IEX stock slips 2% as pricing fell 30% y-o-y in May

6 Jun 2023 , 10:34 AM

Indian Energy Exchange’s share dipped over 2% in the early morning trade on Tuesday as the company said that it’s pricing during May 2023 has reduced by 30% y-o-y. 

The company said that in May 2023 its price was Rs 4.74 per unit, down 30% year-on-year against Rs 6.76 per unit in May 2022, owing to an improving supply-side scenario that led to increased liquidity and cooler weather conditions.

In anticipation of an upsurge in power demand in the coming months, there is optimistic anticipation for an enhanced power supply. This positive development can be attributed to increased coal availability, reduced prices in e-auction coal, as well as declining costs of imported coal and gas. 

These contributing factors are expected to facilitate competitive pricing and simplify the process for power distribution companies (Discoms) and open access consumers to procure the required power, as highlighted in the company’s regulatory filing.

However, on a year-on-year (YoY) basis, the total volume for the month registered a growth of 8%.

At around 10.30 AM, Indian Energy Exchange was trading 2.35% lower at Rs 149.60, against the previous close of Rs 153.20 on NSE.

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