www.iexindia.com | 01

N E W S A N D I N F O R M A T I O NIEX Bulletin

REGULATORY NEWS

CERC issues detailed procedure for Ancillary Services Operations

CERC issued detailed procedure for Ancillary Services Operations in March, 2016. The key highlights are as below:

� RRAS (Reserves Regulation Ancillary Services) Providers: Only Regional Entities (Generators) whose tariff is determined by CERC can be RRAS providers who will be required to increase (Regulation Up) and decrease (Regulation Down) generation as per the instructions of the nodal agency.

� Nodal Agency – NLDC: To forecast demand on day ahead basis, prepare Merit Order of all RRAS providers based on variable cost.

� Requirements on RRAS Providers: RRAS provider to submit prescribed details of the station to respective RPC by 8th of each month. RPC to publish the list on their website by 12th of every month.

� UP Regulation: Merit Order stack to be arranged from the lowest to highest variable cost. For plants under reserve shutdown, the dispatch duration to be 24 hours before for thermal plant and 3 hours before for gas/RLNG/Liquid based plants.

� Down Regulation: Merit Order stack from highest to lowest variable cost.

� Other Procedures: Schedule under RRAS to be deemed as delivery and deviation, if any, to be settled as per DSM Regulations 2016.

� RRAS Settlement:

− Pool to pay fixed and variable charges to RRAS providers in case of UP Regulation.

− RRAS provider to pay variable charges to pool in case of DOWN Regulation.

− RRAS providers to reimburse fixed charges to the original beneficiaries.

− CERC to specify Mark up through a separate order.

More information: www.cercind.gov.in

CERC notifies Amendment to REC Regulations

On 28th March, 2016, CERC notified the fourth Amendment to the Renewable Energy Certificate Regulations. The key highlights of the Amendments are as below:

� RE Generators eligible for REC: Third party sale through Open Access:

− Generator availing concessional/promotional transmission or wheeling charges or banking facility – NOT ELIGIBLE.

APRIL'16 ISSUE 4 | VOLUME 3

IN THIS ISSUE...

PAGE REGULATORY NEWS

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01 CERC issues detailed procedure for Ancillary Services Operations

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01 CERC notifies Amendment to REC Regulations

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02 MERC notifies new Distribution Open Access Regulations 2016

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02 GERC determined additional surcharge @ 49 paisa/kwh

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03 IEX Performance Review: Fiscal 2015-16

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06 REC Market Update: March’16

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07 Power Market Update: March’16

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− Generators only availing concessional/promotional CSS – ELIGIBLE.

− Generator foregoing concessional/promotional benefits – ELIGIBLE.

� CGPs/RE Generators: All CGP/RE generating plants fulfilling CGP criteria as per Electricity Rules, 2005 and commissioned between 29th September 2010 and 31st March 2016 and registered with Central Agency under REC scheme on or before 30th June 2016 to be eligible for RECs for self-consumption against their RPO as consumer. Those not meeting the dates and the criteria as per Electricity Rules, 2005 to not be eligible to retain RECs for self-consumption against their RPO as a consumer.

More information: www.cercind.gov.in

MERC notifies new Distribution Open Access Regulations 2016

On 30th March, 2016, MERC notified the new Distribution Open Access Regulations, 2016. The key highlights of the Regulations are as below:

� Eligibility:

− A consumer having Contract Demand of 1MW and above.

− Open Access from more than one source is allowed.

− Maximum Demand after grant of OA should be >=70% of the threshold level of eligibility for OA. Penalty equal to two times the wheeling charges for the time consumer fails to achieve Maximum Demand.

� Notification of detailed procedure: Discom to publish procedures, application forms and fees etc. on its website within 30 days from the notification of these Regulations.

� Revision of Contract Demand: No revision in Contract Demand allowed during the tenure of the STOA.

� Application Procedure for Open Access involving Inter-State Transmission System:

− Consent of the Distribution Licensee to be sought by MSLDC before giving consent to RLDC.

− STOA: [Power Exchange related provisions]

• Injection point: At Distribution System within Maharashtra and selling power to Power Exchange.

• Drawal point: Consumer connected at Distribution System within Maharashtra and opting to avail power supply from Power Exchange.

� Imbalance Charge:

− Open Access Consumer: For Deviations between the Contract Demand and the actual drawal:

• Over-drawl: Higher of 1) SMP + UI + Additional UI or 2) Variable Charge of temporary Tariff category] + [penalty for exceeding Contract Demand].

• Under-drawl: No charges paid by DISCOM. Levy of Penal charges, if any, applicable under the Inter-State DSM on a pro-rata basis.

− Generator: For Deviations between the schedule and the actual injection:

• Over-injection:

- In case benefit to grid: Generator will receive @ Lower of 1) DSM charges or 2) SMP + UI + Additional UI or weighted average cost of long-term power purchase sources.

- In case detrimental to grid: Generator will pay @ Higher of 1) DSM charges or 2) SMP + UI + Additional UI.

• Under-injection:

- Generator will pay @ Higher of 1) DSM charges or 2) SMP + UI + Additional UI + congestion charge stipulated by RLDC.

� Banking of Renewable Energy generation shall be permitted during all twelve months of the year.

More information: www.mercindia.org.in

GERC determined additional surcharge @ 49 paisa/kwh

GERC in its order dated 4th April, 2016, revised the Additional Surcharge from 66 paisa/kwh to 49 paisa/kwh. This is applicable from 1st Apr to 30th Sep, 2016.

More information: www.gercin.org

www.iexindia.com | 03

MARKET INSIGHTS

IEX Performance Review: Fiscal 2015-16

IEX achieved several new milestones in 2015-16. A few key market highlights are as below:

� Day Ahead Market (DAM) average daily volume was 93 MUs.

� DAM traded highest ever volume of 137 MUs on 15th September, 2016.

� 29% of total volume transacted in the short term market constituted by DAM.

� 34,067 MUs of electricity traded in DAM, about 20% more than the previous fiscal.

� 31.39 lacs RECs were traded in 2015-2016, highest ever.

� Single price discovered in Day Ahead Market (DAM) on six different occasions, realizing one nation, one grid and one price aspiration of the Government.

Day Ahead Market (DAM)

Overall 34,067 MUs were traded In DAM in fiscal 2015-16 in comparison to 28, 482 MUs last fiscal while the average daily volume was 93 MUs, about 21% up from 77 MUs in the previous fiscal. A few key highlights of the Day-Ahead Market are as below:

� Purchase bids: Bids worth 43,101 MUs were received, almost same as 43,293 MUs in fiscal 15.

� Sell bids: Bids worth 56,514 MUs were received, 38% up from 41,079 MUs.

� Cleared volume: Final cleared volume was 34,067 MUs, up 21% from the previous fiscal.

� Market Clearing Price (MCP): The market maintained buyers bias throughout the year with lower clearing prices. The average Market Clearing Price (MCP) for FY’16 was ` 2.73/unit, about 22% lower than ` 3.51/unit in previous fiscal.

� Area Clearing Prices (ACP): Even the Area Clearing Prices, discovered apropos market splitting in case of unavailability of transmission corridor were also lower in comparison to the last fiscal. For North-East, East, West and North, ACP varied between ` 2.46/unit to ` 2.77/unit, while in South it varied between ` 3.79/unit and ` 4.28/unit. Graph 1 below compares average ACP in fiscal 16 with ACP in fiscal 15.

0.00

5.00

10.00

A1 A2 E1 E2 N1 N2 N3 S1 S2 W1 W2 W3 MCP

2015 -2016 2014 -2015

Pric

e (`

/kW

h)

Graph 1: Average ACP in �scal 16 vs ACP in �scal 15

Financial Year A1 A2 E1 E2 N1 N2 N3 S1 S2 W1 W2 W3 MCP2015 - 2016 2.47 2.47 2.47 2.47 2.77 2.77 2.79 3.79 4.28 2.46 2.46 2.46 2.73

2014 - 2015 3.24 3.24 3.22 3.22 3.23 3.23 3.27 5.11 5.93 3.07 3.07 3.05 3.51

Source: IEX Data

04 | www.iexindia.com

� Participation Trend: Total registered participants increased to 3,872 in this fiscal from 3,487 in the previous fiscal, a rise of more than 11%. Open Access consumer base also increased to 3,421, up by 12% from 3,047 in last fiscal. On a daily average basis, 1,035 participants traded in the DAM, as compared to 818 participants in last fiscal. The highest participation ever was observed on 21st May, 2015 when 1,263 participants traded in DAM.

� Congestion: Northern and Southern States were most impacted due to congestion in the Inter-State transmission corridors, adversely impacting the price for power in both regions. Prices in these States were higher in comparison to prices in other States:

− The East -> South and West -> South corridors were congested for about 67% of the time.

− The East -> North and West -> North corridors were congested for about 24% of the time.

− Overall, 2,144 MUs could not be traded due to congestion while in the last fiscal 3,086 MUs were lost.

The graph depicts % of time congestion was experienced across different Inter-State corridors.

Term-Ahead Market (TAM)

A total of 330 MUs were scheduled through TAM at IEX, 22% up from 222 MUs in the previous fiscal. The highest volume traded so far in this segment was achieved in July 2015 when close to 69 MUs were traded.

REC Market

IEX saw 103% increase in trade in the REC market over last fiscal.

A few key highlights of the market at IEX are as below:

� 97 lacs RECs were issued in FY’16, about 31.4 lacs RECs were traded and 3.6 lacs RECs were retained by generators for their own use.

� In the Solar Segment, almost 24 lacs RECs were issued and 4.6 lacs RECs were traded, up by 362% from the previous fiscal.

� In the Non-Solar Segment, over 73 lacs RECs were issued and 26.7 lacs RECs were traded, up by 85% from the previous fiscal.

85.2% 87.0%

49.0%

0.0%6.0%

3.0%

67.1% 67.6%

24.3% 24.6%

4.7%1.7%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

% a

ge o

f tim

e co

nges

tion

N3 Import W3 Export

FY'15 FY'16

Graph 2: % of time congestion in fiscal 15 vs % of time congestion in fiscal 14

E-S W-S W-N E-N

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� Participation: A total of 3,105 participants are registered in the REC segment. Of this, 818 are Eligible Entities (RE Generators) 2,267 are Obligated Entities (DISCOMs, Open Access Consumers & Captive Generators) and 13 are registered as Voluntary Entities. Graphs 3 and 4 below represent the number of RECs traded in both Solar and Non-Solar segments at IEX.

Recognition and Accolades

IEX received several accolades for its performance during the year, including the India Power Award 2015 for being the “Leader in Market Development”.

Num

ber o

f REC

s

0

20,000

40,000

60,000

80,000

1,00,000

1,20,000

Apr May June July Aug Sept Oct Nov Dec Jan Feb Mar

Solar REC Cleared Volume

2015-2016 2014-2015

Graph 4: Number of Solar RECs traded

0

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Num

ber o

f REC

s

Non Solar REC Cleared Volume

2015-2016 2014-2015

Graph 3: Number of Non-Solar RECs traded

06 | www.iexindia.com

the solar segment, the highest ever since market inception. Moreover, a record 270 new participants have registered in the REC segment at IEX in this month.

On an overall basis, a total of 3,136 participants are registered in the REC segment at IEX. Of this, 817 are Eligible Entities (RE Generators) 2,306 are Obligated Entities (DISCOMs, Open Access Consumers & Captive Generators) and 13 are registered as Voluntary Entities.

An overview of participation in the REC Market at IEX as on 31st March, 2016:

With almost 7.10 lacs RECs traded in March’16 REC Session at IEX held on 30th March, 2016, the traded volume surged over 2.5 times over Feb’16. This is the second highest trade so far after December’15 when 8.66 lacs RECs were traded.

With Government of India placing huge emphasis on RPO compliance, obligated entities including Captive Power consumers, Open Access consumers and Discoms have come forward to comply with their RP Obligation.

The key details of the trading session are as below:

� In the non-solar segment, total buy bids of 6,00,940 were received against total sell bids of 78,45,782 and all bids were cleared at floor price of ` 1,500 per REC.

� In the solar segment, total buy bids of 1,08,797 were received against total sell bids of 21,43,539 and all bids were traded at floor price of ` 3,500 per REC.

In fiscal 15-16, about 31.4 lacs RECs were traded at IEX, more than double of 15.5 lacs RECs traded last fiscal. On an overall basis, 49.6 lacs RECs were traded, an increase of about 62% as compared to 30.6 lacs RECs traded last fiscal.

Participants:

A total of 2,105 participants traded at IEX with 1,253 participants in non-solar segment and 852 participants in

Total number of registered participants 3,105

Obligated Entity 2,267

DISCOMs 30

Open Access Consumers 2,130

Captive Consumer 107

Voluntary 13

Eligible Entity (Private Generators) 825

Highest participation in a session (March'16) 2,105

REC MARKET UPDATE: MARCH’16

MARKET NEWS

27,309 (25%)

28,108 (26%) 53,313 (49%)

Solar Buyer Mix

Distribution Licensee

Captive User

Open Access Consumer

Distribution Licensee

Captive User

Open Access Consumer

Non Solar Buyer Mix

172,834 (29%)

133,133 (22%)294,822 (49%)

www.iexindia.com | 07

Power Market Update: March’16

The spot power market at IEX saw trade of 3,078 MUs in March’16, an increase of about 9% from 2,818 MUs traded in February. On a daily average basis, over 99 MUs were traded, up from 97 MUs in the previous month. During the month, average daily sell bids of 6,844 MW were received, down by about 11% over the previous month while purchase bids were 5,398 MW, down by about 14% over the previous month.

The average Market Clearing Price (MCP) for the month was ` 2.61 per unit, about 13% more than ` 2.30 per unit last month. Congestion in the Inter-State transmission corridor affected prices discovered on the Exchange. In Northern States, price was ` 2.60 per unit, almost same as last month. While, impact of congestion was severe in Southern States since price shot up by 42% to ` 3.55 per unit from ` 2.51 per unit in the previous month.

During the month, about 276 MUs were curtailed due to Inter State Transmission congestion, up by 146% over 112 MUs curtailed in February. The ER->SR and WR->SR interconnections were congested about 70% of the time during the month and ER->NR and WR->NR interconnections were congested 30% of the time.

Market in FY 2015-16: Overall in fiscal year 2015-16, spot power market remained vibrant with over 34 BUs traded, 21% over 28 BUs traded in previous fiscal. The average MCP for this fiscal was at ` 2.73 per unit, 22% less than MCP of ` 3.51/unit in FY’15. Congestion in the Inter State Transmission corridor led to a loss of 2.1 BUs in fiscal 2016 while in previous fiscal it was 3.1 BUs.

Volumes

A few key highlights for March’16 are as given below:

� Total Sell bids – 5,092 MUs

� Total buy bids – 4,016 MUs

� Total Cleared Volume – 3,078 MUs

The Northern and Southern States were Net Buyers while the Eastern, Western and North-Eastern States were Net Sellers.

The table below gives the Average Daily Buy-Sell Picture at regional level for March’16 vis-à-vis February’16:

Prices (ACP)

Average Area Clearing Price (ACP) during the month across the regions were as below:

� In North-East, East and West, ACP was ` 2.40 per unit, about 14% up from February.

� In North, ACP was to ` 2.60 per unit, 1% down from February.

� In South, ACP was ` 3.55 per unit, 42% up from February.

Participation

1,067 participants traded in the spot market on an average daily basis. The highest participation was on 3 March, 2016 when 1,188 participants traded on the Exchange.

Term-Ahead Market

About 29 MUs were scheduled during the month, mainly in the Intra-day and Day Ahead Contingency segments.

REGIONAVERAGE DAILY BUY (MW) AVERAGE DAILY SELL (MW)

NETFebruary'16 January'16 Change (%) February'16 January'16 Change (%)

North East 105.80 105.38 0% 126.81 182.59 -31% SELL

East 607.25 522.91 16% 835.10 723.71 15% SELL

North 1598.45 1531.96 4% 738.99 659.80 12% BUY

West 1171.34 1119.87 5% 2182.76 2088.53 5% SELL

South 654.27 768.58 -15% 253.45 394.08 -36% BUY

01-0

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16

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16

13-0

3-20

16

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3-20

16

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16

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Rest of India-Avg price: ` 2.40/kWh

South-Avg price: ` 3.55/kWh

North-Avg price: ` 2.60/kWh

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08 | www.iexindia.com

TRADE INFO: MARCH’16

MONTHLY PRICE SNAPSHOT

Minimum MCP Maximum MCP Average MCP

` 2.61/kWh` 4.75/kWh` 1.00/kWh

MONTHLY VOLUME SNAPSHOT 1 MU = 1 Million kWh = 1 GWh

AREA PRICES

Prices (`/kWh)

Area Min Max RTC* (0-24 hr)

Peak* (18-23 hr)

Non Peak* (1-17 & 24 hr)

Night* (1-6 & 24 hr)

East, North East & West 0.70 4.75 2.40 2.60 2.33 2.30

North 0.70 5.00 2.60 2.75 2.55 2.42

South 1.01 12.98 3.55 3.79 3.48 2.84

* Simple Average of Area Clearing Prices for specified duration of time.

Average Daily

Volume

99 MUs

Unconstrained Volume

3,354

4,508

Cleared Volume

3,078

4,137

PurchaseBids

4,016

5,398

Sell Bids

5,092

6,844

Cumulative Cleared

Volume (MU)

34,067For FY'16

VOLUME

Average Daily (MW)

TotalVolume (MUs)

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1257

1027

746

352

137

379

155

215

65 73123

303

RP: 4831 MW

State-wise RE Capacity (MW)

Tamil Nadu

Karnataka

Chhattisgarh

Maharashtra

Rajasthan

Punjab

Uttar Pradesh

Andhra Pradesh

Himachal Pradesh

Gujarat

Madhya Pradesh

Others

Small Hydro

Solar

Others

Wind

Bio-fuel Cogeneration

Biomass

Source wise RE capacity (MW)

Registered ProjectsRegistered Projects

RP: 4831 MW 2301

894

699

300

6362

TERM AHEAD MARKET SNAPSHOT (March’16)

Total Volume (MWh)

Max Price (`/kWh)

Min Price (`/kWh)Contracts

15,822 5.50 2.30Day-Ahead Contingency

- - -Weekly

13,157 4.25 2.30Intraday

- - -Daily

RP: Registered Projects

REC MARKET SNAPSHOT

Trade Session on 30 March, 2016

RECPurchase

Bids Sell Bids Cleared (REC) Price (`/REC) Participants

78,45,782 1,5006,00,940 1,253Non Solar 6,00,940

1,08,797 3,500Solar 1,08,797 21,43,539 856

10 | www.iexindia.com

PARTICIPATION SNAPSHOT (March'16)

Total Registered Participants

3,800+

Open Access Consumers

3,394

Private Generators

340

Highest Participation

1,410, 22nd June'13

Pric

e (`

/kW

h)

Volu

me

(MW

h)

Hourly MCV (MWh) Hourly MCP (`/kWh)

Hours

Average Hourly Market Clearing Volume and Price (March'16)

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1.50

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2.50

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IEX Price and Volume Trend (March'16)

01-0

3-20

16

02-0

3-20

16

03-0

3-20

16

04-0

3-20

16

05-0

3-20

16

06-0

3-20

16

07-0

3-20

16

08-0

3-20

16

09-0

3-20

16

10-0

3-20

16

11-0

3-20

16

12-0

3-20

16

13-0

3-20

16

14-0

3-20

16

15-0

3-20

16

16-0

3-20

16

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3-20

16

18-0

3-20

16

19-0

3-20

16

20-0

3-20

16

21-0

3-20

16

22-0

3-20

16

23-0

3-20

16

24-0

3-20

16

25-0

3-20

16

26-0

3-20

16

27-0

3-20

16

28-0

3-20

16

29-0

3-20

16

30-0

3-20

16

31-0

3-20

16

0

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40,000

60,000

80,000

1,00,000

1,20,000

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1.00

2.00

3.00

4.00

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6.00

Cleared Volume (MWh) MCP N1 S1 W3

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i�er

entia

l (`/

kWh)

0

0.2

0.4

0.6

0.8

1

1.2

1.4

01-0

3-20

16

02-0

3-20

16

03-0

3-20

16

04-0

3-20

16

05-0

3-20

16

06-0

3-20

16

07-0

3-20

16

08-0

3-20

16

09-0

3-20

16

10-0

3-20

16

11-0

3-20

16

12-0

3-20

16

13-0

3-20

16

14-0

3-20

16

15-0

3-20

16

16-0

3-20

16

17-0

3-20

16

18-0

3-20

16

19-0

3-20

16

20-0

3-20

16

21-0

3-20

16

22-0

3-20

16

23-0

3-20

16

24-0

3-20

16

25-0

3-20

16

26-0

3-20

16

27-0

3-20

16

28-0

3-20

16

29-0

3-20

16

30-0

3-20

16

31-0

3-20

16

E N

CONGESTION PROFILE (March 2016)

Pric

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i�er

entia

l (`/

kWh)

0

0.5

1

1.5

2

2.5

3

3.5South Import

01-0

3-20

16

02-0

3-20

16

03-0

3-20

16

04-0

3-20

16

05-0

3-20

16

06-0

3-20

16

07-0

3-20

16

08-0

3-20

16

09-0

3-20

16

10-0

3-20

16

11-0

3-20

16

12-0

3-20

16

13-0

3-20

16

14-0

3-20

16

15-0

3-20

16

16-0

3-20

16

17-0

3-20

16

18-0

3-20

16

19-0

3-20

16

20-0

3-20

16

21-0

3-20

16

22-0

3-20

16

23-0

3-20

16

24-0

3-20

16

25-0

3-20

16

26-0

3-20

16

27-0

3-20

16

28-0

3-20

16

29-0

3-20

16

30-0

3-20

16

31-0

3-20

16

N3 Import W3 ExportE�S W�S S1�S2 W�N E�N

69.8% 69.8%

0.0%

29.6% 30%

0% 0%0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%% of time congestion

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