Mondayâ€™s average price at the Indian Energy Exchange rose almost 24.11% to Rs 3.57 per unit following widening gap between demand and supply.
Maximum average price during a one-hour block was attained between 8pm-9pm slot, which saw average price for the hour touch Rs 8.32 per unit, 65.41% higher.
Power is traded for 15 minutes slots. Hourly prices are the average of four 15 minutes slots calculated by the Exchange.
Less than expected rainfall in large part of India resulted in increased demand for electricity to run air conditioners in urban clusters and increased demand in rural areas. It raised total demand by 9.49% to 164.94 million units. Supplies, however, declined 15.26% during the period to 245.57 million units. This raised average prices ..
On Monday, although demand for power at the exchange between 7 pm and 12 midnight increased marginally, supplies declined substantially widening demand-supply gap leading to rising prices.
For the 7 pm â€“ 8pm slot, demand for power declined 5.38% to 9.06 million units, however, it remained more than supply, which fell almost 22% to 7.24 million units . This increased prices for the slot by 28.58% to Rs 5.64 per unit. Trade was settled for some 6.61 million units, 18.7% lower.
For the 8pm-9pm slot, demand for power fell 4.89%. However, supplies also fell 27.38% for the slot , widening the gap between demand and supply. Trade was settled for 6.49 million units, 26.41%. Price settled for the slot was highest during the day at Rs 8.32 per unit, 65.41% higher.
For the 10 pm â€“ 11 pm slot, utilities wanted to buy a total 11.40 million units, higher by 9.37%. Supplies declined almost 28% to 7.24 million units. Trade was settled for 7.03 million units, 21%. Price for the slot was Rs 7.28 per unit almost 78.7% higher. Highest increase during the day.
Demand for the 11 pm â€“ 12 midnight slot was 10.71 million units, 12.13% higher. Sell bids, however, declined 27% to 7.69 million units. Trade was settled for 7.42 million units, lower by 9.56% . Power was traded at Rs 5.26 million units, 53% higher.
Referred from economic times