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.
