Second trading session for ESCerts was held over the Exchange on 3rd Oct, 2017. Total 40 designated consumers (DC) were participated. The Market Clearing Volume (MCV) was determined at 23,295 ESCerts and Market Clearing Price was determined at Rs. 1200 per ESCerts.

1. ESCert Trading Analysis Bicon Consultants
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ESCerts Trading - Second session dated 03rd October, 2017
Background:
National Mission on Enhanced Energy Efficiency (NMEEE) is one of the eight missions which
form India’s National Action Plan on Climate Change (NAPCC), formulated in the year 2008.The
objective of this mission is to unlock energy efficiency opportunities through market based
approach.
Perform, Achieve and Trade (PAT) is one of the components of NMEEE. This is a regulatory
instrument to reduce specific energy consumption in energy intensive industries, with an
associated market based mechanism to enhance the cost effectiveness through certification of
excess energy saving which can be traded with those plants who were under achievers of their
targets.
Facts of ESCerts Second trading phase:
Second trading session for ESCerts was held over the Exchange on 3rd Oct, 2017. Total 40
designated consumers (DC) were participated. The Market Clearing Volume (MCV) was
determined at 23,295 ESCerts and Market Clearing Price was determined at Rs. 1200 per
ESCerts.
Results for 2nd Trading Phase of ESCerts
Particulars INR
Sell Bids (ESCerts) 2,36,031
Purchase Bids (ESCerts) 51,925
Trade Volume (ESCerts) 23,295
Price Discovered (Rs/
ESCerts)
1200
No of Participants 40

2. ESCert Trading Analysis Bicon Consultants
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Figure 1: No of ESCerts Sell Bid vs Price of ESCerts
As per Ministry of Power notification G.S.R . 373(E)dated 31st March, 2016 the price of 1 tonne of
oil equivalent (i.e. one ESCert) is INR 10,968.The second trading session has witness the price of
the sell bid has crossed the notified amount. Around 54% of the total sell bids are quoted above
INR 5000.
Figure 2: No of ESCerts Buy Bids vs Price of ESCerts
Approx 45% of ESCerts of the total buy bids are quoted above MCP.
0
5000
10000
15000
20000
25000
30000
35000
750
810
1000
1125
1200
1500
1625
1700
1875
1940
2000
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3000
3375
3500
3875
4000
4500
5000
5125
5500
6000
6250
7000
9000
9250
9500
11000
SellBid
Price of ESCerts
Sell Bid (No of ESCerts)
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
2000 1500 1250 1200 1000 500
BuyBid
Price of ESCerts
Buy Bid (No of ESCerts)

3. ESCert Trading Analysis Bicon Consultants
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Figure 3: Sell bid share of ESCerts
The above figure depicts that 90.14% of the total sell bid ESCerts were quoted above MCP.
Approx 10% of the ESCerts got cleared in the second trading session held on 03rd October, 2017.
Figure 4: Purchase bid share of ESCerts
Around 45 % of the total purchase bids were cleared and 55% of the Purchase bids were quoted
above the clearing price.
1St Trading session v/s 2nd Trading session
Total sell bid and purchase bid of the ESCerts remain more or less similar over the two trading
session, whereas the cleared volume rose up by 110% approx. Total 34199 nos of ESCerts were
cleared in first two phase of trading.
9.86%
90.14%
Sell bid share of ESCerts
Below MCP
Above MCP
44.86%
55.13%
Purchase bid Share of ESCerts
Above MCP
Below MCP

4. ESCert Trading Analysis Bicon Consultants
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Figure 5: Comparison between 1st phase and 2nd phase of trading
Figure 6: Statistics of ESCerts
About 2.4% of the total ESCerts to be purchased were traded over the two trading session.
Remaining 13.8 Lacs of ESCerts are to be traded over twelve number of trading session by the
compliance period of 31st DEC, 2017.
For previous article on First Trading Session on EScerts click here
For all other articles: click here
Disclaimer: The analysis is based on certain assumptions. This reported is intended for prescribed users. Bicon will not
be liable for use of the analysis and decisions based on this analysis.
0
50000
100000
150000
200000
250000
300000
Sell Bids (ESCerts) Purchase Bids
(ESCerts)
Cleared Volume
(ESCerts)
2nd Trading Phase 1st Trading Phase
97.6%
2.4%
Statistics of ESCerts
Remaining ESCerts
Traded ESCerts