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IEX gains after resuming REC trading

Capital Market 

Indian Energy Exchange (IEX) gained 1.32% to Rs 779.35 after the power exchange on Monday announced the resumption in the trading of Renewable Energy Certificates (REC) with effect from Wednesday, 24 November 2021.

The trading in REC has been restarted after a gap of almost 16 months. IEX said that the last REC trade session took place in June 2020. The REC trading had not been taking place due to a stay order from the Appellate Tribunal for Electricity (APTEL), in response to the petitions filed by a few Renewable Energy Associations.

IEX further said that the trade has been resumed in line with APTEL's recent order dated 09 November 2021 and CERC order dated 18 November 2021.

Commenting on the development, Rohit Bajaj, head- business development and senior vice president of Indian Energy Exchange said, We are pleased to re-commence trade in the REC Market. REC has been a vital market-based instrument for obligated entities such as distribution utilities, open access consumers, and captive power plants for meeting their RPO in the most competitive and efficient manner. IEX pioneered trade in REC market in the year 2010. The Exchange has cumulatively traded 390 lacs renewable energy certificates since commencement of the market in the year 2010, and has been playing a significant role in supporting the transition to a sustainable energy economy.

IEX is the first and largest energy exchange in India providing a nationwide, automated trading platform for physical delivery of electricity, Renewable Energy Certificates (RECs) and ESCerts (Energy Saving Certificates). The company's consolidated net profit jumped 75.34% to Rs 77.73 crore on 55.64% increase in net sales to Rs 110.38 crore in Q2 FY22 over Q2 FY21.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, November 23 2021. 09:18 IST
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