The Indian Energy Exchange (IEX) has traded a monthly electricity volume of 34.08 billion units (BU) during the third quarter (Q3) of the financial year (FY) 2026, an 11.9% year-over-year (YoY) increase.

In December 2025, the exchange traded 11.44 BU, rising 2.8% YoY.

According to government data published in December 2025, India’s energy consumption reached 138.39 BUs, rising 7% YoY.

Increased hydro, wind, and sustained supply from coal-based generation during Q3 led to higher supply liquidity on the exchange platform, resulting in significant drops in day-ahead market (DAM) and real-time market (RTM) prices.

The DAM market-clearing price stood at ₹3.22 (~$0.0357)/kWh during the quarter, declining 13.2% from the same quarter in the previous year. The RTM prices declined 11.6% YoY to ₹3.26 (~$0.0361)/kWh.

The DAM market-clearing price during December 2025 stood at ₹3.92 (~$0.0434)/kWh, despite an increase in the electricity consumption. This is a 0.7% growth from December 2024. The RTM market-clearing prices in the same month stood at ₹3.93 (~$0.0435), increasing 2.2% YoY.

IEX said these prices present an opportunity for distribution companies (DISCOMs) and commercial and industrial (C&I) consumers to meet the demand at competitive prices. The prices also provide an opportunity to DISCOMs and C&I consumers to replace their costlier power by procuring through exchanges.

Electricity Market: Day-Ahead, Term-Ahead, and Real-Time Market

The DAM achieved 16,250 million units (MU) in Q3 FY 2026, a 2.8% YoY decline from 16,712 MU. In December 2025, this segment registered total volumes of 5,899 MU, decreasing 11.6% from December 2024.

The RTM’s volumes increased 35.7% YoY to 12,650 MU from 9,322 MU. In December 2025, this segment registered a 20.5% YoY increase to 3,833 MU.

The day-ahead contingency and term-ahead markets, comprising the high-price term-ahead market, contingency, and daily, weekly, and monthly contracts up to three months, traded 2,535 MU during Q3, increasing 29.3% from 1,960 MU in the same quarter of the preceding year. In December 2025, this segment traded 931 MU, rising 87% from last year.

Green Market

The IEX Green Market, consisting of the green day-ahead market (G-DAM) and the green term-ahead market, achieved a volume of 2,647 MU during Q3 FY 2026, increasing 7.2% YoY from 2,470 MU.

In December 2025, the segment achieved a volume of 777 MU, reducing 0.5% from the same month in the previous year. The weighted average G-DAM price for the month was ₹4.21 (~$0.0466)/kWh.

Renewable Energy Certificates (RECs)

IEX traded 1.86 million RECs in Q3, a decline of 29.8% YoY.

It traded 770,000 RECs in the trading sessions held on December 10 and 31, 2025, at a clearing price of ₹359 (~$3.98)/REC and ₹345 (~$3.83)/REC, respectively. The REC trading volume during the month decreased by 53.7% compared with December 2024.

The next REC trading sessions will be held on January 14 and 28, 2026.

IEX traded 474,000 RECs in the trading sessions held in November 2025.

In October, the exchange traded a total of 619,000 RECs.