Indian Energy Exchange (IEX) reported its highest-ever electricity traded volume of 141 billion units (BU) in FY26, rising 17% year-on-year, even as power prices declined sharply due to a surge in supply — marking a pivotal shift in India’s short-term power markets.
“IEX achieved highest ever electricity traded volume of 141 BU in FY’26, registering an increase of 17% on YoY basis,” the exchange said, adding that it also logged its highest-ever yearly trade of Renewable Energy Certificates (RECs), with 187.20 lakh RECs traded, up 5% from the previous year.
The record performance comes at a time when demand growth remained subdued. “During FY’26, the country’s power demand grew by 1.1% on a year-on-year basis,” the statement said. However, a sharp rise in generation altered market dynamics. “Enhanced wind, hydro and solar generation along with sustained supply from coal-based generation resulted in higher supply liquidity on the exchange platform,” it noted.
Correction in spot prices
The increased liquidity led to correction in spot prices across segments. “The Market Clearing Price in the Day-Ahead Market at Rs 3.86/unit declined 13.7% compared to FY’25,” while “the Market Clearing Price in the Real-Time Market at Rs 3.59/unit during FY’26 declined 16% compared to FY’25.”
The trend intensified in the closing quarter of the fiscal. IEX reported its highest-ever quarterly traded volume of 39.4 BU in Q4FY26, up 24.3% year-on-year. REC trading also peaked at 71.70 lakh certificates during the quarter, registering a 6.1% increase.
March 2026 emerged as a record-setting month, with electricity traded volume reaching 13.90 BU, up 23.5% year-on-year. REC volumes surged sharply to 28.94 lakh units, marking a 119.9% increase.
What does govt data suggest?
Government data released in March further underlined the divergence between demand and prices. Electricity consumption rose 1.8% year-on-year to 149.56 BU. Yet, “prices on power exchanges were lower compared to previous year due to higher supply liquidity on the exchange platform,” the exchange said. Day-Ahead Market prices for March fell 6% to Rs 4.20 per unit, while Real-Time Market prices dropped 10.5% to Rs 3.71 per unit.
Segment-wise, the Real-Time Market led growth, with volumes rising 41% year-on-year to 54.85 BU in FY26, highlighting increased reliance on flexible procurement. The Day-Ahead Market recorded 62.78 BU, up 2.4%, while the Term-Ahead Market traded 12.72 BU, up 8%, though it saw declines in the latest quarter and month.
The green energy segment also saw strong traction. “IEX Green Market… achieved 10.78 BU… an increase of 23% on YoY basis,” even as “the weighted average price in Green Day-Ahead Market… declined 10.6%.”
REC trading remained robust, with 28.94 lakh certificates cleared in March sessions at Rs 340 per REC. The next trading sessions are scheduled on April 8 and April 29.