IEX tumbles on market coupling buzz | Capital Market News
Indian Energy Exchange (IEX) slumped 10.30% to Rs 214.60, triggered by the media reports suggesting that the government is considering implementing market coupling for power exchanges in the country.
Market coupling is a mechanism that aggregates buy and sell bids from all power exchanges in India, leading to a unified market clearing price (MCP). This could potentially streamline the power trading process and ensure a more efficient allocation of electricity resources.
The Power Ministry has reportedly requested the Grid Controller of India (Grid-India) to expedite the completion of a pilot study on market coupling. If implemented, this new model could have a profound impact on the Indian power market.
IEX is India’s premier energy exchange providing a nationwide, automated trading platform for physical delivery of electricity, renewable power, renewable energy certificates and energy saving certificates.
The company achieved electricity volume (including certificates) of 12,040 million units (MU) in August 2024, registering a growth of 35.8 % YoY basis.
The firm’s consolidated net profit jumped 27.2% to Rs 96.44 crore on 18.8% increase in revenue from operations to Rs 123.56 crore in Q1 FY25 over Q1 FY24.
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First Published: Sep 24 2024 | 3:04 PM IST
