Indian Gas Exchange records 50 percent rise in its gas volume in July
In July 2024, the Indian Gas Exchange (IGX) saw a 50% year-over-year increase in gas volumes, reaching 4.1 million MMBtu. Key developments include the introduction of SSLNG contracts, a 4% rise in the Gas Index of India (GIXI), and new delivery points approved by PNGRB.
The Indian Gas Exchange (IGX) has recorded a surge of 50 percent on a yearly basis in its gas volume, reaching 4.1 million Metric Million British Thermal Units (MMBtu) in July 2024. According to IGX, it executed a total of 96 trades in July 2024.
During the month, 28 trades were executed in Monthly contracts, followed by 26 trades in Daily contracts, 19 trades in Weekly contracts, 16 trades in Day-Ahead contracts, and 7 trades in Fortnightly contracts. The most active delivery points for free market gas were Mhaskal and Gadimoga for Ceiling Price gas. Other trading delivery points included Dahej, KG Basin, Hazira, Suvali, and Bhadbhut.
The company's exchange-traded gas during the month stood at 3.5 million MMBtu. The Gas Index of India (GIXI) for July 2024 was four percent higher at Rs 1,114/USD 13.2 per MMBtu. GIXI-South was Rs 936/USD 11.2 per MMBtu, and GIXI-West was Rs 1,119/USD 13.3 per MMBtu.
Furthermore, the total domestic ceiling price category gas traded during the month was 0.6 million MMBtu at a ceiling price of Rs 825/MMBtu at KG Basin and Gadimoga delivery points. In July, the first trade in a small-scale liquefied natural gas (SSLNG) contract was executed in a Daily contract at the Dahej delivery point.
Gujarat State Electricity Corporation Limited (GSECL) joined as a new proprietary member. Additionally, IGX received approval from PNGRB to add Jaya, Jharia, Kochi, and Chhara as new delivery points. IGX currently offers delivery-based trade in six different contracts: Day-Ahead, Daily, Weekday, Weekly, Fortnightly, and Monthly, under which the trade can be executed for six consecutive months.
The gas trade takes place at multiple delivery points such as Dahej, Hazira, Ankot, Mhaskal, Bhadbhut, Dabhol, KG Basin, Gadimoga, and Suvali.
IGX covers six regional gas hubs: Western Hub, Southern Hub, Eastern Hub, Central Hub, Northern Hub, and North Eastern Hub across India. Indian Gas Exchange Limited (IGX) was established in 2020. It is India's first automated national-level Gas Exchange for the physical delivery of natural gas.
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