The Indian Energy Exchange (IEX) traded an electricity volume of 11,065 million units (MU) in September 2025, increasing 7.1% year-over-year (YoY). Tertiary reserve ancillary service (TRAS) volume stood at 289 MU, compared to 6.7M U in September 2024.

According to the government data published in September 2025, India’s energy consumption reached 145.91 billion units (BU), growing 3.2% YoY.

The market-clearing price in the day-ahead market (DAM) at ₹3.58 (~$0.040)/kWh during September 2025 declined 14.5% from the same month of the previous year. Similarly, the market-clearing price in the real-time market (RTM) at ₹3.31 (~$0.037)/kWh during September 2025 declined 16.8%.

A total of 627,000 renewable energy certificates (REC) were traded in the sessions held on September 10 and 24, at clearing prices of ₹365 (~$4.11)/REC and ₹370 (~$4.17)/REC, respectively. REC traded volume in September decreased by 39.2% YoY.

The next REC trading sessions at the Exchange are scheduled on October 8 and 29.

Green Market

IEX Green Market, comprising the green day-ahead and green term-ahead market segments, achieved 1,084 MU volume during September this year, compared to 723 MU in September 2024, registering an increase of 50% YoY.

The weighted average price in the green day-ahead market (G-DAM) for September 2025 was ₹3.15 (~$0.036)/kWh.

Electricity Market

The DAM, including the High Price Day Ahead Market, achieved 4,228 MU volume in September 2025, compared to 4,610 MU volume in September 2024, declining 8.3% from the same period last year. The DAM segment accounted for 35.3% of the total traded volumes in September 2025.

The RTM  volume increased to 4,786 MU in September 2025, from 3,913 MU in September 2024, increasing 22.3% YoY. This segment accounted for 39.9% of the total traded volumes in September this year.

Day-ahead contingency and term-ahead market (TAM), comprising HPTAM, contingency, daily and weekly, and monthly contracts up to three months, traded 967 MU in September 2025, reducing 11% from 1,086 MU in September 2024.

Q2 FY 2024

IEX traded electricity volume of 35,217 MU (excluding TRAS), a 16.1% YoY increase in the second quarter (Q2) of the fiscal year (FY) 2026. Additionally, TRAS volume in Q2 FY 2026 was 603 MU, compared to 16.9 MU in Q2 FY 2025.

During the quarter, IEX traded 4.42 million RECs, declining 29.8% YoY.

In Q2, increased hydro and wind power, along with sustained supply from coal-based generation, resulted in higher supply liquidity on the exchange platform, leading to a substantial drop in DAM and RTM prices.

The market-clearing price in the DAM at ₹3.93(~$0.044)/kWh during Q2 FY 2026 declined 12.5% from Q2 FY 2025. Similarly, the market-clearing price in the RTM at ₹3.51 (~$0.040)/kWh during Q2 FY 2026 declined 16.1% from Q2 FY 2026.

Notably, during the quarter, on August 25, 2025, heavy rains boosted supply liquidity, driving the average RTM price to near zero (₹0.01 (~$0.00011)/kWh), a price discovered in a single time block (07:45 AM to 8:00 AM).

Green Market

The IEX Green Market, comprising the G-DAM and Green Term-Ahead Market segments, during Q2 FY 2026, achieved a volume of 3,040 MU, rising 17.7% from the same period of the previous year.

Electricity Market

The DAM segment, including HPDAM, registered total volumes of 14,534 MU during Q2, increasing 1.4% YoY. This segment accounted for 36.1% of the total traded volumes during the quarter.

RTM registered total volumes of 14,925 MU during Q2, growing 39.1% YoY. This segment accounted for 37.1% of the total traded volumes during the quarter.

Day-ahead contingency and TAM, comprising HPTAM, contingency, daily and weekly, and monthly contracts up to three months, traded 2,719 MU in Q2, rising 1% from the same period last year.

The Indian Energy Exchange traded a monthly electricity volume of 11.8 BU in August 2025, an 18.9% YoY increase.