Indian Energy Exchange (IEX) reported its highest-ever annual electricity traded volume of 141 billion units (BU) in FY26, marking a robust 17% year-on-year (YoY) growth. The exchange also recorded a record year for Renewable Energy Certificates (RECs), with 187.20 lakh certificates traded, up 5% YoY.
Supply surge keeps prices in check
India’s power demand grew modestly by 1.1% YoY during FY26. However, increased generation from wind, hydro, solar, along with steady coal-based supply, improved liquidity on the exchange. This surplus availability led to a sharp decline in spot power prices.
The Day-Ahead Market (DAM) clearing price fell to ₹3.86/unit, down 13.7% YoY, while the Real-Time Market (RTM) price declined 16% YoY to ₹3.59/unit.
Record quarterly and monthly momentum
In Q4FY26, IEX achieved its highest-ever quarterly volume of 39.4 BU, reflecting a 24.3% YoY increase. REC trading also hit a quarterly high at 71.70 lakh units, up 6.1% YoY.
March 2026 saw record monthly volumes of 13.90 BU, growing 23.5% YoY, while REC volumes surged 119.9% YoY to 28.94 lakh units.
Demand growth, yet softer prices
As per government data, India’s energy consumption reached 149.56 BU in March 2026, up 1.8% YoY. Despite rising demand, prices remained lower due to ample supply.
The DAM price for March stood at ₹4.20/unit (down 6% YoY), while RTM prices declined 10.5% YoY to ₹3.71/unit.
Segment-wise performance
The Day-Ahead Contingency and Term-Ahead Market (TAM) segment traded 12.72 BU in FY26, registering 8% YoY growth. However, quarterly and monthly trends were weaker, with Q4 volumes declining 3.8% YoY and March volumes falling 28.5% YoY.
In contrast, the Green Market continued to gain traction. Total traded volume rose to 10.78 BU in FY26, up 23% YoY. The Green Day-Ahead Market (G-DAM) price averaged ₹3.59/unit, down 10.6% YoY.
Q4 volumes in the green segment increased 26.5% YoY to 2.44 BU, while March volumes rose 28.3% YoY to 0.80 BU. The G-DAM price for March stood at ₹3.84/unit, declining 10.8% YoY.
Liquidity driving efficiency
The FY26 performance highlights a structural shift in India’s power markets, where rising renewable integration and improved supply liquidity are driving both higher volumes and lower prices, enhancing efficiency and affordability across the electricity ecosystem.