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The India Energy Exchange spot power market made a new high on Tuesday, with record trade of 137 million units of power for delivery on Wednesday. Of the fifteen days this month, the 100 million unit threshold was crossed eleven times and consecutively for ten days - from 6th to 15th September. The previous high was 131 million units, which was traded on 10 October, 2014.
On 15 September, buy bids of 178 million units and sell bids of 158 million units were received which culminated into traded volume of 137 million units. The average daily volume this month has been 109 million units, another high for the spot power market.
The increase in volume is largely due to surge in demand for power in states like Rajasthan, Punjab, Uttar Pradesh, Uttaranchal, Bihar, Chhattisgarh and Maharashtra where there has been an abrupt end of monsoon, leading to increased temperatures and agricultural load. Consequently, the high demand led to an increase in price with average market clearing price at Rs 3.64 per unit.
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