Minimum spot power price dips to 70 paisa/unit for supply on Sunday
New Delhi: The blackout call has a bearing on energy market as spot power price dropped to around 70 paisa per unit for supply during the 15 minutes block from 9PM to 9:15 PM on Sunday at Indian Energy Exchange.
The minimum spot power price was around Rs 2 per unit for supplies for Saturday as well as on Monday on the IEX.
Prime Minister Narendra Modi on Friday urged people to switch off the lights at their homes and light up lamps, candles or mobile phone torches for nine minutes at 9 pm on Sunday to display the country’s “collective resolve” to defeat coronavirus.
According to the data, the spot power price remaind around Rs 2 per unit during the 15 minutes block supply from 8:45 PM to 9PM and 9:15 PM to 9:30. It shot up to Rs 2.5 per unit for 9:30 to 9:45 block and subsequently to Rs 2.96 per unit for 9:45PM to 10:00PM block. The average spot power price rate was Rs 2.38 per unit for supply on Sunday.
The overall power demand for supply on Sunday remained low at the IEX as purchase bids were 117.52 GWh against availability of 289.16 GWh. AS much as 111.39 GWh was sold for supply on Sunday on the IEX, indicating slump in the demand.
The spot power price touched a three-year low of 60 paise per unit for supplies on March 25 on the IEX due to low demand due to impact of the lockdown. However, the average spot power price is hovering around Rs 2.50 per unit at electricity exchanges.
Some of the industry experts said that call to switch off lights during these difficult times amid lockdown is uncalled for as this has a direct affect on sluggish demand of power across the country.