IEX Bulletin
MAY'16 ISSUE 5 | Volume 3
N E W S A N D I N F O R M AT I O N
In this Issue...
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Ministry of Power launches ‘VIDYUT PRAVAH’
(Website/Android Mobile App) displaying
IEX Volumes and prices
Market Insights
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KERC issues tariff order for FY’17
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Ministry of Power notifies guidelines for short-term power
procurement by DISCOMS
On 30th March, 2016, Ministry of Power notified guidelines for short-term power
procurement for a period of more than one day to one year by DISCOMS through
the National E-Bidding portal. The key features of the guidelines are as below:
ŠŠ Power procured from Power Exchanges to be excluded from the
scope of these Guidelines.
ŠŠ Each E-Bidding event to have two parts: E-Tender and E-Reverse Auction.
ŠŠ To ensure standardization in evaluation of bids, price offered by bidders
will be same for procurers inviting the bid.
ŠŠ Only Bidders to pay a one-time non-refundable registration fee of
` 20,000/-.
ŠŠ All Bidders can participate in E-Bidding by paying ` 500 per MW to PFFCL
for maximum capacity a bidder is willing to bid.
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JERC issues Tariff Order for Goa for FY'17
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CERC issues 4th amendment to IEGC
Regulations
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GERC issues Tariff orders for the DISCOMS
and GETCO for FY 16-17
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Ministry of Power notifies guidelines for
short-term power procurement by DISCOMS
REGULATORY NEWS
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MoP Report on Large Scale Integration of
Renewable Energy
ŠŠ Procurer can invite bids on RTC basis or for different time slots. The
procurer can also provide flexibility to Bidder(s) to bid for a part of the
tendered quantity, subject to a given minimum quantity and having a
constant bid capacity for the entire contract period.
ŠŠ Bidders to submit EMD (Earnest Money Deposit) for maximum capacity
they wish to offer@ ` 30,000/- per MW per month on RTC basis. The same
shall be reduced on pro-rata basis in case bids are invited on hourly basis,
in the form of Bank Guarantee/eBank Guarantee.
ŠŠ Bidders to pay ` 2 lac per MW per month (30 days, 24 hours) of contract
period or part thereof as contract performance guarantee.
IEX
More information: www.powermin.nic.in
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ŠŠ Wheeling charges at 11 kV : 14 Ps./kWh (same as last year).
ŠŠ Distribution losses at 11 kV, 22 kV and 33 kV: 10% (same as last year).
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REC Market Update: April’16
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On 31st March, 2016, the GERC issued Tariff orders for DGVCL, PGVCL, MGVCL,
UGVCL and GETCO for FY 16-17. The key highlights are as below:
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Power Market Update: April’16
GERC issues Tariff orders for the DISCOMS and GETCO for
FY 16-17
Trade Data: April’16
ŠŠ Cross subsidy charge: ` 1.45/kWh (up 146% from ` 0.59/kWh last year).
ŠŠ Transmission Tariff (GETCO): ~ 11.86 Paisa/Unit (up 2% from 11.60 Paisa/
unit last year).
ŠŠ Additional Surcharge: 49 paisa/kWh (down 26% from 66 Paisa/kWh
last year).
www.iexindia.com | 01
ŠŠ HT Tariff:
i) DEMAND CHARGES
FY 16-17 (`/kVA/month)
(a) F or billing demand in excess of 1000 kVA
475
(b) For billing demand in excess over the contract demand
555
ii) ENERGY CHARGES
FY 16-17 (paise/unit)
(a) F or billing demand above 500 kVA and up to 2500 kVA
420
(b) F or billing demand above 2500 kVA
430
More information: www.gercin.org
CERC issues 4th amendment to IEGC Regulations
On 6th April, 2016, the CERC notified the 4th amendment to IEGC Regulations. The amendments have been made in relation
to the date of commercial operation, Trial Run or Trial Operations and Technical minimum schedule for the inter-state
generating stations. The key highlights of the amendments are as below:
ŠŠ New Regulations have been added for Commercial operation and technical minimum schedule of Central and
inter-state generating stations.
ŠŠ Compensation to CGS/ISGS:
−− In case the CGS/ISGS is directed by the concerned RLDC to operate below normative plant availability factor
but at or above technical minimum, the CGS or ISGS will be compensated depending on the average unit
loading.
−− The compensation is to be borne by entity that has caused the plant to be operated at schedule lower than
corresponding to Normative Plant Availability Factor, up to technical minimum, based on the compensation
mechanism finalized by the RPCs.
−− Change in schedule under the provisions of CERC (Ancillary Services Operations) Regulations, 2015 is not
considered for compensation.
−− The generating company has to record increase in emission levels from the plant due to part load operation and
submit a report for each year to the Commission by 31st May of the year.
More information: www.cercind.gov.in
JERC issues Tariff Order for Goa for FY17
On 18th April, 2016, JERC issued a Tariff Order for Energy Department (ED) Goa for FY’17. Key highlights of the order are as
below:
ŠŠ HT Tariff:
Consumer
Tariff FY-16-17
FC (`/kVa/month)
HT Industrial 11/33 kv
HT Industrial 132 kv
HT Commerical
02 | www.iexindia.com
EC (`/kWh)
4.30
250
4.20
5.50
ŠŠ T&D Losses: 11.25%.
ŠŠ Wheeling Charges: ` 0.87/kWh for HT/EHT.
ŠŠ Cross Subsidy Surcharge for HT/EHT: ` 0.99/kWh.
ŠŠ ED Goa is now prepared to grant approvals to open access consumers based on the feasibility at the
consumer end.
ŠŠ The perceived shortage of 55.34 MUs has been approved for procurement through Exchanges.
ŠŠ JERC has ordered purchase of RECs in FY17 for net shortfall of 57 MUs in Non-Solar RPO Compliance.
More information: www.jercuts.gov.in
KERC issues tariff order for FY’17
On 30th March, 2016, Karnataka Electricity Regulatory Commission (KERC) issued the Tariff Order for FY’17. The charges as
per the tariff order are as below:
Escom
BESCOM
Other Escoms of Karnataka
Tariff Category
Particulars
Approved as per Tariff Order 2016
Demand Charges (DC) per kVA
` 190/-
Energy Charges
HT-2(a)(i)
0 to 1 Lakh kWh
` 6.25/unit
> 1 Lakh kWh
` 6.75/unit
Demand Charges (DC) per kVA
` 180/-
HT-2(a)*
Energy Charges
0 to 1 Lakh kWh
` 6.20/unit
> 1 Lakh kWh
` 6.60/unit
* The same is applicable to HT - 2(a)(ii) of BESCOM
Cross Subsidy Surcharge (CSS):
Tariff Category
Category Description
HT-2(a)
HT Industrial
HT-2(b)
Commercial
Particulars
Approved CSS (`/unit)
66 kV & above
1.18
HT Level - 11 kV/33kV
0.86
66 kV & above
2.53
HT Level - 11 kV/33kV
2.22
More information: www.karnataka.gov.in/kerc
Ministry of Power launches ‘VIDYUT PRAVAH’ (Website/Android Mobile App) displaying
IEX Volumes and prices
On 31st March 2016, Ministry of Power launched a mobile application and website providing power availability and IEX
prices in real time. The website is named ‘VIDYUT PRAVAH – Electricity Price, Availability and Highlights’. The website/mobile
app gives State wise prices discovered at IEX, quantum of power brought from the Exchange and the unsold volume at the
Exchange along with deficit and surplus of each State.
More information: www.vidyutpravah.in
www.iexindia.com | 03
Market Insights
MoP Report on Large Scale Integration of Renewable Energy
The variable and intermittent nature of renewable energy can affect the secure and reliable operation of the grid.
Therefore, to make the grid reliable, deviation handling, forecasting, balancing and ancillary services are a pre-requisite,
at both inter-state and intra-state level. At the same time, increased penetration of renewable energy will require greater
flexibility in conventional power generation, maintain frequency control and reserves. In order to study and suggest
a roadmap, the Ministry of Power constituted a Technical Committee comprising of members from CERC, CEA, CTU,
POSOCO, NTPC, NISE, MoP etc.
The technical committee in its recently submitted report on "Large Scale Integration of Renewable Energy, need
for balancing, Deviation Settlement Mechanism (DSM) and associated issues", has recommended the following
action plan:
1. Regulatory Framework for handling Deviations
A regulatory framework for inter and intra-state deviation, metering, accounting and settlement mechanism (including
renewables), must be in place and implemented at the State level in 2016. This framework has already been implemented
at the inter-state level and also in five States across the country. Subsequently, deviation price needs to be linked to
market linked mechanism with suitable price discovery process.
2. Forecasting and Scheduling
Forecasting for RE generation as well as load is essential for ensuring resource adequacy and grid security. This
framework has already been put into place by the CERC at the inter-state level and the same can be used as a reference
for the intra-state regulations. Model Regulations for regulatory framework for Forecasting, Scheduling and Imbalance
Settlement for Renewable Energy (RE) generators have been published in 2015 and Draft regulations are already out
in Madhya Pradesh, Rajasthan, Karnataka, Tamil Nadu, Odisha and Jharkhand. Rest of the States are in the process of
formulation of the same.
3. Deployment of Reserves
A framework for identification and utilising of generation reserves available with regulated generators needs to be
implemented. Such reserves must be identified and kept available all the time for the system operator, in order to
maintain grid reliability and security. Necessary incentives to the generator should also be given for maintaining and
deploying the reserves. The regulatory framework for deployment of reserves at inter-state level has already been
specified by the CERC.
4. Transmission System Augmentation and Strengthening
Technical Standards for RE generation incorporating features like Low Voltage Ride Through (LVRT), High Voltage
Ride Through (HVRT) should be notified on an urgent basis by the Commission for the smooth functioning of
the grid.
04 | www.iexindia.com
5. Ancillary Services
In an electricity grid, some system support services such as frequency and voltage control are required for secure &
reliable grid operation. These support services are known as ‘Ancillary Services’ and are basically procured and called
into service by the System Operator. The regulatory framework for implementation of Ancillary Services Operations has
already been notified by CERC and National Tariff Policy, 2016 also mandates implementation of Ancillary Services with
NLDC as the designated Nodal agency for its implementation.
6. Balancing Requirements
Each DISCOM/SLDC will be required to commit adequate generating resources to meet the anticipated load and RE
generation. Therefore, a balanced portfolio will have to be maintained at the State level.
7. Frequency Control
Regulatory framework for primary control supplemented by secondary control and tertiary control has to be put in
place. The Roadmap for Frequency Response and Secondary Response has already been provided by the CERC.
8. Harnessing and Incentivizing Flexibility
Provisions for meeting the changing load profile and maintaining system stability have to be made and implemented
alongwith provisions for incentivizing flexibility of conventional generation. The CERC, in the recent past, has notified
the Fourth Amendment to the IEGC Regulations which specifies the Technical Minimum Schedule for operation of
Central Generating stations and Inter-State Generating Stations.
9. Communication in Power Sector
Regulatory framework for communication in power sector including smooth real time data transfer between
the RE pooling stations and the SLDC/REMC is to be implemented by March, 2017. MOP, MNRE, GIZ, POSOCO
and States are working together to prepare the DPR for implementation of Renewable Energy Management
Centres (REMCs). DPR for Southern States and Southern Regional Load Despatch Centre (SRLDC) is also about
to be finalized.
10. Capacity Building of LDCs particularly in RE Rich States
Lastly, the system operator needs to be properly equipped to plan, operate, maintain and govern power systems with
increasing share of renewables in the total installed capacity of the country. Moreover, Capacity Building should be
undertaken at an ongoing basis with utmost priority.
The above action plan is expected to ensure smooth and secure grid operations with large scale integration of
renewable energy.
www.iexindia.com | 05
Market NEWS
Power Market Update: April’16
Price
The spot power market at IEX traded over 115 MUs on a daily
average basis in April’16, highest ever since the inception of
the market in the year 2008.
The average Area Clearing Price (ACP) - the price at which
settlement takes place, were as below:
ŠŠ North-East, East and West: ` 2.69 per unit, 12%
increase over March.
A total of 3,465 MUs were traded this month, an increase of
about 13% over 3,078 MUs traded in March. Average daily
purchase bids were 6,151 MW while sell bids were 7,164
MW, an increase of about 14% and 5% respectively over
the previous month. Thus, the market on an overall basis
remained buyer friendly.
ŠŠ North: ` 2.92 per unit, 12% increase over March.
ŠŠ South: ` 4.16 per unit, 17% increase over March.
RoI
North
South
South - Avg: ` 4.16/kWh
5.00
4.00
3.00
29-04-2016
27-04-2016
25-04-2016
23-04-2016
21-04-2016
19-04-2016
17-04-2016
15-04-2016
13-04-2016
09-04-2016
07-04-2016
06-04-2016
0.00
North - Avg price: ` 2.92/kWh
Rest of India - Avg price: ` 2.69/kWh
05-04-2016
1.00
03-04-2016
2.00
01-04-2016
On an overall basis, the Exchange lost 10 MUs per day due
to congestion, almost 11% more than 9 MUs per day lost
in March. The ER->SR and WR->SR interconnections were
congested about 77% of the time and ER->NR and WR->NR
interconnections were congested 36% of the time during
the month.
Price During the Month
6.00
Price (`/kWh)
Congestion
7.00
11-04-2016
Despite rising temperature and high power demand across
the country, the average Market Clearing Price (MCP) in April
was ` 2.91 per unit.
Volumes
A few key highlights for April’16 are as given below:
Participation
ŠŠ Total Sell bids – 5,158 MUs
1,046 participants traded in the spot market on an
average daily basis. The highest participation was
on 21 April, 2016 when 1,093 participants traded on the
Exchange.
ŠŠ Total buy bids – 4,428 MUs
ŠŠ Total Cleared Volume – 3,465 MUs
The Northern and Southern States were Net Buyers
while the Eastern, Western and North-Eastern States
were Net Sellers.
The table below gives the average daily buy-sell picture at
regional level for April’16 vis-à-vis March’16:
REGION
North East
AVERAGE DAILY BUY (MW)
April'16
March'16
Term-Ahead Market
About 122 MUs were scheduled during the month across all
segments of the Term Ahead Market - Intraday, Day Ahead
Contingency, weekly and Daily.
AVERAGE DAILY SELL (MW)
Change (%)
April'16
March'16
Change (%)
NET
85.32
105.80
-19%
218.00
126.81
72%
SELL
842.93
607.25
39%
964.26
835.10
15%
SELL
North
1821.34
1598.46
14%
999.49
738.99
35%
BUY
West
1333.63
1171.34
14%
2344.15
2182.76
7%
SELL
South
729.55
654.27
12%
286.87
253.45
13%
BUY
East
06 | www.iexindia.com
REC Market Update: April’16
A total of 2.61 lacs RECs were traded in the REC market
trading session held at IEX on 27 April, 2016. With April
being the first month of FY 2016-17 annual compliance
period, the market made a good start since same time last
year only about 45,000 RECs were traded.
On an overall basis, a total of 3,151 participants are registered
in the REC segment at IEX. Of this, 829 are Eligible Entities
(RE Generators) 2,309 are Obligated Entities (DISCOMs,
Open Access Consumers & Captive Generators) and 13 are
registered as Voluntary Entities.
Several Obligated Entities who purchased RECs in this
trading session are essentially fulfilling their RPO compliance
for FY 15-16.
An overview of participation in the REC Market at IEX as on
30th April, 2016:
The key details of this trading session are as below:
Total number of registered participants
3,150
ŠŠ Non-solar segment: Total buy bids were 2,38,485
and total sell bids were 89,80,430.
Obligated Entity
2,309
All buy bids were cleared at floor price of `
1,500 per REC.
DISCOMs
31
ŠŠ Solar segment: Total buy bids were 22,958 and total
sell bids were 23,48,055.
Open Access Consumers
All buy bids were cleared at floor price of
` 3,500 per REC.
Captive Consumer
2,115
113
Voluntary
Participants:
13
Eligible Entity (Private Generators)
A total of 1,420 participants traded at IEX with 904
participants in non-solar segment and 516 participants in
the solar segment.
Highest participation in a session (March'16)
Non Solar Buyer Mix
2,105
Solar Buyer Mix
10,182 (44%)
81,627 (34%)
102,674 (43%)
828
54,184 (23%)
Captive User
Captive User
Discom
Discom
Open Access
Open Access
12,074 (53%)
702 (3%)
www.iexindia.com | 07
Trade Info: APRIL’16
MONTHLY PRICE SNAPSHOT
Minimum MCP
Maximum MCP
Average MCP
` 0.90/kWh
` 5.53/kWh
` 2.91/kWh
AREA PRICES
Prices (`/kWh)
Area
Min
Max
RTC*
(0-24 hr)
Peak*
(18-23 hr)
Non Peak*
(1-17 & 24 hr)
Night*
(1-6 & 24 hr)
East, North East &
West
0.80
5.30
2.69
2.96
2.60
2.75
North
0.80
6.50
2.92
3.03
2.88
3.19
South
1.50
10.00
4.16
3.99
4.22
3.41
* Simple Average of Area Clearing Prices for specified duration of time.
1 MU = 1 Million kWh = 1 GWh
MONTHLY VOLUME SNAPSHOT
VOLUME
Total
Volume (MUs)
Unconstrained
Volume
Cleared
Volume
Purchase
Bids
Sell
Bids
3,763
3,465
4,428
5,158
Average
Daily (MW)
08 | www.iexindia.com
5,226
4,813
6,151
7,164
Average
Daily
Volume
Cumulative
Cleared
Volume (MU)
116 MUs
3,465
For FY'17
TERM AHEAD MARKET SNAPSHOT (April’16)
Contracts
Total Volume
(MWh)
Max Price
(`/kWh)
Min Price
(`/kWh)
Weekly
45,689
4.95
4.20
Intraday
36,201
6.50
2.00
Day-Ahead Contingency
24,833
4.50
1.90
Daily
15,600
4.40
4.40
REC MARKET SNAPSHOT
Trade Session on 27 April, 2016
REC
Purchase
Bids
Sell Bids
Cleared (REC)
Price
(`/REC)
Participants
Non Solar
2,38,485
89,80,430
2,38,485
1,500
904
Solar
22,958
23,48,055
22,958
3,500
516
State-wise RE Capacity (MW)
Source wise RE capacity (MW)
2
123
65 73
636
303
215
300
1257
155
699
379
2301
RP: 4831 MW
RP: 4831 MW
137
352
894
R eg
1027
746 R
istered Projects
egis
ts
tered Projec
Wind
Small Hydro
Tamil Nadu
Maharashtra
Uttar Pradesh
Gujarat
Bio-fuel Cogeneration
Solar
Karnataka
Rajasthan
Andhra Pradesh
Madhya Pradesh
Biomass
Others
Chhattisgarh
Punjab
Himachal Pradesh
Others
RP: Registered Projects
www.iexindia.com | 09
PARTICIPATION SNAPSHOT (as on 30th April, 2016)
Total Registered
Participants
Open Access
Consumers
Private
Generators
Highest
Participation
3,900+
3,450
313
1,410, 22nd June'13
IEX Price and Volume Trend in April 2016
7.00
160,000
6.00
140,000
120,000
80,000
3.00
60,000
2.00
40,000
MCP
N1
S1
30-04-2016
29-04-2016
28-04-2016
27-04-2016
26-04-2016
25-04-2016
24-04-2016
23-04-2016
22-04-2016
21-04-2016
20-04-2016
19-04-2016
18-04-2016
17-04-2016
16-04-2016
15-04-2016
14-04-2016
13-04-2016
12-04-2016
11-04-2016
10-04-2016
09-04-2016
08-04-2016
07-04-2016
06-04-2016
05-04-2016
04-04-2016
0
03-04-2016
0.00
02-04-2016
20,000
01-04-2016
1.00
Cleared Volume (MWh)
W3
Average Hourly Market Clearing Volume and Price for the Month
200000.00
4.00
180000.00
3.50
160000.00
3.00
140000.00
Volume (MWh)
Volume MWh
100,000
4.00
2.50
120000.00
2.00
100000.00
80000.00
1.50
60000.00
1.00
40000.00
0.50
20000.00
0.00
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
Hours
Hourly MCV (MWh)
10 | www.iexindia.com
Hourly MCP (`/kWh)
19
20
21
22
23
24
0.00
Price (`/kWh)
Price `/kWh
5.00
80.0%
77.3%
ES
10.0%
WS
40.0%
S1S2
36.3%
WN
23-04-2016
24-04-2016
25-04-2016
26-04-2016
27-04-2016
28-04-2016
29-04-2016
30-04-2016
24-04-2016
25-04-2016
26-04-2016
27-04-2016
28-04-2016
29-04-2016
30-04-2016
17-04-2016
22-04-2016
0
23-04-2016
0.5
22-04-2016
1
21-04-2016
1.5
21-04-2016
2
20-04-2016
2.5
19-04-2016
3
20-04-2016
3.5
18-04-2016
South Import
19-04-2016
4
18-04-2016
17-04-2016
16-04-2016
15-04-2016
14-04-2016
13-04-2016
12-04-2016
11-04-2016
10-04-2016
09-04-2016
08-04-2016
07-04-2016
06-04-2016
05-04-2016
04-04-2016
03-04-2016
02-04-2016
01-04-2016
Price Differential (`/kWh)
E
16-04-2016
15-04-2016
14-04-2016
13-04-2016
12-04-2016
11-04-2016
10-04-2016
09-04-2016
08-04-2016
07-04-2016
06-04-2016
05-04-2016
04-04-2016
03-04-2016
02-04-2016
01-04-2016
Price Differential (`/kWh)
CONGESTION PROFILE (April 2016)
1.6
N
1.4
1.2
1
0.8
0.6
0.4
0.2
0
90.0%
% of time congestion
77.3%
70.0%
60.0%
50.0%
36%
30.0%
20.0%
0.0%
0.0%
EN
0%
0%
N3 Import
W3 Export
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