Indian Energy Exchange Limited (IEX), India’s premier electricity trading platform, reported a strong operational performance for the second quarter of FY26, with sustained volume growth across key market segments. The exchange achieved 35,217 million units (MU) of electricity traded during the quarter, reflecting a 16.1% year-on-year rise.
During Q2FY26, increased hydro and wind generation, along with stable coal-based power supply, contributed to improved supply liquidity on the platform. This led to lower market clearing prices across categories, benefiting distribution companies and industrial buyers through competitive pricing.
The Day-Ahead Market (DAM), including HPDAM, recorded total volumes of 14,534 MU, up 1.4% year-on-year, accounting for 36.1% of the total traded volume. Meanwhile, the Real-Time Market (RTM) continued its upward trajectory, registering 14,925 MU, marking a 39.1% YoY increase and representing 37.1% of total trades. The Term-Ahead Market (TAM), comprising contingency, daily, weekly, and monthly contracts, saw a modest 1% rise to 2,719 MU during the quarter.
In addition, TRAS (Transmission Reliability Ancillary Services) volumes surged sharply to 603 MU in Q2FY26, compared to just 16.9 MU in the same period last year. The Green Market, encompassing both the Green Day-Ahead and Green Term-Ahead segments, achieved 3,040 MU, up 17.7% YoY, reflecting growing participation in renewable energy trading.
The average Day-Ahead Market price stood at ₹3.93 per unit, down 12.5% YoY, while the Real-Time Market price averaged ₹3.51 per unit, down 16.1% YoY. On August 25, 2025, heavy rainfall led to a brief supply surge, resulting in an exceptionally low RTM price of ₹0.01/kWh in one time block between 7:45 and 8:00 AM.
For September 2025, IEX recorded a monthly traded electricity volume of 11,065 MU, up 7.1% year-on-year, driven by continued growth in RTM and Green segments. RTM volumes increased 22.3% YoY to 4,786 MU, while the Green Market posted a 50% YoY jump to 1,084 MU. The average DAM price for the month stood at ₹3.58/unit, lower by 14.5% YoY, and the RTM price at ₹3.31/unit, down 16.8% YoY.
The Renewable Energy Certificate (REC) market witnessed 44.22 lakh RECs traded during Q2FY26, a 29.8% YoY decline, at clearing prices of ₹365 and ₹370 per certificate in the September trading sessions. In September alone, 6.27 lakh RECs were traded, down 39.2% YoY.
Government data indicated that India’s overall electricity consumption reached 145.91 billion units in September 2025, showing a 3.2% year-on-year growth. IEX stated that lower exchange prices offered an opportunity for discoms and industrial consumers to replace costlier bilateral power with competitively priced electricity through the exchange.
As India’s leading power trading platform, IEX continues to facilitate efficient price discovery and enhance liquidity across all market segments, contributing to the development of a transparent and competitive energy market.
Disclaimer: This article is for informational purposes only, based on data disclosed by Indian Energy Exchange Limited in its stock exchange filing and media release dated October 6, 2025. It does not constitute investment advice or a recommendation to buy or sell any securities.
