Mumbai, 07 October 2025: Indian Energy Exchange (IEX), India’s premier electricity trading platform, recorded a total traded electricity volume of 35,217 MU (excluding TRAS) in Q2 FY’26, marking a 16.1% year-on-year increase. Additionally, TRAS (Transmission Rate Adjustment System) volumes surged to 603 MU, up from 16.9 MU in the same quarter last year.
However, the Renewable Energy Certificate (REC) market witnessed a 30% YoY decline, with 44.22 lakh RECs traded during the quarter.
Market Dynamics
Higher availability from hydro, wind, and consistent coal-based generation led to increased supply liquidity on the platform, pushing prices downward across segments:
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Day-Ahead Market (DAM): Market Clearing Price averaged Rs 3.93/unit, down 12.5% YoY
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Real-Time Market (RTM): Market Clearing Price averaged Rs 3.51/unit, down 16.1% YoY
On 25th August 2025, a rare price dip saw RTM prices plummet to Rs 0.01/unit in one time block (07:45 AM–08:00 AM), attributed to excess supply due to heavy rainfall.
September 2025 Performance Snapshot
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Electricity traded volume: 11,065 MU (excluding TRAS), up 7.1% YoY
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TRAS volume: 289 MU (vs. 6.7 MU in Sept ’24)
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REC traded: 6.27 lakh, down 39% YoY
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Energy consumption (India): 145.91 BUs, up 3.2% YoY
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Market Prices:
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DAM: Rs 3.58/unit (down 14.5% YoY)
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RTM: Rs 3.31/unit (down 16.8% YoY)
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Lower market clearing prices created an attractive opportunity for DISCOMs and C&I consumers to replace costlier procurement with exchange purchases.
Segment-Wise Performance – Q2 FY’26
Day-Ahead Market (DAM + HPDAM)
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Volume: 14,534 MU, up 1.4% YoY
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September Volume: 4,228 MU, down 8.3% YoY
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DAM share of total Q2 volumes: 36.1%
Real-Time Market (RTM)
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Volume: 14,925 MU, up 39.1% YoY
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September Volume: 4,786 MU, up 22.3% YoY
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RTM share of total Q2 volumes: 37.1%
Term-Ahead Market (TAM + Contingency + HPTAM)
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Volume: 2,719 MU, up 1% YoY
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September Volume: 967 MU, down 11% YoY
TRAS Market
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Q2 FY’26: 603 MU (vs. 16.9 MU in Q2 FY’25)
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September ’25: 289 MU (vs. 6.7 MU in September ’24)
Green Market Performance
IEX’s Green Market (comprising G-DAM and G-TAM) reported a volume of 3,040 MU in Q2 FY’26, marking a 17.7% YoY growth. In September alone, green market volume was 1,084 MU, up 50% YoY.
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Weighted average G-DAM price (Sept): Rs 3.15/unit
Renewable Energy Certificate (REC) Market
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Q2 FY’26 Volume: 44.22 lakh RECs, down 29.8% YoY
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September ’25: 6.27 lakh RECs, down 39.2% YoY
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Clearing prices:
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10 Sept: Rs 365/REC
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24 Sept: Rs 370/REC
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Next REC trading sessions: 08 October and 29 October 2025
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