Vedanta Aluminium purchases 354 million units of renewable energy from IEX

Bulk of procurement is from Green Term-Ahead Market, which was introduced last year by IEX and supports buyers in procuring green energy in a competitive and flexible manner

Vedanta Aluminium today said it procured 354 million units of solar and non-solar renewable energy primarily from Green Term-Ahead Market (GTAM) at IEX for its aluminium production facility at Jharsuguda, in Odisha.

IEX is a premiere energy marketplace and is the largest power exchange in the country.

GTAM, introduced last year by IEX, supports buyers in procuring green energy in the most competitive and flexible manner. The purchase of green power from the exchange has enabled organisations like Vedanta and the industry at large to achieve their carbon-mitigation targets while producing ‘green’ value-added products.

“The market segment has been operational for over a year now and has received splendid response from industries, especially the energy intensive ones as well as the distribution utilities,” Rohit Bajaj, senior vice president and head-business development at IEX was quoted as saying.

Vedanta Aluminium’s purchase of green power units is more than 35 percent of the green power traded on IEX in Q1 FY22, said the company in its release today.

“Our long-term strategy focuses on migrating to low carbon energy mix, with gradual shift from fossil fuels to renewable energy, to produce green aluminium,” Rahul Sharma, chief executive officer at Vedanta Aluminium was quoted as saying.