Latest news with #I-RECs
Time of India
6 days ago
- Business
- Time of India
Power volumes up 14.9% in Q1; profit rises 25% to ₹120.7 crore
New Delhi: Electricity volumes traded at the Indian Energy Exchange (IEX) volumes traded in the first quarter of FY26 rose 14.9per cent year-on-year to 32.4 billion units (BUs), while consolidated profit after tax increased by 25.2per cent to ₹120.7 crore, the company said in its Q1 results released on July 24. Revenue during the quarter stood at ₹184.2 crore, up 19.2per cent compared to ₹154.5 crore in the corresponding quarter of FY25. Standalone profit after tax rose to ₹113 crore, up 21per cent from ₹93.4 crore in Q1FY25. The company reported that 52.7 lakh Renewable Energy Certificates (RECs) were traded in Q1FY26, marking a 149.3per cent increase over the previous year. Summer power demand peaks at 242 GW India's peak summer power demand in 2025 reached 242 GW on June 12. To manage this demand, the Ministry of Power invoked Section 11 of the Electricity Act, requiring imported coal-based power plants to operate at full capacity until June-end. The government also activated gas-based plants and ensured sufficient domestic coal supply to avert shortages. Despite forecasts projecting a peak demand of 277 GW, early monsoon and unseasonal rains kept temperatures low. As a result, electricity consumption for Q1FY26 was recorded at 446 BUs, down 1.3per cent from Q1FY25. Fuel supply steady; coal production at 247 MT Coal production during the first quarter stood at 247 million tonnes (MT), nearly the same as the year-ago period. Coal inventories in mid-July stood at 25 days' worth of supply, ensuring stable fuel availability for power generation. Increased availability from hydro, wind and coal-based generation contributed to higher liquidity on power exchanges. Day-Ahead Market (DAM) supply increased by 45.2per cent year-on-year. As a result, the average DAM price dropped nearly 16per cent to ₹4.41/unit, while the Real-Time Market price fell 20per cent to ₹3.91/unit. Gas market sees 109per cent volume growth Indian Gas Exchange (IGX) posted a 109per cent growth in traded volumes in Q1FY26, touching 24.6 million MMBtu, driven by increased demand from oil marketing companies and city gas distributors. IGX posted a PAT of ₹14.1 crore for the quarter, up 86.7per cent from ₹7.6 crore in Q1FY25. 44 lakh I-RECs issued by ICX in Q1 The International Carbon Exchange (ICX), a wholly owned subsidiary of the company, issued over 44 lakh International Renewable Energy Certificates (I-RECs) in Q1FY26, compared to 59 lakh for the full previous fiscal. ICX earned ₹178.8 lakh in revenue during the quarter. I-RECs are digital certificates representing the generation of 1 MWh of energy from renewable sources.
Business Upturn
6 days ago
- Business
- Business Upturn
IEX Q1 Results: Revenue rises 14.7% to Rs 141.75 crore, Net profit jumps 25% YoY
Indian Energy Exchange (IEX) reported a robust set of numbers for the quarter ended June 30, 2025 (Q1 FY26), with consolidated profit after tax (PAT) rising 25% year-on-year to Rs 120.7 crore, up from Rs 96.4 crore in Q1 FY25. The consolidated revenue grew 19% YoY to Rs 184.2 crore during the quarter. Electricity volume traded on the exchange stood at 32.4 billion units (BU), marking a 15% YoY growth, while the volume of Renewable Energy Certificates (RECs) traded surged 149% YoY to 52.7 lakh units. On a standalone basis, IEX reported a PAT of Rs 113 crore, up 21% from Rs 93.4 crore in the same quarter last year. Despite initial concerns over summer demand, an early monsoon and unseasonal rains led to a lower-than-expected peak power demand. The average Day-Ahead Market (DAM) price dropped 16% YoY to Rs 4.41/unit, while the Real-Time Market (RTM) price declined 20% YoY to Rs 3.91/unit due to improved liquidity and higher renewable supply. The Indian Gas Exchange (IGX), a wholly owned subsidiary of IEX, also recorded strong growth, with gas volumes at 24.6 million MMBtu, up 109% YoY. IGX PAT rose 86.7% YoY to Rs 14.1 crore. Another subsidiary, the International Carbon Exchange (ICX), issued over 44 lakh I-RECs in Q1 FY26, with revenue at Rs 1.79 crore. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
News18
6 days ago
- Business
- News18
IEX net profit rises over 25 pc to Rs 121 cr in Jun qtr
Agency: New Delhi, Jul 24 (PTI) Indian Energy Exchange on Thursday posted an over 25 per cent rise in its consolidated net profit to Rs 120.69 crore in the June quarter compared to a year ago, mainly on the back of higher revenues. The company had reported a consolidated net profit of Rs 96.44 crore in the quarter ended on June 30, 2024, according to a regulatory filing. Total income rose to Rs 184.17 crore in the quarter from Rs 154.47 crore in the same period a year ago. Its electricity volumes in Q1FY26 stood at 32.4 billion units (BUs), increased 14.9 per cent year-on-year (YoY). The company said that 52.7 lakh renewable energy certificates (RECs) were traded during Q1FY26, jumping 149.3 per cent YoY. During the quarter, with an increase in hydro, wind and sustained supply from coal-based generation, supply liquidity on power exchanges improved and kept prices competitive. During the first quarter of FY26, supply liquidity in the Day Ahead Market (DAM) segment grew by 45.2 per cent on a year-on-year basis. As a result, the price in the DAM averaged Rs 4.41/unit, a decline of nearly 16 per cent YoY. On the gas market front, Indian Gas Exchange (IGX) traded record gas volumes of 24.6 million MMBtu during the period under review, a growth of 109 per cent from a year ago, led by a demand increase from oil marketing companies and city gas distribution companies. During the quarter, IGX recorded a profit after tax of Rs 14.1 crore, which was higher by nearly 86.7 per cent compared with Rs 7.6 crore a year ago. In the June quarter, its wholly-owned subsidiary International Carbon Exchange (ICX) issued over 44 lakh I-RECs against 59 lakh I-RECs issued in the last financial year. Revenue for ICX in the June quarter stood at Rs 178.8 lakh. The I-REC is a globally recognised digital certificate that serves as transferable proof of the generation of 1 MWh of energy from renewable sources. PTI KKS SHW view comments First Published: July 24, 2025, 18:15 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Observer
02-07-2025
- Business
- Observer
4th I-REC auction to advance clean energy
MUSCAT, JULY 2 Nama Power and Water Procurement Company (PWP), the sole procurer of power and water capacity in the Sultanate of Oman, has launched its fourth auction round for International Renewable Energy Certificates (I-RECs) – a move aligned with the Sultanate of Oman's broader strategy to advance decarbonization and its Net Zero targets. Over 3 million I-RECs are on offer in this latest round, building on three previous auctions that have reinforced Oman's efforts to provide avenues for businesses and strategic sectors within the country to decarbonise their operations. Two years ago, Oman became the first country in the GCC to register the first wind farm – the 50 MW Dhofar I Wind Project – with the I-REC Standard Foundation. Since then, PWP has successfully registered Manah I Solar IPP and Manah II Solar IPP with the globally recognized I-REC Standard Foundation, which promotes an internationally recognized methodology for issuing and redeeming I-RECs. This system is implemented globally with the support of national governments and local stakeholders. The I-REC certificates in this auction round represent renewable energy generated by the three projects between July 2024 and December 2025. The grid-connected Manah I and Manah II solar PV projects – each with a capacity of 500 MW – are expected to generate around 1.5 million I-RECs annually, while the Dhofar I Wind project is estimated to contribute approximately 150,000 certificates per year. Ahmed bin Salim al Abri, Nama PWP CEO Commenting on the significance of this latest auction, Nama PWP CEO Ahmed bin Salim al Abri stated: 'Through this market-based solution, PWP is enabling local businesses to decarbonize their operations by purchasing the I-RECs, while offering domestic and international buyers a credible pathway to meet voluntary sustainability targets.' According to PWP, certifying the flow of energy from clean sources has become increasingly important for consumers who demand greater choice in how they procure electricity. Some companies seek to demonstrate compliance with renewable energy procurement requirements, while others aim to reduce their greenhouse gas emissions. To accurately report the use of renewable energy in emissions disclosures, companies must own and redeem a verified environmental attribute certificate, such as an I-REC. Well-known Omani environmental services specialist Three Pillars Consulting (TPC) serves as the local issuer of I-RECs in the Sultanate of Oman. As the accredited issuer, TPC supports the registration of renewal and issuance of I-REC renewable energy tracking system.
Muscat Daily
28-05-2025
- Business
- Muscat Daily
Omantel advances Net Zero plan with emission cuts and renewables
Muscat – As climate action becomes increasingly urgent across industries, Omantel is stepping forward with a clear commitment to sustainability. The company has formally adopted a Net Zero target for 2050 and set an ambitious near-term goal to reduce Scope 1 and Scope 2 greenhouse gas emissions by 45% by 2030, using 2023 as the baseline year. This commitment reflects Omantel's broader sustainability vision and its role as a national digital enabler, supporting Oman's transition towards a low-carbon future. Rather than treating Net Zero as a distant aspiration, Omantel said it is taking measurable steps today to reshape its environmental impact. 'Our responsibility extends beyond digital infrastructure. It includes contributing to a more sustainable future for Oman. This target reflects both our ambition and the action we are taking to achieve it,' Lujaina Saif al Kharusi, Vice President of Governance, Regulatory Affairs and Compliance at Omantel, said in a press statement. A major step in this journey was reached in 2024, when Omantel redeemed 40,000 International Renewable Energy Certificates (I-RECs) sourced from the Dhofar Wind IPP through Nama Power and Water Procurement (Nama PWP). This clean electricity, equivalent to 40,000 MWh, led to a 12.38% reduction in the company's market-based Scope 2 emissions and prevented more than 88,000 tonnes of CO₂ equivalent from entering the atmosphere. Without intervention, emissions would have risen alongside business growth. Instead, Omantel achieved a 2.77% decrease in total emissions for 2024 compared to 2023, avoiding a projected 10.96% increase. By 2026, emissions are expected to remain just 5.15% above 2023 levels, significantly below the business-as-usual projection of nearly 31%. These results underscore the effectiveness of Omantel's approach. Omantel also ranks among the first telecom operators in the region to adopt renewable energy certificates at this scale. This signals both technical capability and a serious commitment to operational sustainability. 'Setting goals is important, but following through on them is what defines leadership,' said Lujaina. 'Integrating wind power into our energy portfolio is just one example of how we are aligning climate goals with real action.' By embedding sustainability into its strategy, Omantel is contributing to Oman's national Net Zero roadmap and helping shape a future where connectivity and climate responsibility advance hand in hand.
