Shares of Indian Energy Exchange (IEX) rose 14% during intraday trade and closed up 8% on Tuesday, riding on the hope that it may get a relief in the market coupling case currently being heard by the appellate tribunal for electricity (APTEL).
The matter pertains to the market coupling norms issued by the Central Electricity Regulatory Commission (CERC).
IEX opposes market coupling order
According to reports, APTEL criticised the market coupling order, citing theatrics and possible wrongdoing. IEX has argued that the market coupling order was wrong and should be set aside.
Market coupling is an economic model used in energy markets to create a single, uniform price for electricity across different trading platforms or exchanges, diluting IEX’s dominant position.
CERC issued directions for implementing market coupling
On July 23, 2025, CERC issued directions for implementing market coupling under the provisions of the Central Electricity Regulatory Commission (Power Market) Regulations, 2021. According to a CERC order, starting January 2026, Grid India will aggregate energy prices across all power trading platforms and publish a single unified price, a process known as day-ahead market coupling.