Tripura News Point

IGX Expects Gas Volume Trade to Increase by 16% in 2023

<p>According to the Indian Gas Exchange (IGX), producers and consumers flocked to the exchange in 2023, resulting in a 16% increase in the amount of gas exchanged on the platform. According to a statement from IGX, gas commerce reached 1.22 billion cubic meters, or 3.3 million standard cubic meters, every day in 2023.</p>
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<p>With a 2.2 million standard cubic meters per day or 67 million standard cubic meters in December, the volume decreased by 7% from the previous month. “During the month, 132 deals were completed. According to the statement, the daily contract had the highest number of transactions conducted at 61. This was followed by the fortnightly and monthly contracts, which had 27 and 18 trades, respectively.</p>
<p>Dahej was the busiest location for delivering gas on the open market, whereas Gadimoga was the hub for trading gas at the national ceiling price. KG Basin, Hazira, Ankot, Suvali, Mhaskal, and Bhadbhut were additional trade delivery sites. Around 3 mmscmd, or 37,26,500 million British thermal units, or mmBtu, were exchanged for gas throughout the month.</p>
<p>The December 2023 GIXI (Gas Index of India) was Rs 1,098 (USD 13.1 per mmBtu), a 3% decrease from the previous month. Throughout the month, IGX traded 7,82,000 mmBtu of domestic ceiling price gas.</p>
<p>With 4,84,93,750 mmBtu (3.3 mmscmd) traded in 2023, IGX had a 16% year-over-year gain. The statement said that a total of 1,424 transactions were conducted during the year, with daily contracts accounting for the highest number of trades, followed by weekly, monthly, and fortnightly contracts. Six distinct contracts, including day-ahead, daily, weekday, weekly, fortnightly, and monthly, are available on IGX for delivery-based trading. Under these contracts, a deal may be performed for a period of six consecutive months.</p>
<p>There are many delivery locations where gas is traded, including Dahej, Hazira, Ankot, Mhaskal, Bhadhbhut, Dabhol, KG Basin, Gadimoga, and Suvali. It covers India’s six regional gas hubs, which are the Western, Southern, Eastern, Central, Northern, and North Eastern hubs.</p>
<p>IGX, which was founded in 2020, is the first automated national gas exchange in India for the actual distribution of natural gas. Multiple buyers and sellers may trade in the spot market and forward gas contracts at pre-designated physical hubs using the exchange’s impartial and transparent marketplace.</p>
<p>An affiliate of Indian Energy Exchange Ltd. is IGX.</p>