iex bulletin volume 5 india... · 07bull power market update: february’18 bulletin llet ie ie...

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

MARCH'18 ISSUE 03 | VOlUME 5

ISO 9001:2008, 27001:2013, 14001:2004

www.iexindia.com | 01

In thIs Issue...

PAGE REGUlATORY NEWS

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01 FOR Report on Open Access

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02 DERC issues Approach Paper on Tariff Rationalization

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02 AERC Proposes Draft Open Access Regulations 2018

PAGE MARkET INSIGHT

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05 Key Statistics: Power Sector

PAGE MARkET NEWS

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07 Power Market Update: February’18

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08 REC Market Update: February’18

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09 Trade Data: February’18

REGUlATORY NEWSFOR Report on Open Access

� In July 2016, the Forum of Regulators (FOR) had constituted a Working Group on issues affecting the implementation of Open Access comprising Chairpersons of CERC, RERC, AERC, GERC, MERC, TNERC, WBERC, PSERC and CSERC.

� The Terms of Reference of the Working Group included:

yy Detailed examination of Tariff and Non-Tariff barriers for Open Access.

yy Impact of Open Access on revenue inflow of distribution utilities.

yy Examination of Rules on captive generation and their impact on Open Access.

yy Suitable measures for implementation of Open Access.

� On 15 December, 2017 FOR deliberated on the Report of the Working Group and endorsed its Report which in turn emphasized the issues raised by MoP in their Consultation Paper on Open Access dated 24 August 2017.

� Key Recommendations:

yy Barriers to Open Access: − Need for uniform methodology for the determination of various charges

such as OA charges, Cross Subsidy Surcharge and additional surcharge. − Leverage technology solutions and automate processes for NOC

issuance, energy scheduling and energy settlement. − Conduct impact assessment for DISCOMS as well as OA users.

yy Recommendations on the Consultative Paper of the Ministry of Power as adopted in FOR Report:

− Frequent shifting of open access consumers: Open access customers should be required to schedule power for at least 24 hours whenever they seek open access is acceptable. However, it is suggested that Open Access Consumers should schedule minimum continuous 8 (eight) hours of supply through Open Access.

− Cross Subsidy Surcharge (CSS): CSS based on category wise or voltage wise cost of supply (CoS) is not a suitable method. SERC must be guided by the philosophy of the Tariff Policy 2016, which states that CSS must be calculated on the basis of average cost of supply.

− Additional Surcharge: The proposal suggested in the Consultation Paper to have three components (long-terms PPAs, stranded physical assets and Cost of carrying regulatory assets) of Additional Surcharge to fully recover the losses due to stranded capacity and regulatory assets is accepted.

− Stand-by charges: It was agreed that only 125% of variable charges for each category should be applicable as stand-by surcharge. This is so because fixed charges are already recovered in the demand charges and is in line with Tariff policy 2016. FOR members also felt that tariff structure is not uniform across all SERCs and the concept of standby Charge can be only for long term Open Access Consumers.

− Tariff Design and Rationalization: FOR concurred to the proposal of MoP and agreed that the tariff should reflect actual breakup of fixed and variable charges. However, demand charges are kept low to have minimal impact on low load and domestic consumers. Open access customers are also benefitted from the same and they move to open access by paying low fixed charges. Hence, SERCs may revise fixed charges gradually.

More information: www.cercind.gov.in

02 | www.iexindia.com

DERC issues Approach Paper on Tariff RationalizationDERC has issued an Approach Paper on Tariff Rationalization to examine the existing regulatory framework in electricity retail tariff and develop a strategy for creating competition in market within the present legal frame work of the Electricity Act, 2003. The paper refers to MoP Consultation Paper on Issues Pertaining to Open Access and suggests way forward on the issues highlighted in the MoP paper. The paper suggests the following:

� Cross Subsidy:yy The Fixed charges and Energy charges should be adjusted gradually, say over a period of three to five years, so as to

make the retail tariff reflective of the actual Fixed Cost.

yy This will compensate the unrecovered portion of Fixed Charges’ of retail tariff to avoid additional burden on the consumers of the existing distribution licensees.

� Carriage and Content Business:yy Total distribution cost of existing distribution licensee should be split into carriage & content based on actual

expenditure incurred by the Distribution Licensee in the form of Actual Fixed Cost & Actual Variable Cost, in line with the proposed amendment in Electricity (Amendment) Bill, 2014.

yy In the event of separation of Carriage and Content following steps will merit consideration: − Liability on account of fixed charges of existing Long Term Power Purchase Agreements will have to be included

in the ARR of the utility performing the wheeling function. − Subsidized Consumers class (based on income, consumption, load etc.) for which regulated tariff shall be

determined will have to be identified. − Every consumer other than the subsidized consumers class then can have the option to avail open access with a

minimum lock-in period to avoid frequent switching as deemed appropriate. − Ceiling Tariff may have to be determined in order to protect the consumer interest and avoid possibility of

cartelization & supernormal profit due to entry barrier in electricity industry as it is high capital intensive sector and longer gestation period.

− Identification of a licensee to perform Universal Service Obligation.

� Universal Service Obligation (USO):yy For providing the supply of electricity to the lower income group of consumers at affordable rates, cross subsidy

among the different consumer category can’t be eliminated.

yy This would however call for identifying a retail supply licensee which may be amongst the existing distribution licensee, for the purpose of USO and ensure electricity at regulated rate to every consumer as mandated under the Act.

yy To attain the objective of USO, a portion of cheaper source power plants may have to be allocated to the USO supplier as being followed in Singapore.

� The DERC has stakeholder comments on the Approach Paper and the last date for sending comments is 18.03.2018.

More information: www.derc.gov.in

AERC Proposes Draft Open Access Regulations 2018 The Assam Electricity Regulatory Commission (AERC) has proposed Draft AERC (Terms and Conditions for Open Access) Regulations, 2018. The brief of proposed regulations are as under:

� Eligibility:yy The licensees, generating companies, captive generating plants & consumers.

yy Consumers having contract demand of 1 MW and above.

yy Consumers who are connected by dedicated feeders irrespective of their voltage of supply, and where there is no operational constraint shall be allowed open access. The customer shall also be subjected to rostering restrictions including power cuts imposed by the licensee on the feeders serving them.

� Criteria:yy STOA shall be allowed if surplus capacity is available on the intra-State transmission system/distribution system after

use by LTOA Customers and MTOA Customers, by virtue of: − Inherent Design Margins.


− Margins available due to variation in power flows. − Margins available due to in-built spare transmission/distribution capacity created to cater to future load growth.

� Allotment Priority:yy Distribution Licensee > LTOA > MTOA > STOA

� Procedure for Short-Term Inter-State Open Access:yy Procedure for inter-State STOA shall be as per CERC Open Access Regulations.

yy In respect of a Consumer connected to a distribution system, the Consumer to submit the consent of the distribution licensee concerned, to SLDC.

yy An open access customer shall enter into an agreement with the SLDC for availing open access.

� Open Access Charges:yy Transmission/Distribution Charges: The transmission and wheeling charges shall be payable on the basis of open

access capacity contracted or open access capacity utilized, whichever is higher.

yy Scheduling and System Operation Charges of RLDC/SLDC (Inter-State Transaction) as specified by CERC.

yy Cross-Subsidy Surcharge (CSS): − CSS is applicable irrespective of whether he uses the transmission and/or distribution system of the licensee or not. − CSS is payable by open access consumers who procures power from renewable energy sources. − CSS is applicable on captive generation for carrying the electricity to the destination of his own use.

yy Additional Surcharge (AS): − AS is payable to Discom to meet out the fixed cost of such distribution licensee arising out of his obligation to

supply. − AS shall become applicable only when, due to the open access being granted, the obligation of the licensee

in terms of power purchase commitments has been and continues to be stranded or there is an unavoidable obligation and incidence to bear fixed costs consequent to such a contract. However, the fixed costs related to network assets would be recovered through wheeling charges.

− The distribution licensee shall submit to the Commission, with its petitions under the Commission’s Regulations governing Multi Year Tariff, detailed computations of the stranded fixed cost, which it is incurring towards its obligations to supply.

− Additional surcharge shall be based on the following principles: • The cost must have been incurred by or be expected, with reasonable certainty, to be incurred by the

distribution licensee on account of such consumer. • Thecosthasnotbeenorcannotberecoveredfromsuchconsumerorfromotherconsumerswhohavebeen

given supply from the same assets or facilities, through wheeling charges, stand-by or other charges approved by the Commission.

− Any additional surcharge, so determined, shall be applicable to all consumers availing open access from the date of determination of the same by the Commission.

− Additional surcharge determined on per unit basis shall be payable, on monthly basis, by the open access consumers based on the actual energy drawn, during the month, through Open Access.

yy Standby Power and Standby Charges: − The distribution licensee shall provide standby power to such Open Access Customer. − Stand by charges shall be temporary rate of charge for that category of consumer or 125 percent of the normal

tariff for that category, in the prevailing rate schedule, whichever is lower. − Open Access Customers would have the option to arrange standby power from any other source.

yy Deviation Charge: − In case of Overdrawn, 150% of the retail tariff applicable for the respective category. − In case of underdrawn, as a result of non-availability of the transmission/distribution system, or unscheduled load

shedding, the open access customer shall be compensated @ average power purchase cost of the distribution licensee.

� Scheduling:yy Scheduling of inter-State Open Access transactions shall be as specified by the Central Commission.

yy The embedded consumer shall have to declare their schedule two days ahead, showing the drawn from the DISCOM and through open access, separately, to the SLDC and DISCOM.


� Billing, Collection and Disbursement (Short Term Inter-State Open Access):yy The STOA Customer connected to distribution system shall pay to such distribution licensee the wheeling charges

within 3 working days from the grant of the STOA by the Nodal Agency.

yy In case of collective transactions, the transmission for the State network and operating charges for the SLDC shall be settled directly by the Power Exchange with the respective SLDC.

yy The deviation charge shall be collected by the distribution licensee based on the energy accounting finalized by SLDC.

yy The CSS and additional surcharge shall be payable directly to the distribution licensee.

� Payment Security Mechanism (For Short Term Open Access Customer): yy An open access customer shall pay the transmission charges, SLDC charges, wheeling charges, cross subsidy

surcharge, additional surcharge, and such other charges as applicable, in advance for the period for which the open access has been granted.

� Adjustment of Energy: yy The priority of adjustment of energy drawn by an open access customer from different sources:

− Renewable power generation; (ii) CPP; (iii) Banked Energy to be settled in defined time block; (iv) Long Term Bilateral purchase; (v) Medium Term Open Access; (vi) Short term inter-State open access including Power Exchange Transaction; (vii) Short term intra-State open access; (viii) Distribution Licensee.

yy In case of generators selling power to multiple persons/consumers, the priority for adjustment of energy sale shall be as follows:

− (i) Distribution Licensee; (ii) Captive use; (iii) Long term bilateral sale followed by medium term bilateral sale and further by short term bilateral sale; (iv) Sale through power exchange.

− Provided, the generator selling power to Distribution Licensee may make an application to the Distribution Licensee for change in priority of sale which shall be governed as per the existing agreement between the generator and the Distribution Licensee.

� Detailed Procedure: yy To be prepared by STU within 90 days of notification of regulation.

� Curtailment Priority: yy Short term transaction(s) will be cancelled or curtailed first, followed by medium term transactions, which shall be

followed by long term transaction(s).

yy Among short term transactions, bilateral transaction will be cancelled or curtailed first, followed by collective transactions.

yy Open Access to a distribution licensee will be the last to be curtailed within a category.

yy Curtailment will be effected on a pro-rata basis amongst the Customers of a particular category.

yy In case of curtailment of the approved schedule by the State Load Despatch Centre, transmission and wheeling charges shall be payable pro-rata in accordance with the curtailed schedule.

yy Full operating charges like SLDC fee and transaction charges specified in these Regulations will be payable irrespective of curtailment, if any.

� Renewable Energy Purchase Obligation (RPO): yy Each Open Access Customer shall fulfill its RPO as per Assam Electricity Regulatory Commission (Renewable Energy

Purchase Obligation and its Compliance) Regulations, 2010 and as amended from time to time.

yy The RPO shall be met by Open Access Customers either by purchase of electricity (in kWh) from renewable sources or by purchase of Renewable Energy Certificate(s) (RECs) from the Power Exchange(s).

� Redressal Mechanism: yy All disputes and complaints regarding open access shall be first referred to the Grid Code Management Committee.

yy If the Open Access Customer is aggrieved or not satisfied with the decision of the Grid Code Management Committee, he may appeal before the Commission.

The AERC has invited stakeholder comments on the draft regulations and the last date of comments is Tuesday 20.03.2018.

More information: www.aerc.nic.in


MARkET INSIGHTS

In this section we share some important powers sector statistics such as growth in power demand across the various regions; capacity addition in the country in fiscal 18 vis-à-vis fiscal 17; capacity addition by source and by ownership (public, private etc.) generation in fiscal 18 vis-a-vis fiscal 17 and production of Coal in fiscal 2018 by Coal India Limited.

With onset of Summers, forthcoming Assembly elections in several States such as: Karnataka, Chhattisgarh, Madhya Pradesh, Rajasthan; Lok Sabha Elections in year 2019; and

Govt. of India initiatives like Make in India, Saubhagya, 24X7 Electricity to All the demand for electricity is like to keep up pace with expected GDP growth of 7.5% in this fiscal. In the context of the foregoing and considering the procurement from Exchange will be with almost nil transmission congestion and commissioning of several new capacities in fiscal 19 which are presently under construction, the Exchange is expected to continue as the most competitive, transparent, flexible, efficient and round-the-clock source for the power procurement in the most efficient optimum way.

key Statistics: Power Sector

Source: CEA Executive Summary

All India Installed Capacity (MW) Source Wise

6,780 (2%)

2,19,810 (66%)

44,963 (13%)

62,847 (19%)

Thermal Nuclear Hydro RES

All India Installed Capacity (MW) Ownership Wise

82,180 (25%)

1,48,897 (44%)

1,03,324 (31%)

State Private Central


Electricity Generation April to Jan FY17 and FY 18 (BU)

Thermal Hydro Nuclear Bhutan Import All India

Jan'17 824.24 107.73 31.28 0.55 963.80

Jan'18 857.92 113.45 31.67 0.48 1003.53

0

200

400

600

800

1000

1200

BU



Production of Coal in fiscal 2018 and 2017 by Coal India Limited and SCCL


April May June July August September October November December January TOTAL

2017-18 42.92 45.79 44.47 41.04 42.14 43.31 50.18 55.78 60.31 63.08 489.02

2016-17 44.83 47.63 47.53 41.14 36.94 39.78 47.55 54.49 59.89 62.38 482.16

0

100

200

300

400

500

600

MT

Annual Growth in Electricity Energy Supplied (%) April-Jan, 2018

6.57

4.2

6.46.1

9.6

0

2

4

6

8

10

12

Northern Western Southern Eastern NorthEastern

All India

Annual Growth in Energy Supplied (%)



MARkET NEWS Power Market Update: February’18

The Day-Ahead market at IEX saw a trade of 3,326 MU in February’18, which is almost at par with the 3,375 MU traded in January’18 and about 14% more than 2,927 MU traded in February’17. On a daily average basis about 119 MU were traded. Average daily sell and buy bids were 224 MU and 155 MU respectively. The total sell bids during the month were 6,270 MU and the total buy bids were 4,326 MU.

The average Market Clearing Price (MCP) discovered in the day-ahead market was at ̀ 3.23 per unit, was also at par with the price of January’18 which was ` 3.2 per unit and 27% above ` 2.54 per unit same month last year.

The average MCP during different time-periods of the day was:

� Morning (07:00 to 10:00 Hrs) : ` 4.16 per unit

� Day (11:00 to 17:00 Hrs) : ` 3.27 per unit

� Evening peak (18:00 to 23:00 Hrs) : ` 3.67 per unit

� Night (01-06 Hrs and 24 Hrs) : ` 2.27 per unit

As seen in January’18, the increase in spot market price was largely on account of increase in demand associated with seasonal variation, and increase in coal price and railway freight.

One Nation, One Price was realized for 24 days in the month while it was realized for 23 days in previous month. The day-ahead market experienced transmission congestion mainly on account of import by Northern states, which was 4% of the time. Consequently, the average daily Area Clearing Price (ACP), the price at which settlement takes place, varied across the bid areas. The ACP across the regions was as below:

� North: ` 3.32 per unit

� South: ` 3.23 per unit

� Rest of India: ` 3.22 per unit

On daily average basis 872 participants traded in the day-ahead power market in February’18.

In fiscal 2017-18, as on date, the DAM has traded 41,529 MUs at an average price of ` 3.19 per unit.

Term-Ahead Market (TAM)

The Term-Ahead Market traded 17 MU in February’18, mainly in the Intra-day and Day Ahead Contingency market segments. The TAM traded 52 MU in January’18 and 14 MU in February’17.

In fiscal 2017-18, as on date, the TAM has traded 1,234 MUs.

Renewable Energy Certificate Market (REC)

The Renewable Energy Certificate Market which trades on last Wednesday of every month saw the trade of 3.90 lac Non-Solar RECs at the floor price in the trading session held on 28 February 2018.

In fiscal 2017-18, as on date, the REC market has traded 72.49 lac RECs.

(`/k

Wh)

Pric

e

01-0

2-20

18

02-0

2-20

18

03-0

2-20

18

04-0

2-20

18

05-0

2-20

18

06-0

2-20

18

07-0

2-20

18

08-0

2-20

18

09-0

2-20

18

10-0

2-20

18

11-0

2-20

18

12-0

2-20

18

13-0

2-20

18

14-0

2-20

18

15-0

2-20

18

16-0

2-20

18

17-0

2-20

18

18-0

2-20

18

19-0

2-20

18

20-0

2-20

18

21-0

2-20

18

22-0

2-20

18

23-0

2-20

18

24-0

2-20

18

25-0

2-20

18

26-0

2-20

18

27-0

2-20

18

28-0

2-20

18

0.000.501.001.502.002.503.003.504.004.505.00

Area Clearing Price (ACP) in February'18

Rest of India (Avg) - ` 3.22/unit South (Avg) - ` 3.23/unit North (Avg) - ` 3.32/unit

RoI (West, East and North East) South North

0.0% 0.0% 0.0%

3.7% 4%

0% 0%

1%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

S3Import

% of time congestion

E�S W�S W�NS1�S2 E�N N3Import

W3Export


Total number of registered participants 3,507

Obligated Entity 2,719

DISCOMs 33

Open Access consumers 2,536

Captive Consumer 150

Voluntary 21

Eligible Entity (Private Generators) 764

Highest participation in a session (March’15) 1,315

REC MARkET UPDATE: FEbRUARY’18

66,102 (17%)

1,14,555 (29%)

2,09,501(54%)

Captive User

Distribution Licensee

Open Access Consumer

Non-Solar Buyer Mix

Highlights of the trading session held on 28th February’18

A total of 3,90,158 Non-Solar RECs were traded in the REC trading session held on 28th February, 2017 at IEX.

The open access consumers were the major buyers in this trading session.

In January’18, 1.82 lac Non-Solar RECs were traded at IEX and there is a 114% increase in trade in February’18.

In fiscal 2017-18 (year to date), IEX has traded 71.60 lac Non-Solar RECs, which is almost 96.6% higher than the trade of 36.42 lac during the same period in the previous fiscal.

Participants

A total of 711 participants traded in non-solar segment. Overall, a total of 3,507 participants are registered in the REC segment at IEX. Of this, 2,722 are Eligible Entities, 764 are Obligated Entities (DISCOMs, Open Access Consumers & Captive Generators) and 21 are registered as Voluntary Entities.


TRADE DATA: FEbRUARY’18 – DAY AHEAD MARkET

MONTHlY PRICE

Minimum MCP Maximum MCP Average MCP

` 3.23/kWh` 6.07/kWh` 1.78/kWh

VOlUME 1 MU = 1 Million kWh = 1 GWh

Average Daily

Volume

119 MUs

Unconstrained Volume

3,340

4,971

Cleared Volume

3,326

4,949

PurchaseBids

4,326

6,437

Sell Bids

6,270

9,330

VOLUME

Average Daily (MW)

TotalVolume (MUs)

PARTICIPATIOn

Total Registered Participants

Open Access Consumers

Private Generators

Highest Participation

6,100+ 3,900+ 400+1,410

22nd June'13


Volu

me

(MW

h)

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

Pric

e (`

/kW

h)

0.001 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

0.000.501.001.502.002.503.003.504.004.505.00

1000.00

2000.00

3000.00

4000.00

5000.00

6000.00

7000.00Average Hourly Market Clearing Volume and Price Trend

Pric

e `/

kWh

Volu

me

MW

h

IEX Price and Volume Trend

Cleared Volume (MWh) MCP N1 S1 W3

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

01-0

2-20

18

02-0

2-20

18

03-0

2-20

18

04-0

2-20

18

05-0

2-20

18

07-0

2-20

18

08-0

2-20

18

09-0

2-20

18

10-0

2-20

18

11-0

2-20

18

12-0

2-20

18

13-0

2-20

18

14-0

2-20

18

15-0

2-20

18

16-0

2-20

18

17-0

2-20

18

18-0

2-20

18

20-0

2-20

18

21-0

2-20

18

22-0

2-20

18

23-0

2-20

18

24-0

2-20

18

25-0

2-20

18

26-0

2-20

18

27-0

2-20

18

28-0

2-20

18

06-0

2-20

18

19-0

2-20

18

0.000.501.001.502.002.503.003.504.004.505.00

Area Price in Feb'18 vis-a-vis Feb'17

Pric

e (`

/kW

h)

East North Punjab South (AP & KN) S2 (TN) S3 (KR) West Chhattisgarh MCP

February, 2017 February, 2018

North-East0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

2.39 2.39

2.99 2.992.80 2.80 2.80

2.39 2.392.54

3.22 3.22 3.32 3.32 3.22 3.22 3.23 3.22 3.22 3.23

MCP

MCP for Feb'17 & Feb'18

2017 2018

0.000.501.001.502.002.503.003.504.00

01-0

2-20

18

02-0

2-20

18

03-0

2-20

18

04-0

2-20

18

05-0

2-20

18

07-0

2-20

18

08-0

2-20

18

09-0

2-20

18

10-0

2-20

18

11-0

2-20

18

12-0

2-20

18

13-0

2-20

18

14-0

2-20

18

15-0

2-20

18

16-0

2-20

18

17-0

2-20

18

18-0

2-20

18

20-0

2-20

18

21-0

2-20

18

22-0

2-20

18

23-0

2-20

18

24-0

2-20

18

25-0

2-20

18

26-0

2-20

18

27-0

2-20

18

28-0

2-20

18

06-0

2-20

18

19-0

2-20

18


RP: Registered Projects

State-wise RE capacity (MW)

Tamil Nadu

Karnataka

Chhattisgarh

Maharashtra

Rajasthan

Punjab

Uttar Pradesh

Andhra Pradesh

Himachal Pradesh

Gujarat

Madhya Pradesh

Others

Source-wise RE capacity (MW)

Wind

Bio-fuel cogeneration

Biomass

Small Hydro

Solar

Others

RP: 4,497 MWRP: 4,497 MW

507

544

257

7341179

347

383

127

647

168

26125

2699

232

Registered ProjectsRegistered Projects

1003

2453

2

TERM AHEAD MARkET

Total Volume (MWh)

Max Price (`/kWh)

Min Price (`/kWh)Contracts

5,408 4.92 3.00Day-Ahead Contingency

– – –Weekly

11,540 5.50 2.00Intraday

– – –Daily

RECPurchase

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

Participants

19,66,018

–

1,500

–

3,90,158

–

711

–

non-Solar

Solar

3,90,158

–

REC MARkET

After two month pause in REC trading (May and June’17), on 20 July 2017, the Honourable Central Electricity Regulatory Commission (CERC) advised IEX to resume trading in only Non-Solar REC Market.

Trade Session on 28th February, 2018

12 | www.iexindia.com12 | www.iexindia.com

Indian Energy Exchange LimitedUnit No. 3,4,5 and 6, Fourth Floor, TDI Center, Plot No. 7, District Center, Jasola, New Delhi-110025 | CIN: U74999DL2007PLC277039

Phone: +91-11-43004000 | Fax: +91-11-43004015 | Email: [email protected] | www.iexindia.com

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