 2.5
156 9.55 2 5 3.19
157 11.44 1.98 5 3.65
158 12.75 0.35 1.7 4.15 2.67 3.5 4.72 4.39
159 15.04 0.15 1.21 5 3.63 2.5 4.72 4.72
160 16.89 0 0.7 4.15 2.95
161 18.83 0.5 2.05 5.2 3.83 2.9 5.3 4.86
162 18.34 0.61 3.3 6.5 4.96 2.9 5.5 5.09
163 14.72 0.99 3 7.5 5.84 2.9 6.5 5.85
164 14.74 1.92 2.25 8 5.98 2.5 8 7.4
165 17.8 1.57 2.9 8 5.06 2.2 8 6.4
166 16.17 1.39 4.3 8.5 6.35 2.4 7.92 7.14
167 17.89 1.74 2.4 7.75 5.92 4.7 7.93 6.92
168 13.31 0.75 6.3 4.19
169 18.73 1.01 2.4 8 5.91 2.4 6.95 6.65
170 13.93 1.51 5.6 9.35 7.45 2 8.25 7.23
171 17.11 2.63 7 10 8.87 7.68 9.31 8.58
172 22.09 3.16 9 10.2 9.72 7.68 9.39 8.97
173 19.69 1.91 10.2 11.1 10.71 7.81 9.9 9.21
174 20.04 0.88 9 11.5 11.09 9.8 11.5 10.62
175 17.74 3.21 9.5 12 11.3 9.52 10.88 10.75
176 20.33 4.43 9 12.75 11.85 9.55 11.77 11.12
177 23.5 5.68 8.75 13.5 12.23 10.5 12.35 11.63
178 26.44 5.55 8.5 13.5 11.75 9.85 12.22 11.66
179 19.46 4.64 4.5 13.5 8.48 9.14 12.37 11.39
180 21.57 3.97 3.76 13.5 9.89 6.9 11.45 10.02
181 19.01 2.58 4 13.65 9.41 5.85 10.75 9.12
182 16.76 2.33 0.23 8 6.65 5.8 8 7.4
183 24.35 1.26 1 6 4.39 5.9 6 5.97
184 25.47 1.47 1.5 7 4.66 2 5 4.65
185 13.14 0.68 3 6.5 5.5 2.9 5.05 4.52
186 10.71 0.16 1.25 5.5 4.01 2.9 5.5 4.18
187 13.8 0.19 4 7 6.53 3.3 7.2 5.25
188 12.89 0.45 5.4 7 6.55 4.8 8 5.79
189 14.98 2.2 5.5 8.5 7.27 4.95 7.41 6.87
190 15.31 2.78 5.5 8.5 7.44 5.5 7.68 7.14
191 11.71 2.23 5.5 9 7.31 3.4 8 7.25
192 10.54 2.86 2.98 7.5 5.79 2.4 7.4 6.69
193 4.62 0.71 2.89 3.5 3.4 1.9 4.32 3.83
194 11.39 2.09 3.5 5 4.43 1.8 5 4.67
195 13.26 2.52 2.89 5 4.44 3 5 4.7
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196 14.07 3.04 2.05 4.5 3.9 2.35 4.5 4.07
197 11.48 1.78 2.4 4.5 3.55 1.77 4.62 4.08
198 13.24 2.48 3 4.5 3.93 2.14 4.5 4.04
199 11.16 2.08 3 4.5 4.06 2.14 4.5 3.73
200 9.84 1.78 1 3.75 3.17 1.93 4.13 3.4
201 13.65 2.09 3.01 4.51 4.11 2.69 5.27 3.85
202 13.37 2.67 3.5 5.25 4.85 3 4.55 3.97
203 12.62 3.43 4.01 6.2 5.33 3 5.5 4.97
204 17.87 2.67 3.4 6.5 5.52 3 7.38 5.03
205 17.65 3.53 3 6.5 4.38 3 7.38 5.03
206 14.66 2.2 3 5 3.74 1.49 5.05 4.15
207 8.67 0.66 0.78 3.5 2.81 0.78 4 3.24
208 15.52 2.63 2.75 4.1 3.67 2.25 5.64 4.16
209 14.34 2.44 1.75 4.1 3.26 1.75 5.27 4.02
210 11.27 1.17 1.5 4.1 3.25 2.54 5.1 3.34
211 18.0327 1.677 2.49 4.1 3.47 2.25 4.22 3.65
212 17.75 2.81 2.75 4.5 3.56 2.24 4.1 3.68
213 12.47 3.44 3 5.02 3.82 1.75 4.25 3.75
214 9.42 2.65 3.87 5 4.66 2.94 5 3.79
215 16 3.93 5 6.11 5.69 3 6.11 4.81
216 15.56 4.92 5.7 7 6.29 3 7.1 5.4
217 15.58 4.06 5 7.1 6.19 3.5 6.85 5.55
218 23.53 5.32 4.6 7.81 6.67 3.25 7.81 5.63
219 19.38 2.55 4.16 8 6.53 3.55 8.56 5.41
220 17.48 3.78 4.25 9 7.48 2.49 6.25 5.01
221 15.57 2.14 6.5 9.5 8.66 3.34 8.41 5.63
222 13.25 1.63 8.55 12.5 11.04 4.75 10.13 9.37
223 15.86 1.87 11.5 13.5 12.76 4.51 13.05 8.24
224 13.65 2.1 13.5 15 14.41 4.46 14.63 11.02
225 18.44 2.07 7.14 17 14.05 6 15 9.79
226 17.56 1.73 5.1 15 8.55 6.28 8.5 7.69
227 13.65 1.87 3 16 5.32 4.37 6.72 5.27
228 12.83 2.26 1.5 5 3.68 3.75 6.3 4.34
229 10.96 1.78 2.75 4.5 3.71 3.5 4 3.62
230 11.16 0.74 2.75 5.5 3.78 1.46 7.47 5.66
231 11.62 0.64 3 7.5 4.36 1.46 6.78 4.24
232 9.36 0.24 4.16 9.53 5.79 4.42 8.71 5.52
233 12.29 2.02 4.61 11 6.97 4.5 8.67 6.54
234 13.68 1.43 5.22 12.5 7.29 5.57 12.1 7.96
235 14.66 1.51 5 12.5 7.54 5.11 12.5 7.39
236 13 1.91 6 14 9.09 5.54 12.05 7.76
237 12.96 1.42 3 14.5 9.17 4.96 12.25 7.67
238 11.03 2.18 5.5 15 9.6 5.25 12.25 8.67
239 12.21 1.73 4.5 15.5 9.17 3.5 13 7.39
240 11.63 2.52 3 12 6.58 3 10.75 7.15
241 12.22 1.75 3 10.5 5.48 3.5 8.93 6.46
242 10.54 1.32 2.44 6 3.69 2.45 8.42 5.29
243 7.93 0.53 0.8 5.5 2.48 1.39 3.5 3.01
244 15.82 3.1 2 4.5 3.5 2.5 4.87 3.57
245 13.84 2.6 2.89 6 3.98 2.55 5.5 3.92
246 19.04 2.45 2.5 4.5 3.42 3 5 4.13
247 18.46 3.39 2.5 4.5 3.39 3 5.5 4.36
77 | P a g e
248 16.08 3.14 1.5 4.5 2.77 2.44 4.5 4.21
249 12.8 1.24 0.66 3.49 2.29 1.09 4.5 3.16
250 12.85 1 1.5 3.6 2.28 2.3 3.6 3.1
251 15.37 1.68 1.5 3.6 2.57 1.25 3.57 2.8
252 14.32 1.73 1.75 3.6 2.67 1.18 4 2.96
253 13.91 2.12 2 3.49 2.73 1.49 3.6 3.12
254 13.89 2.88 2 3.5 2.6 1.62 3.45 2.76
255 20.4 1.39 1 4.5 2.38 1.49 4.35 2.91
256 16.89 1.68 1 2.49 1.63 1.49 3.5 2.31
257 18.85 2.3 1.5 4 2.36 2 4 2.59
258 19.19 2.19 2 5 2.79 1.37 5 2.81
259 13.97 1.8 2.5 5.25 3.26 1.62 4.6 2.96
260 18.67 1.39 2.5 5.75 3.49 2.75 4.97 3.22
261 22.28 0.99 3 6 3.64 2.8 4.97 3.75
262 20.76 1.55 2 6 3.62 2.99 5.12 3.79
263 16.18 1.5 2.6 6 3.75 1.99 5.75 3.79
264 12.86 1.06 2.7 6.25 4.59 3 5.32 3.77
265 10.73 0.3 3.5 7 5.46 3.5 5.25 3.82
266 13.4 0.23 5 7.8 6.67 4.25 7.5 5.22
267 14.01 1.01 4.5 8 6.73 5 7.75 7.6
268 13.41 1.09 2.6 8 7 5.3 8 6.86
269 13.76 2.52 3.59 8 7.26 3 8 7.23
270 13.95 2.59 3.5 8 6.46 3.24 8 7.49
271 14.39 2.26 3.59 8 6.1 3 8 6.7
272 15.6 1.44 5.2 8 7.07 4 8 7.54
273 16.8 2.15 4 8 7.12 4.75 8 7.53
274 21.17 2.34 4 8 7.1 4.74 8 6.12
275 24.91 4.97 8 8 8 6 8 7.58
276 21.24 5.25 8 8 8 6 8 7.83
277 25.66 5.98 6 8 7.87 4 8 7.76
278 17.55 2.58 3.75 8 6.58 3 8 7.83
279 8.16 0.4 2 4.6 2.59 3 6 4.87
280 10.42 0.49 1.75 4 2.33 2.99 5.49 4.25
281 12.31 0.9 1.75 4 2.63 2.99 4 3.16
282 11.59 1.07 2 3 2.69 1.8 3.5 2.5
283 15.78 1.52 2.35 3.5 3.04 1.8 4 3.01
284 13.14 0.21 2.6 3 2.88 3.3 4.5 4.1
285 13.26 0.52 3 5 3.36 3 5 3.86
286 14.71 1.14 3.1 5 4.41 3.3 5 4.3
287 20.66 2.4 3.15 5 4.33 2.5 4 3.89
288 20.43 3.86 3.99 6.5 5.18 5 6.5 5.82
289 18.41 4.81 3.3 8 5.72 4.25 6.87 5.47
290 12.26 3.52 2.6 3 2.78 3 4.5 3.95
291 10.85 0.3 1.77 2.5 2.31 1.99 1.99 1.99
292 13.44 4.25 1.8 2.9 2.34 3 3.65 3.33
293 15.52 3.82 2.7 4 3.45 2.5 4.7 3.42
294 20.84 4.34 2.7 4.5 3.52 3 4.9 3.9
295 23.61 5.48 2.7 4.75 3.69 3 4.65 3.83
296 15.07 4.08 3 5 4.05 3.15 4.75 4.18
297 20.17 5.23 3.75 5.5 4.62 4.1 5 4.54
298 19.87 6.08 4 5.5 4.65 4 5 4.49
299 20.35 7.54 4.2 5.8 5 4.2 5.2 4.63
78 | P a g e
300 19.75 4.32 4.6 6.5 5.34 4.3 6 5.1
301 18.92 4.81 4.9 6.5 5.61 4.75 6.7 5.6
302 18.72 3.67 4.95 7.25 5.98 5.2 6.9 5.76
303 17.83 2.82 4.85 8 5.65 5 6.5 5.78
304 19.43 4.32 4.75 6.7 5.47 4.5 6.5 5.61
305 20.1 1.34 2.91 5 4.15 3.9 6.5 4.69
306 17.9 4.65 2 5 4.3 4 5.25 4.44
307 21.71 4.78 2.63 6.29 4.43 4 5.1 4.78
308 23.71 7.19 2.6 6.11 4.46 4 5.5 4.78
309 22.09 6.16 2.6 5 4.25 2.99 5.5 4.55
310 21.56 5.71 2.6 5 4.28 4 4.99 4.5
311 19.9 2.52 2.6 5 4.11 1.5 6 4.93
312 19.22 2.53 2.6 5 3.57 1.5 5.1 4.23
313 24.87 2.34 2.5 5 4 2.49 4.5 3.82
314 22.05 4.26 2.6 5 3.36 2.5 4.75 3.89
315 21.25 3.27 2.2 5 3.58 2.48 4.15 3.51
316 16.67 2.69 1.65 4.1 3.01 2.5 4.1 3.39
317 18.62 2.95 1.61 4.45 3.23 2.5 4.1 3.18
318 19.14 1.95 2.25 4.2 3.48 2 4.1 3.05
319 17.26 0.75 2 3.25 2.55 2 4.1 3.83
320 21.5 2.02 2 3.5 2.68 1.95 4.1 3.01
321 22.26 2.38 2 3.75 2.84 2.1 3.5 2.92
322 23.22 4.84 2 4 2.82 2.39 4.1 3.27
323 21.7 4.55 2 3.85 2.65 2.49 3.75 2.82
324 21.82 4.24 1.8 3.75 2.58 1.94 3.75 2.74
325 20.05 4.95 1.77 3.75 2.6 2 3.75 2.83
326 20.51 2.56 1.6 4 2.25 1.76 3.4 2.43
327 22.87 5.28 1.56 3.3 2.13 2.07 3.28 2.49
328 19.95 3.18 1.5 2.5 2.02 1.59 3 2.31
329 21.95 3.84 1.48 3 2.22 1.48 3 2.11
330 23.23 7.02 1.47 4 2.46 1.95 3.5 2.57
331 24.15 8.2 1.47 4.2 2.81 2.4 4 3.28
332 25.06 3.76 1.48 4.1 2.78 1.44 4 2.77
333 21.77 5.22 1.4 3.5 2.36 1.46 3 2.33
334 22.35 5.24 1.4 4.1 2.73 1.46 3.85 2.57
335 16.44 6.79 1.3 4 2.86 1.65 4 2.76
336 25.13 5.79 1.29 4.5 3.01 1.5 4 2.73
337 23.68 5.82 1.4 4 2.79 1.22 4 2.65
338 27.09 5.59 1.4 4.25 2.96 1.4 4.5 2.91
339 21.75 5.23 1.31 5 3.1 1.48 4.5 2.84
340 19.02 2.83 1.09 4 2.64 1.65 4.5 2.68
341 22.86 3.71 1.09 4.5 2.97 1.25 4.5 2.74
342 23.02 3.47 0.99 4.2 2.81 1.24 4.5 2.68
343 23.74 3.63 0.95 4.5 3.01 1.22 4.5 2.9
344 21.78 3.8 0.99 5 3.72 1.1 4.5 3.26
345 21.45 3.2 0.6 5 3.78 1.65 4.2 3.93
346 17.4 5.16 0.99 5 3.89 1.8 4.6 3.86
347 20.16 3.83 0.99 5 3.65 1.12 5 2.86
348 15.47 2.54 0.6 5.05 3.89 1.4 5 3.05
349 16.12 4.31 0.63 5.25 3.74 1.8 5 3.65
350 16.92 2.58 0.81 5.7 3.93 1.8 3.75 3.45
351 12.72 2.42 0.57 5.7 3.79 1.79 3.6 3.31
79 | P a g e
352 13.29 2.17 0.82 5.7 3.51 1.25 5.47 3.77
353 13.87 1.5 0.58 5.6 3.45 1.7 5.6 3.54
354 14.51 0.43 0.97 5.4 2.95 1.6 3.5 2.78
355 14.01 0.63 0.58 5.2 3.37 1.8 3.5 2.97
356 13.32 2.55 0.75 4.8 3.24 1.49 3.7 3.36
357 13.92 1.38 0.58 4.8 3.19 1.48 3.5 2.94
358 13.25 1.47 0.58 5 3.08 1.98 5.2 3.19
359 12.8 1.67 0.57 4.8 2.9 1.47 5.2 3.39
360 13.77 1.77 0.57 5 3.01 0.6 5.2 3.17
361 12.35 1.03 0.57 5 2.66 0.6 5.1 2.98
362 13.85 0.97 0.57 5 3.04 1.15 5 3.08
363 16.48 3.58 0.99 5 3.24 1.2 5 3.05
364 16.15 3.97 0.6 4.8 3.02 1.15 4.8 3
365 15.64 4.35 1 4.7 3.12 1.15 4.7 2.96
80 | P a g e
IEX and PXIL data for the 2010
2010
Day VOLUME in MU PRICE in Rs/kWh
IEX PX Power Exchange (IEX) Power Exchange (PXIL)
Min Max Weighted Min Max Weighted
81 | P a g e
46 25.09 4.49 1.45 3.5 2.59 1.45 4.5 2.99
47 19.79 4.32 1.45 4 2.73 1.4 3.99 2.9
48 22.73 6.25 1.6 4 2.77 2 4.6 3.15
49 25.03 5.59 1.6 3.99 2.88 1.6 5 3.12
50 18.69 4.29 1.8 4.25 3.08 0.5 5 2.77
51 31.43 5.4 2.05 4 3.25 2.2 4.5 3.58
52 28.74 4.89 2 3.5 2.92 2 5 2.65
53 26.66 6.31 2.5 4 3.22 2.05 5.5 3.3
54 28.3 5.65 2.5 4.5 3.44 2.5 6 4.02
55 21.37 3.64 2.49 5 3.51 2.5 6.5 4.25
56 27.9 3.51 2.7 5.6 3.77 2.2 6.7 4.49
57 29.76 1.83 2.7 5.09 3.86 2 7 3.1
58 28.28 3.05 3.02 5.25 4.09 0 7 4.19
59 22.36 2.27 2.24 5.25 3.75 2.4 7 3.88
60 10.42 0.79 2.4 5.25 3.4 0 7 6.47
61 13.3 1.16 2 6.9 4.39 0 7 6.55
62 13.62 0.48 3 6 4.17 0.4 7 6.71
63 16.4 1.11 2.5 6 4.24 2 7 4.95
64 13.58 0.84 3.7 6 5.15 2.5 7.1 4.39
65 14.73 1.66 4.5 6.5 5.45 1 7.12 4.07
66 16.6 2.48 3.4 6 5.04 3 7.12 4.36
67 14.33 1.2 4.5 7 5.64 3 7.12 6.03
68 16.34 2.11 4.15 7 5.82 2.5 7.12 5.8
69 14.98 2.52 4.15 7 6.01 2.5 7 5.85
70 16.12 1.67 4.5 7 6.19 2.5 7.12 5.36
71 15.9 2.17 4.5 7 6.29 2.5 7.12 5.54
72 16.78 1.69 3.5 6.1 4.94 2.5 7.12 5.25
73 22.5 2.6 3.07 6 4.83 2.5 7.03 5.34
74 19.32 2.52 3.7 7 5.53 3.15 7.1 6.07
75 17.59 0.81 3.9 7 5.78 2.5 7.3 6.14
76 14.9 1.66 4.21 7.01 6.15 3.7 7.33 6.19
77 12.34 1.71 5.1 7.25 6.54 3.7 7 6.91
78 12.58 1.6 5.5 7.6 6.79 4.9 7.25 6.72
79 11.53 1 6.54 9 7.93 2.5 7.65 7.23
80 21.57 1.33 5 7.5 6.28 2.5 8 7.21
81 22.74 2.8 5 7.6 6.74 2.5 8 7.44
82 20.72 3.26 4.19 8 6.77 5.01 7.9 7.26
83 23.32 2.97 3.24 8.1 6.54 5 7.9 7.19
84 23.24 3.08 4.5 8.01 6.89 4 8 7.27
85 24.69 3.42 4.5 8.01 6.73 5 8 7.41
86 25.38 4.53 4.49 8.19 6.6 4.4 8.22 7.33
87 24.22 3.84 3.33 7.5 5.08 3.5 8 7.09
88 27.67 4.15 4.2 8.1 6.16 3.65 8 7.28
89 23.73 4.78 3 8 5.09 3.5 8 7.27
90 21.98 3.04 2.7 5.74 4.13 3 7.9 5.55
91 17.79 3.53 1.99 5.5 3.71 2.5 7.2 3.84
92 19.56 3.33 2.19 6 3.78 2.5 4.49 3.59
93 22.27 3.65 2.6 6.5 4.25 2.5 6.3 4.06
94 20.28 3.32 3.7 6.5 4.71 2.55 7.5 4.31
95 19.63 2 4.8 7.35 5.66 2.72 7.25 6.52
96 19.2 1.9 4.49 8.5 5.73 2.5 7.6 6.6
97 17.35 2.36 5 8.6 6.11 4.15 8.6 6.69
82 | P a g e
98 17.8 2.55 5 8.9 6.34 4.5 8.5 6.49
99 14.96 1.32 6.25 9 7.1 5.1 8.8 6.36
100 12.4 1.31 7.2 10 7.83 6.75 9.25 7.46
101 15.8 0.73 7.5 9.5 7.82 7 9.5 7.59
102 16.47 2.05 7.4 10 8.06 7.45 9.75 7.65
103 17.07 2.37 7 10.5 8.37 7.5 10 7.86
104 17.78 2.26 7.5 10 8.6 7.49 10.3 7.82
105 13.79 2.11 7.75 11 8.73 7.75 10 8
106 17.06 2.19 7.95 12 9.15 8 10 8.92
107 13.47 1.09 8 12.15 9.49 8 12 9.42
108 13.69 1.04 8 12.15 8.55 3.7 12 9.66
109 14.34 1.63 8 13 10.19 8 10 8.83
110 17.95 1.64 8 13.21 10.31 8 12.5 9.28
111 22.36 3.74 7.9 13.5 10.25 7.9 10 8.82
112 23.66 4.76 6.7 12 9.04 7.9 12 9.13
113 21.32 4.32 5.5 12 8.85 6 11.5 8.61
114 21.64 3.31 6 12.2 8.85 5 12.5 8.4
115 16.56 3.26 1 8 6.64 6.7 11.5 8.2
116 21.77 4.22 6.5 13.2 9.29 6.8 11.5 7.91
117 24.11 3.22 6.8 12 8.72 7.35 11.75 8.14
118 26.23 4.35 6.46 13.5 8.91 7.35 11.3 8.23
119 22.36 3.09 6.8 13.9 9.23 7.35 11.75 8.51
120 24.87 4.13 6.8 12 9.07 7.35 10.4 8.64
121 15.46 3.62 7.5 10.5 8.39 7 9.5 7.74
122 12.49 2.13 5 8 6.7 4.75 8 6.51
123 21.87 3.63 4.81 12.5 8.5 4 12 8.27
124 16.38 1.95 4.38 8.8 5.99 4 8.5 7.3
125 11.95 0.8 2.5 5.15 4.23 3.9 5 4.29
126 12.81 1.02 2 3.15 2.82 2.5 2.9 2.69
127 18.84 2.81 2.5 3.6 2.99 2.5 3.15 2.86
128 17.38 2.48 2.83 4 3.36 2.5 3.5 3.04
129 21.71 3.06 2.5 4 2.9 2.4 3.75 2.85
130 15.11 2.59 2.92 9.1 4.53 3.75 5 4.17
131 15.48 1.48 2.87 8.7 5 4 5.5 4.71
132 18.35 3.61 2.95 9.6 5.17 2.7 5.75 4.77
133 12.63 2.97 4 10 5.99 2.7 6 5.14
134 16.78 3.49 2.99 8 5.58 3.5 6.5 5.26
135 17.09 3.79 3 7 5.54 3.6 7 5.29
136 23.62 4.2 3 6.24 4.86 2.9 6 4.09
137 18.05 3.19 3 7 5.43 3.5 6 4.74
138 15.43 1.99 3.37 6.9 5.63 3.49 7.3 5.71
139 16.88 1.83 4 7.49 6.02 3.99 7 5.69
140 22.55 2.44 4.6 8 6.28 4 7.1 5.37
141 27.3 3.77 4 7 5.23 4 5.5 5.02
142 29.33 4.22 3.5 6 4.42 3.5 5.15 4.52
143 29.99 3.86 2.7 5 3.59 2.7 4.3 3.5
144 31.07 2.89 2.7 5 3.8 2.49 4.9 3.75
145 26.8 2.72 2.5 5 3.79 2.99 3.99 3.47
146 22.36 0.72 2 4.01 2.96 2.49 3.25 2.91
147 19.84 2.12 2.4 3.72 2.74 2.5 2.9 2.62
148 15.24 1.27 2 3.5 2.54 2.29 2.9 2.74
149 15.8 1.38 1.45 2.9 2.17 2.25 2.94 2.74
83 | P a g e
150 15.22 1.1 1.71 2.9 2.21 1.97 2.35 2.11
151 18.07 1.44 2 3.64 2.61 2.15 3 2.84
152 29.44 1.38 2.1 4 2.84 2.5 4 3.04
153 27 3.22 2.5 4 3.29 2.5 4 3.13
154 31.73 8.29 3 4.6 3.93 2.5 4 3.52
155 31.1 7.07 3.5 4.75 4.23 3 4.7 4.09
156 31.33 6.1 3.5 5 4.38 3.5 4.75 4.42
157 38.74 8.95 2.99 5.25 4.39 2.99 5 4.67
158 26.64 7.74 2.99 4.9 3.94 2.99 4.75 4.18
159 23.39 5.5 2.25 3.5 2.84 2.5 3 2.83
160 24.47 7.64 2.1 3.1 2.61 2.09 3 2.84
161 23.73 3.68 2.19 3.5 2.78 2.09 2.9 2.68
162 22.15 3.19 2.28 3.75 3.06 2.5 3.5 3.03
163 18.44 1.79 2.09 4.14 3.25 2.09 4.5 3.73
164 21.03 3.05 1.99 4 2.97 1.99 4 2.97
165 17.05 1.43 3 4.75 3.8 2.25 4.5 3.8
166 23.28 2.89 3.49 5.2 4.09 2.95 5.2 3.87
167 28.24 4.65 2.8 5 3.62 3 4.65 3.64
168 29.4 6.1 2.4 4.64 3.25 2.8 4.7 3.56
169 27.46 4.6 2.5 5 3.15 1.89 3.75 2.89
170 33.32 6.55 2.9 4.5 3.68 1.89 3.85 3.01
171 29.62 7.56 1.89 4 3.37 2.15 5 3.08
172 28.36 6.39 3.3 4.53 4.04 2.15 5 3.4
173 24.49 6.1 3.51 5 4.17 3 4.75 3.62
174 21.27 4.78 2.75 4.55 4.04 2.75 5 3.85
175 22.26 5.02 2 5 3.84 2.7 4.55 3.71
176 17.84 3.04 1.89 4.55 3.44 1.89 4.55 3.56
177 15.46 2.56 1.89 4.19 2.74 1.89 2.9 2.64
178 17.47 2.23 2 3.59 2.65 1.88 3.1 2.63
179 22.52 3.97 1.88 5 2.76 2.25 5 2.91
180 18.67 4.39 2.1 5 2.96 2.1 4.75 2.87
181 22.49 2.4 1.9 5 2.98 1.89 4.75 3.02
182 24.79 4.32 2.25 4.5 3.21 2 4.75 3.1
183 25.01 3.92 2.99 5 3.52 2.75 5.5 3.47
184 29.37 4.37 2.9 5.3 3.74 3 6 3.95
185 35.83 6.88 2.61 4.5 3.34 2.5 4.49 3.4
186 27.26 5.7 2.25 3.8 2.94 2.5 3 2.77
187 24.23 4.65 2 3.3 2.64 2.5 2.9 2.68
188 23.83 3.96 2 3.1 2.48 2.3 2.9 2.63
189 31.9 4.78 2 3.35 2.72 1.9 3 2.64
190 36.9 8.04 2.16 4 2.9 2.5 3.5 2.95
191 41.89 10.8 2.5 4.1 3.26 2.75 3.75 3.04
192 45.16 9.16 2.5 4.25 3.21 2.75 4 3.06
193 35.78 4.69 2.75 4.4 3.46 2.75 3.5 3
194 35.62 6.88 2.8 4.75 3.43 2.8 3.75 3.09
195 30.86 11.97 2.25 4.51 3.04 2.5 4 3.11
196 28.75 5.53 2.75 5 3.41 2.75 5 3.49
197 31.25 6.53 2.75 5.1 3.5 2.75 5.6 3.53
198 29.67 5.82 3 5.25 3.82 2.6 5.25 3.85
199 27.81 5.17 2.8 5.1 4.01 2.4 6 3.84
200 18.32 2.52 4 6 4.36 3 5.75 4.08
201 19.25 0.81 3.6 7.1 4.54 3.5 6.6 4.05
84 | P a g e
202 21.32 1.01 3 5.75 3.93 2.99 7 4.75
203 21.75 1.15 3 5.8 3.96 3.25 6.25 4.08
204 27.47 1.42 2.9 5 3.66 2.9 5 3.69
205 26.76 5.15 2.75 5 3.5 2.9 4.99 3.55
206 28.22 1.77 2.55 5 3.21 2.55 4.3 3.31
207 34.05 6.88 2.7 5 3.4 2.2 3.9 2.99
208 30.23 7.53 2.34 4.25 3.13 2.45 4.5 3.23
209 25.24 5.38 2.35 4.3 3.01 2.2 4.25 3.07
210 23.14 3.14 2.1 4.5 2.96 2.05 4.25 3.16
211 26.92 4.3 2.5 5.1 3.23 2.3 4.75 3.12
212 19.48 0.97 3 5.56 3.91 4 5.51 4.14
213 26.95 1.68 2 5 2.98 2.5 5.01 3.45
214 39.57 6.53 2.18 4.99 2.97 2.25 4.75 3.11
215 41.1 6.66 2.25 4.9 3.11 2.25 4.75 3.04
216 32.19 6.77 2.01 4.5 2.83 2.2 5 3.03
217 31.57 4.72 2 3.5 2.58 2 3.5 2.62
218 35.41 5.56 2 4 2.82 2 3.99 2.67
219 36.87 5.79 2.25 4.15 2.93 2 4.15 2.76
220 37.82 7.23 2.1 4.25 2.77 2 4.15 2.58
221 37.47 5.41 2.65 4.5 3.35 2.15 4.5 3.13
222 32.51 7.83 2.75 5 3.48 2 4.55 3
223 28.71 8.91 3.5 6.01 4.1 2.7 5.5 3.53
224 31.86 5.38 3.9 6.3 4.4 3.74 6.31 4.24
225 36.45 7.32 3.9 6.81 4.55 3.95 6.4 4.59
226 33.66 7.43 3.81 7.01 4.58 3.9 7.1 4.64
227 32.17 6.74 3.12 6.9 3.95 3 5.75 3.82
228 46.86 10.08 3.9 7.15 4.62 3.1 6 4.03
229 47.58 12.16 3.65 6.75 4.47 3.7 6.5 4.23
230 48.43 12.96 3.2 6.5 4.28 3.5 6.5 4.37
231 46.3 9.67 2.86 6.51 3.87 2.99 6.3 4
232 46.01 14.79 2.48 6.66 3.72 2.6 6.3 3.87
233 54.16 11.34 2.3 6.6 3.52 2.4 6 3.67
234 47.6 6.51 2.15 6 3.14 2.2 5.9 3.47
235 37.74 5.81 2 6.1 3.17 2.2 5.5 3.46
236 50.55 10.01 2 6 3.04 2.1 5.9 3.33
237 39.54 6.33 1.9 6 2.94 2 5.5 2.95
238 32.49 5.06 1.79 4.96 2.74 1.9 4.5 2.64
239 34.03 4.4 1.8 5 2.8 2 4.5 2.84
240 34.06 5.34 1.68 5.15 2.78 1.95 4.5 2.6
241 30.29 2.34 1.8 4.5 2.61 1.75 4.5 3.32
242 34.29 3.03 2 5 2.77 2 5 3.04
243 37.05 5.66 1.87 5.25 2.83 1.9 5.15 3.14
244 30.57 2.72 1.7 5.5 2.71 2 4.9 3.07
245 30.88 3.23 1.66 5.5 2.64 2 5.25 3.32
246 37.28 5.67 1.7 5.5 2.62 2 5.25 2.93
247 29.47 3.21 1.5 5.1 2.43 2 5.5 3.16
248 25.08 1.75 1.44 4 2.13 2 4.25 3.15
249 28.83 3.53 1.5 3.85 2.19 2 3.85 2.57
250 31.29 2.36 1.99 4 2.41 1.97 4 2.78
251 30.31 2.92 2 4 2.49 1.97 4 2.72
252 33.59 3.06 1.89 4.1 2.44 2 4.1 2.61
253 33.71 2.57 1.67 4.5 2.42 1.96 4 2.79
85 | P a g e
254 29.04 2.42 1 4 2.03 1.97 4.5 2.91
255 29.16 2.43 1 3.5 1.6 1.99 3.5 2.64
256 40.04 4.85 0.9 4.5 1.79 1.9 3.5 2.38
257 29.61 1.59 0.9 5.51 1.93 1.5 5.51 2.72
258 26.23 1.43 1 4.5 1.74 1.25 4 2.53
259 26.5 1.38 0.9 4.75 1.63 1.4 4.5 2.8
260 27.51 1.65 0.8 5.5 1.74 1 4.5 2.56
261 26.67 2.2 0.9 4.51 1.61 0.95 4.5 2.55
262 25.43 0.73 0.5 3.75 1.38 1.3 2.5 2.37
263 29.62 1.61 1.25 4.6 2.21 0.9 4.5 2.7
264 41.79 2.65 1.99 4.8 2.45 1.25 4.75 2.62
265 52.06 7.17 2 5 2.67 2 4.9 2.5
266 57.31 7.21 1.9 5.1 2.72 1.9 5.05 2.62
267 59.97 9.27 1.8 5.5 2.85 2 5.25 2.77
268 59.02 10.52 1.99 5.65 2.96 1.85 5.4 2.93
269 46.5 7.95 1.8 5.1 2.6 1.85 5.5 2.75
270 53.85 10.27 1.97 5.75 3.07 1.8 5.5 2.74
271 56.52 4.65 1.98 5.8 3.27 1.7 5.75 3.25
272 51.58 4.05 2.3 6.25 3.45 1.82 6 3.45
273 48.41 2.82 2.25 6.75 3.47 2 6.71 3.57
274 51.19 9.64 2.5 7 3.86 2 6.75 3.46
275 50.38 9.42 1.98 6 2.82 2.5 8.01 3.66
276 41.37 5.02 2 4.4 2.68 1.5 7 3.12
277 46.28 9.91 1.98 7.25 3.34 2 6.8 3.23
278 45.38 6.36 1.9 5 3.07 2.1 4.2 3.12
279 40.63 4.06 1.99 4.4 2.89 1.9 4.25 3.18
280 28.09 3.1 1.9 4 2.59 1.9 5.71 2.96
281 36.24 2.25 1.99 4.05 2.72 1.89 5.51 3.16
282 35.22 2.85 1.97 4.3 2.77 1.9 4.3 3.06
283 27.41 2.15 1.8 4 2.46 1.8 4.19 2.88
284 32.38 2.85 1.8 4.5 2.62 1.9 4.25 2.8
285 31.12 3.49 1.94 4.65 2.83 1.9 4.25 2.78
286 41.73 2.46 2.5 4.75 2.98 2 5.71 3.04
287 43.77 3.3 2.3 4.9 3.05 2.25 5 3.13
288 43.52 3.42 2.75 4.7 3.14 2.25 5 3.17
289 39.43 4.19 2.5 3.81 2.72 2.4 4.2 2.77
290 20.09 1.52 1.96 3.12 2.29 2 4.25 2.59
291 29.06 2.43 1.85 3.9 2.41 2 4.4 2.94
292 32.15 2.52 1.99 4 2.61 2 5.51 2.85
293 33.52 1.89 2 3.51 2.62 2 4.75 2.68
294 35.9 3.58 2.5 4.75 3.09 2 4.8 2.43
295 36.29 3.32 2.2 5 3.34 2 5 2.63
296 32.86 3.08 2 3.85 2.86 2 6.01 2.75
297 28.41 1.71 1.9 3 2.18 1.9 5.71 2.24
298 36.13 4.67 1.9 3.25 2.25 1.95 5.15 2.65
299 29.09 1.97 1.81 3 2.09 1.8 6.21 3.11
300 27.1 2.66 1.94 3.6 2.4 1.8 7.51 2.53
301 29.12 2.15 1.8 3.3 2.21 1.8 8.01 2.45
302 27.25 2.3 1.85 3 2.24 1.8 8.01 2.39
303 28.4 1.83 1.75 2.23 1.89 1.75 8.35 2.59
304 29.96 2.23 1.7 2.3 1.82 1.78 8.35 2.52
305 34.62 2.73 1.7 3.51 2.13 1.75 6.5 2.56
86 | P a g e
306 28.26 1.86 1.64 2.7 2.01 1.7 6.51 2.32
307 27.44 1.78 1.6 2.5 1.9 1.7 6.51 2.59
308 27.87 2.21 1.6 3.5 2.26 1.6 6.01 2.22
309 23.29 2.4 1.5 3.5 2.11 1.2 6.01 2.19
310 13.89 0.98 1 2.5 1.54 1.58 6.5 1.74
311 18.89 0.36 1.5 1.6 1.52 1 5.01 1.87
312 27.3 0.73 1.6 3.61 2.19 1 6.5 1.17
313 24.8 1.24 1.5 3 2.02 1.5 2.5 1.67
314 26.04 0.93 1.5 3.5 2.15 1.5 4.01 2
315 24.13 1.3 1.5 2.5 1.96 1.5 4.01 2.26
316 24.59 1.1 1.8 2.7 2.21 1.49 2.75 2.25
317 23.47 0.8 1.8 2.4 2.03 1.49 3 1.94
318 27.04 1.26 1.49 2.34 1.91 1.49 3.75 2
319 32.59 2.32 1.75 2.5 2.19 1.75 3.8 2.29
320 29.74 2.01 1.9 2.55 2.23 1.6 3.75 2.63
321 33.97 3.36 1.8 3 2.08 1.8 3.8 2.27
322 31.87 4.79 1.7 2.74 2.14 1.6 4.25 2.44
323 33.6 4.3 1.6 3 2.01 1.6 4.3 2.31
324 33.87 3.15 1.6 3 2.04 1.6 5 2.96
325 32 3.14 1.4 3.3 1.87 1.4 5 2.63
326 30.7 3.79 1.5 2.5 2.01 1.49 5.6 3.04
327 29.47 5.45 1.42 3 2.03 1.39 5.2 2.88
328 34.72 5.48 1.35 3 2.08 1.35 5 2.76
329 35.15 4.93 1.3 3 1.83 1.3 5 3.13
330 32.06 2.1 1.25 2.85 1.74 1.29 5 3.63
331 31.1 3.61 1.2 3.5 2.05 1.19 5 3.53
332 28.17 2.62 1.18 2.5 1.88 1.25 5 2.87
333 32.94 2.3 1.18 3.9 2.41 1.18 5 2.89
334 32.06 3.21 1.18 3.85 2.35 1.18 5 3
335 34.88 2.57 0.88 4 2.39 1.18 5.5 3.56
336 37.77 2.92 1 4.25 2.46 1.18 5.3 3.63
337 39.83 3.19 1 3.95 2.39 1 5.3 2.94
338 38.21 4.02 1 4 2.39 1 5.26 2.87
339 36.03 4.48 1.26 3.5 2.27 1 5.3 3.23
340 34.69 3.16 1.2 4 2.57 1 5.5 2.74
341 36.72 4.57 1 4.45 2.46 1 5.4 3.05
342 36.7 4.35 1 3.9 2.41 1 5.4 2.83
343 31.33 4 1 3.25 2.04 1 5.4 2.77
344 29.4 3.55 0.95 2.85 1.73 0.95 5.4 2.49
345 29.3 2.76 0.95 2.5 1.6 0.95 3.5 2.21
346 31.44 3.54 0.97 2.5 1.68 0.97 4.75 1.81
347 28.52 3.22 1.2 3.5 1.97 1.2 5 2.63
348 30.99 3.43 1.4 3.7 2.19 1.25 5.5 2.71
349 30.7 4.09 1.4 3.25 2.22 1.25 5.4 2.75
350 32.27 4.51 1.3 3.4 2.29 1.35 5.4 2.97
351 35.13 5.37 1.3 3.51 2.44 1.3 5.4 2.67
352 37 4.24 1.25 3.31 2.33 1.6 5.4 3.18
353 40.13 3.5 1.2 3.25 2.41 1.2 5.2 2.76
354 43.17 4 1.1 3.81 2.67 1.1 5 3.09
355 39.15 4.81 1.1 4 2.7 1.1 5 3.26
356 38.28 5.71 1.04 4 2.74 1.1 5.01 3.17
357 39.19 6.5 1.03 3.75 2.79 1.1 5 3.18
87 | P a g e
358 42.25 7.54 1.05 4 2.79 1.1 4.95 3.2
359 44.09 6.45 1.1 3.65 2.73 1.1 4.9 3.25
360 40.18 6.27 1.1 3.65 2.58 1.1 4 3.04
361 41.05 6.93 1.1 3.99 2.76 1.1 4.5 3.22
362 36.8 5.78 1.1 4 2.92 1.1 4.5 3.18
363 35.67 5.18 1.1 4.5 3.01 1.1 4.52 3.18
364 36.34 4.11 1.2 4.33 2.96 1.2 6.5 3.09
365 34.15 3.87 1 3.85 2.67 1.1 5.5 3
88 | P a g e