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India's Short-Term Power Market Grows 12% in 2023-24 Insight

Last Update 07 November 2024

India’s Short-Term Power market grew by 12% in 2023-24, reaching 218.22 billion units, contributing 12.5% of the total electricity generated. The market's monetary value surged 19% to ₹100,729 crore. Thermal power led with 55% of installed capacity, while Renewable Energy reached 32.5%. Cross-border electricity trade expanded, and Green Energy became more affordable.

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As renewable energy capacity in the country continues to increase, Indian power markets have seen a northward trend in the short-term power market as traders’ preference changes to short-term agreements rather than long-term PPAs. The market has evolved due to the introduction of various regulations by CERC and state ERCs which have led to an increased flexibility in the market and can provide efficient discovery of prices. The short-term market provides lesser risk and helps investor change their plans for capital expenditure according to the present market scenario hence it is expected that the share of short-term power will increase further in the country. This will help power trading by keeping in mind the variable nature of continuously increasing RE capacity in the country.

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