Indian Energy Exchange (IEX) reported its highest-ever electricity traded volume of 141 billion units (BU) in FY26, marking a 17% year-on-year (YoY) rise.
IEX states that it also recorded its highest-ever yearly trade of renewable energy certificates (RECs), with 187.20 lakh RECs traded during FY26, up 5% YoY.
Power prices fall despite demand growth
India’s power demand grew modestly by 1.1% YoY during FY26. However, higher generation from wind, hydro, solar, and coal-based sources improved supply liquidity on the exchange, leading to a sharp decline in power prices.
The average market clearing price in the day-ahead market (DAM) fell 13.7% YoY to Rs 3.86 per unit, while the real-time market (RTM) price declined 16% YoY to Rs 3.59 per unit.
| Market Segment | Volume (BU) | YoY Change |
|---|---|---|
| Real-Time Market (RTM) | 54.85 | +41% |
| Day-Ahead Market (DAM) | 62.78 | +2.4% |
| Green Market | 10.78 | +23% |
| Term-Ahead Market (TAM) | 12.72 | +8% |
Q4 sees sharp jump in volumes
In the March quarter (Q4FY26), IEX recorded its highest-ever quarterly electricity traded volume at 39.4 BU, up 24.3% YoY.
The exchange also saw strong traction in the REC segment, with 71.70 lakh RECs traded during the quarter, registering a 6.1% YoY increase.
March trading hits record high
For March 2026, IEX achieved its highest-ever monthly traded volume at 13.90 BU, up 23.5% YoY.
REC trading surged sharply during the month, with 28.94 lakh RECs traded, marking a 119.9% YoY jump.
Government data showed that India’s energy consumption rose 1.8% YoY to 149.56 BU in March. Despite this increase, power prices remained lower due to ample supply.
The DAM price for March stood at Rs 4.20 per unit, down 6% YoY, while RTM prices fell 10.5% YoY to Rs 3.71 per unit.
Real-time market leads growth
The real-time market (RTM) emerged as the fastest-growing segment for IEX during FY26, with volumes rising 41% YoY to 54.85 BU.
RTM volumes grew 48.2% YoY in Q4FY26 to 14.30 BU and increased 41.7% YoY to 5.28 BU in March.
The day-ahead market (DAM) posted a modest 2.4% YoY growth in FY26 at 62.78 BU, while volumes rose 15.7% YoY in Q4 and 23.1% YoY in March.
| Segment | Volume | YoY |
|---|---|---|
| Real-Time Market RTM | 14.30 BU | +48.2% |
| Day-Ahead Market DAM | 19.60 BU | +15.7% |
| Green Market Green DAM | 2.44 BU | +26.5% |
| Term-Ahead Market TAM | 3.12 BU | -3.8% |
| REC Trading Renewable Energy Certificates | 71.70 lakh RECs | +6.1% |
Term-ahead market sees mixed trend
The term-ahead market (TAM) grew 8% YoY in FY26 to 12.72 BU. However, the segment saw a decline in the later periods, with volumes falling 3.8% YoY in Q4FY26 and dropping 28.5% YoY in March.
Green market gains traction
The green market segment continued to expand, with volumes rising 23% YoY to 10.78 BU in FY26.
During Q4FY26, green market volumes grew 26.5% YoY to 2.44 BU, while March volumes increased 28.3% YoY to 0.80 BU.
The weighted average price in the green day-ahead market stood at Rs 3.59 per unit in FY26, down 10.6% YoY, and Rs 3.84 per unit in March, down 10.8% YoY.
REC market records steady growth
REC trading remained strong during the year, with 187.20 lakh certificates traded in FY26, up 5% YoY.
In Q4FY26, REC volumes rose 6% YoY to 71.70 lakh. March saw a sharp spike, with 28.94 lakh RECs traded at a clearing price of Rs 340 per REC.
The next REC trading sessions at the exchange are scheduled for April 8 and April 29.