IEX records higher volumes driven by REC and real time market

The Indian Energy Exchange (IEX) recorded a 6.5% increase in electricity traded volume in June 2025, with 32.32 lakh Renewable Energy Certificates (REC) traded. For the first quarter of the fiscal year 2026, IEX achieved a 15% increase, trading 52.65 lakh RECs, a 149% YoY increase.

Indian Energy Exchange, India’s premier electricity exchange, achieved a monthly electricity traded volume of 10,852 MU in June ’25, marking a 6.5 percent increase on a year-on-year basis. A total of 32.32 lakh Renewable Energy Certificates were traded during the month, marking a 636 percent year-on-year increase.

For the first quarter of the fiscal year 2026, IEX achieved an electricity traded volume of 32,382MU, marking a 15 percent year-on-year increase. During the quarter, IEX traded 52.65 lakh renewable energy certificates, recording a 149 percent year-on-year increase.

According to government data published in June 2025, the country’s energy consumption reached 150.04 BUs, representing a 1.5 percent decline year-on-year due to the early onset of monsoons. The market clearing price in the day-ahead market at ₹ 3.90/unit during June 2025 declined 28 percent year-on-year. Similarly, the market clearing price in the real-time market at ₹ 3.73/unit during June 2025 declined 26 percent year-on-year.

During the first quarter of this financial year, widespread rains kept temperatures lower, leading to lower-than-expected electricity demand in the summer months. Simultaneously, increased hydro, wind, and sustained supply from coal-based generation resulted in higher supply liquidity on the exchange platform, which led to a substantial drop in DAM and RTM prices.

The market clearing price in the day-ahead market at ₹4.41/unit during Q1 FY’26 declined 16 percent compared to Q1 FY’25. Similarly, the market clearing price in the real-time market at ₹3.91/unit during Q1 FY’26 declined 20 percent compared to Q1 FY’25. Notably, during the quarter, on 25th May 2025, heavy rains pushed RTM prices down to ₹ 1.53/unit, with near-zero prices during several time blocks (9:15 AM to 2:30 PM).

These prices presented an opportunity for Discoms and commercial & industrial consumers to meet their demand at a competitive price and to replace their costlier power by procuring through exchanges.

Electricity market: day-ahead, term-ahead & real-time market

The Day-Ahead Market (DAM), including HPDAM, achieved 4,610 MU volume on June 25 as compared to 4,849 MU volume on June 24, a decline of 5 percent YoY. The DAM segment, including HPDAM, registered total volumes of 12,399 MU during Q1 FY ’26, a decline of 7 percent over Q1 FY 25.

The Real-Time Electricity Market (RTM) volume increased to 4,312 MU in June ‘25, from 3,213 MU in June ‘24, registering an increase of 34 percent YoY. The RTM segment registered total volumes of 12,975 MU during Q1 FY ’26, an increase of 41 perecent over Q1 FY ’25.

Day Ahead Contingency and Term-Ahead Market (TAM), comprising HPTAM, contingency, and daily, weekly, and monthly contracts up to 3 months, traded 966 MU in June’25 as compared to 1,380 MU volume in June’24, a decline of 30 percent YoY. The total volume on the segment during the quarter was 4,348 MU, an increase of 12 percent over Q1 FY’25.

Green market: green day-ahead & green term-ahead market

IEX Green Market, comprising the Green Day-Ahead and Green Term-Ahead Market segments, achieved 964 MU volume on June 25 as compared to 744 MU in June 24, registering an increase of 30 percent YoY. The weighted average price in the Green Day-Ahead Market (G-DAM) for June 25 was ₹3.30/unit. During Q1FY’26, the segment achieved a volume of 2,660 MU, an increase of 51 percent over Q1FY’25.

Renewable energy certificate market (REC market)

A total of 32.32 lakh RECs were traded in the trading sessions held on 11th June 2025 and 25th June 2025, at a clearing price of ₹350/REC and ₹360/REC, respectively. REC traded volume in June 25 increased by 636 percent on a YoY basis. A total of 52.65 lakh RECs were traded during Q1 FY’26, an increase of 149 percent YoY.

The next REC trading sessions at the Exchange are scheduled on 09th July’25 and 30th July’25.