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January 27, 2016

REC TRADE RESULTS JANUARY 2016

RECs demand had been steadily rising in the past few months, but this month’s trading saw a signficant drop in trading volume as compared to last month. Non Solar?REC’s and Solar?REC’s traded this month were?61.6% lower?and?6.79%?lower?respectively, compared to?trading?session of December 2015. The total transaction value of?REC’s hit a sum total of?Rs?71.77?crore, compared to?Rs. 156 crore?last month.
The reason in drop in trading volume are two fold – a) Previous month trading volumes were higher than normal driven by a specific order of RERC for compliance and b) the Republic Day holiday?on Tuesday?(also a banking holiday) presented a logistics hurdle for some obligated entities to trade.
Trading?volumes are expected to increase significantly going forward, as most obligated entities are now gearing up to fulfill their obligation considering that only 2 trading sessions are remaining in the current FY. Last quarter of previous FY saw RECs trading volume of 20.85L. We should expect a significant increase over that this FY – this means we will see significant volumes in February and March.
Analysis of?Trading:
Non Solar –?Clearing ratio in exchange were at?2.16%?and?3.12%?in IEX and PXIL respectively for Non Solar?REC’s. A total of?344,519?were traded as compared to?898,439?RECs were traded in?December.?Clearing ratio at PXIL saw a jump, but IEX results showed huge dip in demand. Overall Non-Solar demand was below expectation
Solar –?Clearing ratio stood good at?1.65%?and?2.34%?in IEX and PXIL respectively. However, the total clearing volume fell to?57,420, as compared to?61,602?last month. This was a marginal fall, but since we are approaching FY end, much better results were awaited.

Trading?volumes are expected to increase significantly going forward, as most obligated entities are now gearing up to fulfill their obligation considering that only 2 trading sessions are remaining in the current FY . Further, this year we have seen regulatory action in the form of compliance orders and/ or proceedings in several states like Orissa, Kerala, UP, MP and Maharashtra, to name a few. This trading session result calls for stricter enforcement by states, since the next two months will be very crucial for the future of the REC Market.

The December’s trade result can be accessed here.