Govt. policies have been impacting IEX volumes and thereby its profits. A few years back when energy prices were on a downward trend, govt wanted SEBs to forgo PPAs and embrace power trading to take advantage of lower prices where the surplus power was offered. This led to a surge in volumes on IEX and optimism for future growth.
Post covid with rise in power consumption and then with Ukraine war, the surplus power situation changed along with hefty price rise. Govt stance has changed now. Even though PPAs have been discontinued, govt has been encouraging long term tieups via various initiatives
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