Vedanta led purchases on Indian green power market at IEX in fiscal Q1

The aluminium business of Indian oil, gas and metals company Vedanta Ltd (BOM:500295) was the biggest buyer of green power on the Indian Energy Exchange Ltd (IEX) platform in the first quarter of the financial year that started on April 1.

The company said on Monday it purchased 354 million kWh of solar and non-solar renewable energy for its largest integrated aluminium plant at Jharsuguda, in Odisha, mainly from IEX’s Green Term-Ahead Market. This accounts for over 35% of the green power traded on IEX in the quarter.

“Our long-term strategy focuses on migrating to low carbon energy mix, with gradual shift from fossil fuels to renewable energy, to produce green aluminium,” said Vedanta Aluminium Business Dy. CEO Rahul Sharma.

IEX, India’s largest power exchange, launched GTAM last year, allowing the industry to source green power to meet carbon reduction goals.

“The Green Term-Ahead Market offers the market participants an opportunity to trade in delivery based solar and non-solar renewable energy at the most competitive prices in a flexible manner,” Rohit Bajaj of IEX said, adding that the segment has seen an excellent response from industries, especially the energy-intensive sectors, as well as distribution utilities.

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