India Energy Exchange Sees Strong Growth In October 2025 With 11,233 MU Traded And REC Volumes Jumping 39.4% To 6.19 Lakh

The Indian Energy Exchange (IEX), India’s premier electricity trading platform, recorded a monthly electricity traded volume (excluding TRAS) of 11,233 million units (MU) in October 2025, registering a 16.5% increase on a year-on-year basis. The growth reflects the continued momentum in market participation and increased supply liquidity on the exchange. During the same month, a total of 6.19 lakh Renewable Energy Certificates (RECs) were traded, marking a 39.4% rise compared to the previous year. This demonstrates the growing emphasis on renewable energy trading and compliance by obligated entities.

According to government data published in October 2025, India’s overall energy consumption reached 132 billion units (BU), reflecting a 6% decline compared to the same month in 2024. The decline in consumption was offset by enhanced generation from hydro, wind, and solar sources, along with a steady supply from coal-based generation. This combination resulted in higher power availability on the exchange platform, contributing to greater liquidity and more competitive prices.

The increased supply led to a decline in market clearing prices. The average market clearing price in the Day-Ahead Market (DAM) during October 2025 stood at ₹2.67 per unit, which was 32% lower on a year-on-year basis. Similarly, the average price in the Real-Time Market (RTM) was ₹2.73 per unit, a 27.8% decline from the corresponding period last year. These reduced prices provided an opportunity for distribution companies (Discoms) and commercial and industrial (C&I) consumers to meet their power requirements at lower costs and replace expensive procurement sources with more economical exchange-based purchases.

In the electricity market segments, the Day-Ahead Market (DAM), including the Hydro Power Day-Ahead Market (HPDAM), achieved a traded volume of 4,684 MU in October 2025, compared to 4,388 MU in October 2024, reflecting a 6.7% year-on-year increase. The DAM segment accounted for 38.7% of the total electricity traded on IEX during the month. The Real-Time Electricity Market (RTM) continued its strong growth trajectory, recording a volume of 4,583 MU in October 2025, up from 3,123 MU in October 2024, representing an impressive 46.8% increase. This segment contributed 37.8% of the total traded volume on the platform.

Meanwhile, the Day-Ahead Contingency and Term-Ahead Market (TAM), comprising High Price Term-Ahead Market (HPTAM), contingency, daily, weekly, and monthly contracts of up to three months, recorded a traded volume of 911 MU in October 2025. This was lower than the 1,260 MU traded in October 2024, indicating a 27.7% year-on-year decline.

In the green energy segment, the IEX Green Market, which includes the Green Day-Ahead Market (G-DAM) and the Green Term-Ahead Market (G-TAM), achieved a combined volume of 1,055 MU in October 2025, compared to 872 MU during the same period last year, registering a 21% year-on-year growth. The weighted average price in the Green Day-Ahead Market for October 2025 stood at ₹2.47 per unit. In the Renewable Energy Certificate (REC) Market, a total of 6.19 lakh certificates were traded across two sessions held on 8th October and 29th October 2025, with a clearing price of ₹370 per REC.

The REC traded volume rose by 39.4% on a year-on-year basis, reflecting the increasing participation of obligated entities in meeting their renewable purchase obligations. The next REC trading sessions at the Exchange are scheduled for 12th November 2025 and 26th November 2025. Overall, October 2025 marked a strong month for IEX, driven by increased participation across market segments, higher renewable energy integration, and favorable price trends that supported cost optimization for power consumers across the country.