Power prices fall 31% amid renewable push

03 Jan 2025 CW Team

The average price of electricity traded on India’s power exchanges during October-November 2024 fell by 31 per cent year-on-year (YoY) to Rs.3.61 per unit in the Day-Ahead Market (DAM), down from Rs.5.23 per unit in the same period last year.

Similarly, Real-Time Market (RTM) prices dropped by 29 per cent to Rs.3.59 per unit, compared to Rs.5.04 per unit a year ago, as per industry data. The price drop was driven by a surge in renewable energy generation, particularly hydro and wind power, supported by favourable monsoon conditions. Improved fuel availability and government-led initiatives to increase sell liquidity on exchange platforms were also significant factors in stabilising prices.

In the DAM, the minimum price for October-November 2024 plunged by 67 per cent to Rs.0.49 per unit, compared to Rs.1.50 per unit in the same period last year while the RTM minimum price decreased by 14 per cent to Rs.3.41 per unit from Rs.3.98 per unit.

The maximum price in the DAM remained unchanged at Rs.10 per unit, while in the RTM, the peak price dropped by 38 per cent YoY to Rs.3.77 per unit from Rs.6.10 per unit.

The downward trend in prices accelerated during the third quarter of FY25, compared to the first half of the fiscal year. Between April and September, DAM prices had fallen by 12 per cent, and RTM prices by 13 per cent, indicating a sharper correction in Q3.

The price reduction was mainly credited to higher renewable energy generation. Sell liquidity on the platforms rose by 41 per cent YoY in the first half of FY25 driven by measures like selling surplus unrequisitioned power, better fuel availability, and improved operational efficiency of generating units. Combined with regulatory and policy interventions, these measures helped maintain a competitive price environment on the exchanges.

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