IEX falls 5% as CERC asks Grid India to run shadow pilot on market coupling

Market coupling is a model where buying and selling of bids for all three power exchanges will be aggregated into a uniform market clearing price.

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The IEX shares fell nearly 4.8 percent intraday on February 7, a day after the Central Electricity Regulatory Commission (CERC) ordered for a shadow pilot on market coupling of India’s power exchanges.. At 11:07am, the stock was trading at Rs 145.45.

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In a February 6 notice, CERC said that Grid India will develop the necessary software over the next two months to run a shadow pilot for market coupling of the three power exchanges – Indian Electricity Exchange (IEX), Power Exchange of India (PXIL) and Hindustan Power Exchange (HPX). After the pilot, the exchanges will share data and information with the CERC to decide on the benefits of coupling.

However, the CERC made it clear that results of the shadow pilot run shall not have any effect on the price and volume discovery in the actual real time market (RTM) and day ahead market (DAM) of the power exchanges. It also stated that the trial run will not impact the final schedule and settlement for any entity during the trial period.

Market coupling is a model where buying and selling of bids for all three power exchanges will be aggregated into a uniform market clearing price.

Stocks of IEX had hit a 52-week low on June 9 last year when the government had given approval to introduce market coupling for the exchanges. In August 2023, CERC had shared a draft paper on market coupling, inviting comments from stakeholders.

Also read: MC Explains: What is market coupling and why does the govt want it?

For Q3, IEX reported an 18.9 percent on-year increase in net profit to Rs 91.8 crore, while revenue from operations for the same period grew 15 percent to Rs 115.3 crore from Rs 100.27 crore in Q3 FY23. EBITDA (earnings before interest, taxes, depreciation, and amortisation) for the reporting quarter rose to Rs 124.7 crore in the quarter ended December 2023.

According to a recent release, IEX achieved the highest total volumes in January 2024, reaching 10,893 million units (MU), a 26.1 percent, year-over-year increase.

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