Indian Energy Exchange (IEX), India’s premier electricity exchange, recorded a 12.7% year-on-year increase in electricity traded volumes to 39,685 million units (MU) in the second quarter of FY27, amid strong growth in the country’s power consumption and demand.
The average market clearing price in the Day-Ahead Market (DAM) rose 46% year-on-year to ₹5.7 per unit during Q2 FY27. The average price in the Real-Time Market (RTM) increased 49% to ₹5.2 per unit.
India’s energy consumption touched 502 billion units (BUs) during the quarter, registering 11.5% year-on-year growth.
September power demand drives market prices
IEX recorded electricity traded volume of 12,220 MU in September 2026, an increase of 10.4% from the corresponding month last year.
India’s peak power demand touched 269 GW on September 10, 2026, reflecting sustained electricity demand during the month.
According to government data published in September, the country’s energy consumption reached 162 BUs, growing 11% year-on-year.
Strong power demand also resulted in a 281% year-on-year increase in buy bids in the Day-Ahead Market. This contributed to a sharp increase in market clearing prices.
The average DAM clearing price rose 105% year-on-year to ₹7.3 per unit in September 2026. The average RTM clearing price increased 108% to ₹6.9 per unit.
Day-Ahead Market volumes edge up
The Day-Ahead Market, including the High Price Day-Ahead Market (HP-DAM), recorded 14,855 MU in Q2 FY27, compared with 14,534 MU in Q2 FY26, an increase of 2.2%.
The DAM segment accounted for 37.4% of IEX’s total electricity traded volume during the quarter.
In September 2026, DAM volumes including HP-DAM stood at 4,251 MU, compared with 4,228 MU in September 2025, representing a marginal 0.5% increase.
Real-Time Market gains 10.5%
The Real-Time Market recorded 16,490 MU during Q2 FY27, compared with 14,925 MU in Q2 FY26, registering 10.5% year-on-year growth.
RTM accounted for 41.6% of IEX’s total electricity traded volumes during the quarter.
In September 2026, RTM volumes increased to 5,294 MU from 4,786 MU a year earlier, marking a 10.6% year-on-year increase.
Term-Ahead Market volumes more than double
The Day-Ahead Contingency and Term-Ahead Market (TAM), comprising HP-TAM, intraday, contingency, daily and weekly contracts and monthly contracts of up to three months, recorded a sharp increase in trading activity.
TAM volumes more than doubled to 5,477 MU in Q2 FY27 from 2,719 MU in Q2 FY26, representing a 101.5% year-on-year increase.
The segment recorded 1,939 MU in September 2026, compared with 967 MU in September 2025, an increase of 100.6%.
Green market volumes decline
IEX’s Green Market, comprising the Green Day-Ahead Market (G-DAM) and Green Term-Ahead Market, recorded 2,863 MU in Q2 FY27, compared with 3,040 MU in Q2 FY26, a decline of 5.8%.
The segment recorded 737 MU in September 2026, down 32% from 1,084 MU in September 2025.
Despite the decline in volumes, the weighted average price in the Green Day-Ahead Market rose 56.3% year-on-year to ₹4.9 per unit in September 2026.
Strong demand reshapes power market
IEX’s Q2 performance reflects a combination of higher electricity consumption and stronger demand across the Indian power market. While overall traded volumes grew 12.7%, the sharpest volume expansion came from the Term-Ahead Market, which more than doubled during the quarter.
At the same time, rising demand pushed market clearing prices significantly higher, particularly in September, when DAM and RTM prices more than doubled year-on-year.