The average market clearing price in March touched R3.03 per unit, almost eight per cent lower than the level recorded in previous month. In February, the price per unit stood at R3.29.
Total cleared volume on the exchange last month was 2.3 billion units, almost similar to the level seen in February.
"The exchange expected significant increase in demand of electricity in lieu of the impending Lok Sabha elections this month, however, transmission constraints as well as open access restrictions in Gujarat and Karnataka led to stagnancy in the spot market," the exchange said in a statement.
According to IEX, unavailability of the transmission corridor continued to be a deterrent in March as around 550 million units of electricity could not be traded due to network congestion.
"Moreover import of electricity into Southern region, and Northern region along with exchange of electricity between southern states was affected due to congestion," it said.