IEX Reports 141 BU FY26 Volume, REC Trade Surges 119.9 Percent YoY in March
Indian Energy Exchange reported 141 BU electricity traded volume in FY26, marking a 17 percent YoY increase. IEX also recorded trade of 187.20 lakh RECs during the year, marking a 5 percent increase. In March 2026, a total of 28.94 lakh RECs were traded during the month, marking a 119.9 percent YoY increase.
April 06, 2026. By Mrinmoy Dey
During FY26, the country’s power demand grew by 1.1 percent on a YoY 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 FY26, the Market Clearing Price in the Day-Ahead Market at INR 3.86/unit declined 13.7 percent compared to FY25. Similarly, the Market Clearing Price in the Real-Time Market at INR 3.59/unit during FY26 declined 16 percent compared to FY25.
For Q4 FY26, IEX achieved highest ever quarterly electricity traded volume of 39.4 BU, marking a 24.3 percent YoY increase. IEX also recorded the highest quarterly trade of RECs in Q4 FY26. A total of 71.70 lakh RECs were traded during the quarter, marking a 6.1 percent YoY increase.
For the month of March 2026, IEX achieved its highest-ever monthly electricity traded volume of 13.90 BU, marking a 23.5 percent increase on a YoY basis. A total of 28.94 lakh RECs were traded during the month, marking a 119.9 percent YoY increase.
According to government data published in March 2026, the country's energy consumption reached 149.56 BUs, an increase of 1.8 percent 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 INR 4.20/unit during March 2026 declined 6 percent YoY. Similarly, the price in the Real Time Market at INR 3.71/unit, declined 10.5 percent YoY.
The Day-Ahead Market (DAM), including HPDAM, achieved 62.78 BU for FY26, as compared to 61.31 BU in FY25, registering an increase of 2.4 percent on a YoY basis. DAM segment registered 19.60 BU during Q4 FY26, as compared to 16.93 BU in Q4 FY25, registering an increase of 15.7 percent on a YoY basis. The segment achieved 6.83 BU volume in March 2026 as compared to 5.55 BU volume in March 2025, an increase of 23.1 percent YoY.
The Real-Time Electricity Market (RTM) achieved 54.85 BU for FY26, as compared to 38.90 BU in FY25, registering an increase of 41 percent on YoY basis. The RTM segment registered 14.30 BU during Q4 FY26, as compared to 9.65 BU in Q4 FY25, registering an increase of 48.2 percent on a YoY basis. The RTM segment achieved 5.28 BU in March 2026 as compared to 3.73 BU in March 2025, registering an increase of 41.7 percent 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 FY26, as compared to 11.77 BU in FY25, registering an increase of 8 percent on a YoY basis. The total volume of the segment during Q4 FY26 was 3.12 BU, as compared to 3.24 BU in Q4 FY25, a decline of 3.8 percent on a YoY basis. The segment achieved 0.94 BU during March 2026, as compared to 1.32 BU volume in March 2025, a decline of 28.5 percent on a YoY basis.
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 2025, an increase of 23 percent on a YoY basis. The weighted average price in Green Day-Ahead Market (G-DAM) for FY26 at INR 3.59/unit declined 10.6 percent compared to FY25. During Q4 FY26, the segment achieved volume of 2.44 BU, as compared to 1.92 BU in Q4 FY25, an increase of 26.5 percent YoY. The segment achieved 0.80 BU volume during March 2026 as compared to 0.62 BU in March 2025, registering an increase of 28.3 percent YoY. The weighted average price in Green Day-Ahead Market (G-DAM) for March 2026 at INR 3.84/ unit declined 10.8 percent YoY.
A total of 28.94 lakh RECs were traded in the trading sessions held on March 11, 2026 and March 25, 2026, at a clearing price of INR 340/REC. REC traded volume in March 2026 increased by 119.9 percent on a YoY basis. The next REC trading sessions at the Exchange are scheduled on April 8 and 29, 2026.
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