Indian Energy Exchange, India’s premier electricity exchange, achieved the highest ever electricity traded volume of 141 BU in FY’26, registering an increase of 17% on a YoY basis. IEX recorded highest ever yearly trade of RECs in FY’26. A total of 187.20 lakh Renewable Energy Certificates were traded during the year, marking 5% year on year increase.
During FY’26, the country’s power demand grew by 1.1% on a year-on-year basis. During the fiscal year, enhanced wind, hydro, and solar generation, along with sustained supply from coal-based generation, resulted in higher supply liquidity on the exchange platform, leading to a substantial decline in DAM and RTM prices. For FY’26, the Market Clearing Price in the Day-Ahead Market at Rs 3.86/unit declined 13.7% compared to FY’25. Similarly, the Market Clearing Price in the Real-Time Market at Rs 3.59/unit during FY’26 declined 16% compared to FY’25.
For Q4FY’26, IEX achieved its highest-ever quarterly electricity traded volume of 39.4 BU, marking a 24.3% year on year increase. IEX recorded the highest quarterly trade of RECs in Q4FY’26. A total of 71.70 lakh Renewable Energy Certificates were traded during the quarter, marking 6.1% year on year increase.
For the month of March 2026, IEX achieved its highest-ever monthly electricity traded volume of 13.90 BU, marking a 23.5% increase on a year-on-year basis. A total of 28.94 lakh Renewable Energy Certificates were traded during the month, marking an 119.9% year on year increase.
According to government data published in March ’26, the country’s energy consumption reached 149.56 BUs, an increase of 1.8% compared to the previous year. Despite the increase in energy consumption, prices on power exchanges were lower compared to the previous year due to higher supply liquidity on the exchange platform. The market-clearing price in the Day Ahead Market at Rs. 4.20/unit during March’26 declined 6% YoY. Similarly, the price in the Real Time Market at Rs 3.71/unit during March’26 declined 10.5% YoY.
ELECTRICITY MARKET: DAY- AHEAD, TERM- AHEAD & REAL-TIME MARKET
The Day-Ahead Market (DAM), including HPDAM, achieved 62.78 BU for FY’26, as compared to 61.31 BU in FY’25, registering an increase of 2.4% on a YoY basis. DAM segment registered 19.60 BU during Q4FY’26, as compared to 16.93 BU in Q4FY’25, registering an increase of 15.7% on a YoY basis. The segment achieved 6.83 BU volume in March’26 as compared to 5.55 BU volume in March’25, an increase of 23.1% YoY.
The Real-Time Electricity Market (RTM) achieved 54.85 BU for FY’26, as compared to 38.90 BU in FY’25, registering an increase of 41% on a YoY basis. The RTM segment registered 14.30 BU during Q4FY’26, as compared to 9.65 BU in Q4FY’25, registering an increase of 48.2% on a YoY basis. The RTM segment achieved 5.28 BU in March’26 as compared to 3.73 BU in March’25, registering an increase of 41.7 % on a YoY basis.
Day Ahead Contingency and Term-Ahead Market (TAM), comprising HPTAM, contingency, daily & weekly, and monthly contracts up to 3 months, traded 12.72 BU in FY’26, as compared to 11.77 BU in FY’25, registering an increase of 8.0% on a YoY basis. The total volume of the segment during Q4FY’26 was 3.12 BU, as compared to 3.24 BU in Q4FY’25, a decline of 3.8% on a YoY basis. The segment achieved 0.94 BU during March’26, as compared to 1.32 BU volume in March’25, a decline of 28.5 % on YoY basis.
GREEN MARKET: GREEN DAY-AHEAD & GREEN TERM-AHEAD MARKET
IEX Green Market, comprising the Green Day-Ahead and Green Term-Ahead Market segments, achieved 10.78 BU, as compared to 8.75 BU in FY’25, an increase of 23% on a YoY basis. The weighted average price in Green Day-Ahead Market (G-DAM) for FY’26 at Rs 3.59/unit declined 10.6% compared to FY’25. During Q4FY’26, the segment achieved volume of 2.44 BU, as compared to 1.92 BU in Q4FY’25, an increase of 26.5% YoY. The segment achieved 0.80 BU volume during March’26 as compared to 0.62 BU in March’25, registering an increase of 28.3% YoY. The weighted average price in Green Day-Ahead Market (G-DAM) for March’26 at Rs 3.84/ unit, declined 10.8% YoY.
RENEWABLE ENERGY CERTIFICATE MARKET (REC MARKET)
187.20 lac RECs were traded during FY’26. REC traded volume in FY’26 increased by 5% on a YoY basis. 71.70 lakh RECs were traded during Q4FY’26. REC traded volume in Q4FY’26 increased by 6% on a YoY basis. A total of 28.94 lakh RECs were traded in the trading sessions held on 11th March’26 and 25th March’26, at a clearing price of Rs. 340/REC. REC traded volume in March’26 increased by 119.9% on a YoY basis. The next REC trading sessions at the Exchange are scheduled on 08th April’26 and 29th April’26.