IEX Power Market Surges 26 Percent YoY in April 2025, Green Market Doubles

Indian Energy Exchange Ltd. (IEX), the country’s power trading platform, has announced its performance update for April 2025, registering strong growth across its electricity and green market segments.

The Exchange recorded a total traded volume of 10,584 million units (MU) of electricity during the month, marking a significant year-on-year growth of 26 percent. This surge comes despite moderate growth in national power consumption, which rose by 2.2 percent YoY to reach 147.5 billion units (BUs) in April 2025. The month also witnessed a record peak power demand of 235 GW on April 25, surpassing last year’s high of 224 GW.

Despite the increased demand, market prices remained stable, with the average market clearing price in the Day-Ahead Market (DAM) holding steady at INR 5.20 per unit, similar to April 2024. This price stability is attributed to enhanced supply, supported by government interventions such as the mandatory operation of imported coal- and gas-based plants and improved coal availability.

These steps are expected to continue strengthening sell-side liquidity on the power exchanges as India heads into FY 2026, during which the peak demand is projected to exceed 270 GW.

In the conventional electricity market, the Day-Ahead Market (DAM) posted a traded volume of 4,231 MU in April 2025, up 3 percent from 4,116 MU in April 2024. Meanwhile, the Real-Time Market (RTM) recorded a significant 48 percent YoY growth with 3,893 MU traded, compared to 2,629 MU in the same month last year.

The Term-Ahead Market (TAM), which includes day-ahead contingency, daily, weekly, and monthly contracts up to three months, traded 1,639 MU in April 2025, a 28 percent increase over the 1,276 MU traded in April 2024.

The Green Market at IEX, comprising the Green Day-Ahead and Green Term-Ahead Market segments, witnessed a near doubling of volume with 782 MU traded in April 2025 compared to 402 MU a year earlier. This represents a 95 percent YoY growth. The weighted average price in the Green Day-Ahead Market (G-DAM) during the month stood at INR 4.07 per unit.

In the Renewable Energy Certificate (REC) market, IEX facilitated trading of 2.90 lakh RECs across two sessions held on April 9 and April 30, 2025. Clearing prices stood at INR 300 and INR 350 per REC respectively. The next REC trading sessions are scheduled for May 14 and May 28, 2025.