India’s premier electricity trading platform, Indian Energy Exchange (IEX), recorded a total traded electricity volume of 12,550 million units (MU) in February 2026, registering a 30.4% year-on-year (YoY) growth. The exchange also reported strong participation in the Renewable Energy Certificate (REC) segment, with 18.86 lakh RECs traded, marking a 15.2% YoY increase.
According to government data released in February 2026, India’s total energy consumption reached 133 billion units (BU), reflecting a 1.9% increase compared to the same period last year. Despite the rise in demand, power prices on the exchange declined, driven by improved supply liquidity across market segments.
The Market Clearing Price (MCP) in the Day-Ahead Market (DAM) stood at ₹3.58 per unit, down 18.3% YoY, while the Real-Time Market (RTM) price averaged ₹3.59 per unit, reflecting an 18.7% YoY decline. The softer price environment enabled distribution companies (Discoms) and Commercial & Industrial (C&I) consumers to optimise procurement costs by replacing higher-cost power with competitively priced exchange power.
Electricity Market Performance
The Day-Ahead Market (DAM) achieved a traded volume of 6,588 MU in February 2026, compared to 5,369 MU in February 2025, registering a 22.7% YoY growth.
The Real-Time Market (RTM) posted the strongest growth, with volumes rising to 4,379 MU from 2,887 MU in the corresponding month last year, marking a significant 51.7% YoY increase.
Meanwhile, the Day-Ahead Contingency and Term-Ahead Market (TAM)—which includes contingency, daily, weekly, and monthly contracts up to three months—recorded 775 MU in February 2026, down 4.7% YoY from 814 MU in February 2025.
Green Market Sees Robust Growth
The IEX Green Market, comprising the Green Day-Ahead Market (G-DAM) and Green Term-Ahead Market (G-TAM), achieved a total traded volume of 808 MU in February 2026, compared to 552 MU in February 2025, reflecting a 46.3% YoY increase.
The weighted average price in the Green Day-Ahead Market (G-DAM) stood at ₹3.43 per unit, declining 25.3% YoY, reinforcing the cost competitiveness of renewable power procurement through the exchange.
REC Market Activity
In the REC segment, 18.86 lakh certificates were traded across sessions held on 11 February 2026 and 25 February 2026, at clearing prices of ₹333 per REC and ₹337 per REC, respectively. The segment recorded a 15.2% YoY growth in traded volume.
The next REC trading sessions at the exchange are scheduled for 11 March 2026 and 25 March 2026.
With continued liquidity, competitive pricing, and strong participation across conventional and green segments, IEX’s February performance underscores the growing role of power exchanges in India’s evolving electricity market landscape.
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