Indian Energy Exchange (IEX), India’s largest electricity exchange, reported steady growth in electricity traded volumes during the third quarter of FY26, supported by higher supply availability and stable demand conditions across the power market.
During Q3 FY26, IEX recorded electricity traded volumes of 34.08 billion units (BU), excluding TRAS, reflecting a 11.9% year-on-year increase. The exchange also facilitated the trading of 18.63 lakh renewable energy certificates (RECs) during the quarter.
The quarter saw increased power supply from hydro, wind, and sustained coal-based generation. This higher supply liquidity resulted in a decline in power prices across key market segments. The Market Clearing Price in the Day-Ahead Market (DAM) averaged ₹3.22 per unit in Q3 FY26, down 13.2% compared to the same period last year. Similarly, the Real-Time Market (RTM) price stood at ₹3.26 per unit, marking a 11.6% year-on-year decline.
In December 2025, IEX achieved a monthly electricity traded volume of 11.44 BU, excluding TRAS, registering a 2.8% increase compared to December 2024. During the month, 7.7 lakh RECs were traded on the exchange.
Government data released in December 2025 showed that India’s electricity consumption reached 138.39 BU, a 7% increase on a year-on-year basis. Despite higher consumption, market prices remained largely stable. The DAM clearing price for December 2025 was ₹3.92 per unit, up marginally by 0.7% year-on-year, while the RTM price increased by 2.2% to ₹3.93 per unit.
These price levels allowed distribution companies (Discoms) and commercial and industrial consumers to meet power demand at competitive rates and replace relatively higher-cost power through exchange-based procurement.
Segment-wise, the Day-Ahead Market recorded volumes of 16,250 million units (MU) in Q3 FY26, compared to 16,712 MU in Q3 FY25, reflecting a 2.8% year-on-year decline. For December 2025, DAM volumes stood at 5,899 MU, down 11.6% compared to the same month last year.
The Real-Time Market continued to show strong growth, with volumes increasing to 12,650 MU in Q3 FY26 from 9,322 MU in Q3 FY25, marking a 35.7% year-on-year rise. In December 2025, RTM volumes reached 3,833 MU, up 20.5% from December 2024.
The Term-Ahead Market, including high-price term-ahead, contingency, daily, weekly, and monthly contracts up to three months, recorded volumes of 2,535 MU during Q3 FY26, higher by 29.3% compared to Q3 FY25. December 2025 volumes for this segment stood at 931 MU, an increase of 87% year-on-year.
In the green power segment, IEX’s Green Day-Ahead and Green Term-Ahead Markets together achieved volumes of 2,647 MU during Q3 FY26, up 7.2% compared to the same quarter last year. However, December 2025 green market volumes declined marginally by 0.5% year-on-year to 777 MU. The weighted average price in the Green Day-Ahead Market for December 2025 was ₹4.21 per unit.
The Renewable Energy Certificate market witnessed lower activity during the quarter. A total of 18.63 lakh RECs were traded in Q3 FY26, reflecting a 29.8% year-on-year decline. In December 2025, REC trading volumes fell 53.7% compared to December 2024. The trading sessions held on 10 December and 31 December 2025 saw RECs clearing at prices of ₹359 per REC and ₹345 per REC, respectively.
The next REC trading sessions on the exchange are scheduled for 14 January 2026 and 28 January 2026.
