AUGUST 20238NATURAL GAS TRADING VOLUMES AT IGX JUMPED 20 PER CENT IN JULY 2023APRAAVA ENERGY SECURES 9,120 CR FUNDING FOR RENEWABLE ENERGY PROJECTS FROM REC & PFCAn associate company of the Indian Energy Exchange (IEX), Indian Gas Exchange (IGX) said today that it exchanged 2,723,350 MMBtu of gas in July 2023, a 20 Percentage year-over-year (YoY) increase. The volumes surged as a result of purchasers' heightened interest in spot purchases during a global reduction in petrol prices.The month saw 65 trades completed in total. The Daily and Weekly contracts saw the most trades executed 20 each followed by the Monthly and Fortnightly contracts, which saw 18 and 5 trades, respectively.Suvali was the busiest delivery location for free market petrol, and Gadimoga was the trading hub for domestic petrol with a ceiling price. Dahej, Mhaskal, KG Basin, Bhadbhut, and Ankot were additional trading delivery sites.The exchange traded gas flows for the month totaled 1,795,100 MMBtu. For July 2023, the Gas Index of India (GIXI) was Rs 866/$10.6 per MMBtu, down 2 Percentage from the previous month. During the month, IGX exchanged 2,288,450 MMBtu of domestic gas at a below-ceiling price of Rs 844 (volume weighted average price). AMemorandum of Understanding (MoU) was recently signed between Apraava Energy, an integrated energy solutions provider, and the Rural Electrification Corporation (REC) and the Power Finance Corporation (PFC). The MoUs are expected to give Apraava financial support in the amount of Rs 9,120 crore ($ 1.1 billion) for their forthcoming transmission, advanced metering infrastructure (AMI), and wind projects in India.The MoUs were signed at the Green Finance Summit, which coincided with the Clean Energy Ministerial (CEM) and the Ministerial of the Energy Transition Working Group (ETWG). On July 21, 2023, the Summit was held in Goa and coincided with India's G20 Presidency.Rajiv Ranjan Mishra, the managing director of Apraava Energy, responded to the recently created agreements by saying that the alliance with REC and PFC would support the business's continuous expansion and enable them to achieve upcoming sustainability targets. Apraava has increased the scope of its operations in recent years to incorporate enhanced metering and transmission. In the near future, the company intends to further develop its low-carbon portfolio and investigate fresh market opportunities like non-generation and customer-focused energy businesses. TOP STORIES
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