Last Updated on January 7, 2026 by Author
Indian Energy Exchange, India’s premier electricity exchange, for the third quarter of the fiscal year 2026, achieved electricity traded volume of 34.08BU (excluding TRAS), marking a 11.9% year on year increase. During the quarter, IEX traded 18.63 lakh renewable energy certificates.
During the third quarter of this financial year, increased hydro, wind, and sustained supply from coal-based generation resulted in higher supply liquidity on the exchange platform, which led to a substantial drop in DAM and RTM prices. The Market Clearing Price in the Day-Ahead Market at Rs 3.22/unit during Q3 FY’26 declined 13.2% compared to Q3 FY’25. Similarly, the Market Clearing Price in the Real-Time Market at Rs 3.26/unit during Q3 FY’26 declined 11.6% compared to Q3 FY’25.
In December’25, IEX achieved monthly electricity traded volume of 11.44 BU (excluding TRAS), marking 2.8% increase on year-on-year basis. A total of 7.7 lakh Renewable Energy Certificates were traded during the month.
According to government data published in December 2025, the country’s energy consumption reached 138.39 BUs, representing 7% increase year-on-year. Despite an increase in the electricity consumption, the Market Clearing Price in the Day Ahead Market at Rs 3.92/unit during December 2025, increased by only 0.7% year-on-year. Similarly, the Market clearing price in the Real Time Market at Rs 3.93/unit during December 2025, increased by 2.2% on year-on-year basis.
These prices presented an opportunity for Discoms and Commercial & Industrial consumers to meet their demand at a competitive price and to replace their costlier power by procuring through exchanges.
The Day-Ahead Market (DAM) achieved 16,250 MU volume in Q3 FY ’26 as compared to 16,712 MU volume in Q3 FY ’25, decline of 2.8% YoY. The DAM segment registered total volumes of 5,899 MU during December ‘25, decline of 11.6% over December ‘24.
The Real-Time Electricity Market (RTM) volume increased to 12,650 MU in Q3FY’26, from 9,322 MU in Q3FY’25, registering an increase of 35.7% YoY. The RTM segment registered volume of 3,833 MU during December ‘25, increasing 20.5% over December ‘24.
Day Ahead Contingency and Term-Ahead Market (TAM), comprising of HPTAM, contingency, daily & weekly and monthly contracts up to 3 months, traded 2,535 MU during Q3FY’26, as compared to 1,960 MU in Q3FY’25, higher by 29.3%. The total volume on the segment during December ’25 was 931 MU, increase of 87% over December ’24.
IEX Green Market, comprising the Green Day-Ahead and Green Term-Ahead Market segments, during Q3FY’26, achieved volume of 2,647 MU, as compared to 2,470 MU in Q3FY’25, an increase of 7.2% over Q3FY’25. The segment achieved 777 MU volume during December’25, registering a decline of 0.5% YoY. The weighted average price in Green Day-Ahead Market (G-DAM) for December’25 was Rs 4.21/unit.
A total of 18.63 lakh RECs were traded during Q3 FY’26, decline of 29.8% YoY. A total of 7.7 lakh RECs were traded in the trading sessions held on 10th December ’25 and 31st December’25, at a clearing price of Rs. 359/REC and Rs. 345/REC respectively. REC traded volume in December’25 decreased by 53.7% on YoY basis.
The next REC trading sessions at the Exchange are scheduled on 14th January ’26 and 28th January ’26.
