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IEX trades 9035 MUs in December, up 24% YoY, down 5% MoM

News: IEX reported 24.43% YoY increase and 4.66% MoM decline in December. Total volumes in December were at 9035 MUs. Day ahead market traded 5423 MUs at an average monthly price of 3.54. It is an increase of 14.92% compared to volumes of November and fell 3.26% YoY. Real time market volumes were at 1512 MUs and increased 15.33% MoM and 33.92% YoY. Term ahead market comprising intra-day, contingency, daily & weekly contracts traded 350 MUs and recorded 15.63% MoM increase and 19.72% YoY decline. Green Market also traded a cumulative of 365 MUs during December. REC market also saw a volume of 1385 MUs in the trading session held on December 29.

Views: Buoyancy in volumes should continue led by resumption in REC trading, Bhutan commencing trading in DAM, new product launches and shift from other sub segments of short term market to exchanges. We expect strong volume growth in FY22 & F23 led by commencement of long duration contracts, Green Day ahead market and launch of electricity derivatives.

Impact: Positive