UP Industry can now procure power at attractive prices through the power exchanges

In a significant development, the Uttar Pradesh Electricity Regulatory Commission in its recent tariff order dated 29th July 21 for the financial year 2022 has announced the reduction of up to 64 paise per unit in the cross-subsidy charges procuring power through Power Exchanges.

Today, over 75 consumers in Uttar Pradesh source electricity leveraging the Exchange platform. The competitive power prices have been helping industries optimize their electricity procurement costs, thereby, leading to increased operational and financial efficiency since electricity contributes major share of input costs for the industries.

According to Rohit Bajaj, Head-Business Development & Senior Vice President at IEX, "IEX has been seeing significant participation from the open access consumers from the State of Uttar Pradesh. The reduction in cross-subsidy surcharge by the UPERC for the open access consumers is a welcome and definitely a progressive step in ensuring industrial and economic growth in the State. All 1 MW and above industrial / commercial consumers can save almost upto Rs 1 per unit. This development enables the State industry to significantly lower their operational costs and accelerate the overall economic growth of the State which is so critical in the COVID pandemic induced economic slowdown".

As a premiere energy marketplace in the country, IEX enables almost 4500+ commercial and industrial consumers located across India to leverage open access through the Exchange platform to procure electricity at attractive prices and accrue operational efficiency as well as the financial savings.

Shares of Indian Energy Exchange Limited was last trading in BSE at Rs. 406.8 as compared to the previous close of Rs. 406.65. The total number of shares traded during the day was 98184 in over 2943 trades.

The stock hit an intraday high of Rs. 411.6 and intraday low of 401.65. The net turnover during the day was Rs. 39854183.

Source : Equity Bulls

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