IEX Green Market Achieves 17.7 Percent YoY Growth in Q2 FY26
Indian Energy Exchange (IEX) posted a 17.7 percent YoY rise in Green Market volumes to 3,040 MU in Q2 FY26, while trading in Renewable Energy Certificates (RECs) fell 29.8 percent to 44.22 lakh.
October 06, 2025. By Mrinmoy Dey
During the second quarter of this financial year, 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 INR 3.93/unit during Q2 FY26 declined 12.5 percent compared to Q2 FY25.
Similarly, the Market Clearing Price in the Real-Time Market at INR 3.51/unit during Q2 FY26 declined 16.1 percent compared to Q2 F'26. Notably, during the quarter, on August 25, 2025, heavy rains boosted supply liquidity driving the average RTM price to near zero price (INR 0.01/kwh) discovered in a single time block (07:45 AM to 8:00 AM).
In September 2025, IEX achieved monthly electricity traded volume of 11,065 MU (excluding TRAS), marking 7.1 percent increase on year-on-year basis. Additionally, TRAS volume was 289 MU, as compared to 6.7MU in September 2024. A total of 6.27 lakh Renewable Energy Certificates were traded during the month, marking 39 percent year on year decline.
According to government data published in September 2025, the country's energy consumption reached 145.91 BUs, representing 3.2 percent increase year-on-year. The Market Clearing Price in the Day Ahead Market at INR 3.58/unit during September 2025, declined 14.5 percent year-on-year. Similarly, the Market clearing price in the Real Time Market at INR 3.31/unit during September 2025, declined 16.8 percent year-on-year.
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.
The Day-Ahead Market (DAM) including HPDAM, registered total volumes of 14,534 MU during Q2 FY26, increase of 1.4 percent over Q2FY25. The DAM segment accounted for 36.1 percent of the total traded volumes in Q2FY26. The DAM segment including HPDAM achieved 4,228 MU volume in September 2025 as compared to 4,610 MU volume in September 2024, decline of 8.3 percent YoY.The DAM segment accounted for 35.3 percent of the total traded volumes in September 2025.
The Real-Time Electricity Market (RTM) registered total volumes of 14,925 MU during Q2 FY26, an increase of 39.1 percent over Q2FY25. The RTM segment accounted for 37.1 percent of the total traded volumes in Q2FY26. RTM volume increased to 4,786 MU in September 2025, from 3,913 MU in September 2024, registering an increase of 22.3 percent YoY. The RTM segment accounted for 39.9 percent of the total traded volumes in September 2025.
Day Ahead Contingency and Term-Ahead Market (TAM), comprising of HPTAM, contingency, daily and weekly, and monthly contracts up to three months, traded 2,719 MU in Q2FY26, an increase of one percent over Q2 FY25. The total volume on the segment during September 2025 was 967 MU as compared to 1,086 MU volume in September 2024, decline of 11 percent YoY.
TRAS volume in Q2 FY26 was 603 MU, as compared to 16.9 MU in Q2 FY25. TRAS volume in September 2025 was 289 MU, as compared to 6.7 MU in September 2024.
IEX Green Market, comprising the Green Day-Ahead and Green Term-Ahead Market segments, during Q2FY26, achieved volume of 3,040 MU, an increase of 17.7 percent over Q2FY25. The segment achieved 1,084 MU volume during September 2025 as compared to 723 MU in September 2024, registering an increase of 50 percent YoY. The weighted average price in Green Day-Ahead Market (G-DAM) for September 2025 was INR 3.15/unit.
A total of 44.22 lakh RECs were traded during Q2 FY26, decline of 29.8 YoY. A total of 6.27 lakh RECs were traded in the trading sessions held on September 10, 2025 and September 24, 2025, at a clearing price of INR 365/REC and INR 370/REC, respectively. REC traded volume in September 2025 decreased by 39.2 percent on YoY basis.
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