Power prices shoot up to seven-year high of Rs 9.91 in spot market

Industry said this happened due to lack of hydropower and states rampantly backing down wind, solar power

Power supply prices in the spot power market shot up on Tuesday to a seven-year high at Rs 9.91 per unit. The average price prevailing currently is Rs 5.13 per unit, which is higher than the contracted price for both coal and renewable through long-term agreements across states. The spot market has been witnessing such high prices for a week now.

The average market clearing price during this financial year (FY) is Rs 2.87 per unit until September 2017. Whereas, the last high price of Rs 5.19 was discovered in FY 2009-2010. Though, in August and October 2014,