Indian Energy Exchange Reports Record 141 BU Trade Volume in FY26, Prices Decline on Higher Supply

India’s leading power trading platform, Indian Energy Exchange (IEX), has reported its highest-ever annual electricity traded volume of 141 billion units (BU) in FY26, marking a 17% year-on-year (YoY) growth. The exchange also recorded its highest-ever Renewable Energy Certificate (REC) trade, with 187.20 lakh RECs transacted during the year, reflecting a 5% YoY increase.

Despite a modest 1.1% rise in the country’s power demand during FY26, improved generation from wind, hydro, solar, and coal-based sources enhanced supply liquidity on the exchange. This led to a notable decline in electricity prices across key market segments. The Market Clearing Price (MCP) in the Day-Ahead Market (DAM) fell to Rs 3.86/unit, down 13.7% YoY, while the Real-Time Market (RTM) MCP declined 16% YoY to Rs 3.59/unit.

On a quarterly basis, IEX achieved its highest-ever traded volume of 39.4 BU in Q4 FY26, registering a 24.3% YoY increase. REC trading also peaked during the quarter, with 71.70 lakh certificates traded, up 6.1% YoY.

In March 2026, the exchange recorded its highest monthly electricity volume at 13.90 BU, a 23.5% YoY increase. REC volumes surged significantly during the month, reaching 28.94 lakh, marking a sharp 119.9% YoY growth.

According to government data released in March 2026, India’s total energy consumption stood at 149.56 BU, up 1.8% compared to the previous year. However, increased supply availability continued to exert downward pressure on prices. The DAM clearing price for March stood at Rs 4.20/unit, down 6% YoY, while RTM prices declined 10.5% YoY to Rs 3.71/unit.

Segment Performance

The Day-Ahead Market (including HPDAM) recorded a volume of 62.78 BU in FY26, up 2.4% YoY. Quarterly volumes rose to 19.60 BU in Q4 FY26, reflecting a 15.7% increase, while March volumes grew 23.1% YoY to 6.83 BU.

The Real-Time Market (RTM) emerged as a key growth driver, registering 54.85 BU in FY26, a significant 41% increase over FY25. Q4 volumes stood at 14.30 BU, up 48.2% YoY, while March volumes rose 41.7% YoY to 5.28 BU.

The Day-Ahead Contingency and Term-Ahead Market (TAM) recorded 12.72 BU in FY26, up 8% YoY. However, the segment saw a quarterly decline of 3.8% and a sharp 28.5% drop in March volumes on a YoY basis.

Green Market Growth

The IEX Green Market, comprising the Green Day-Ahead Market (G-DAM) and Green Term-Ahead Market, registered a total volume of 10.78 BU in FY26, marking a 23% YoY increase. The weighted average price in G-DAM stood at Rs 3.59/unit, down 10.6% YoY.

In Q4 FY26, green market volumes rose 26.5% YoY to 2.44 BU, while March volumes increased 28.3% YoY to 0.80 BU. The G-DAM price for March was Rs 3.84/unit, reflecting a 10.8% YoY decline.

REC Market Update

REC trading volumes remained strong, with 187.20 lakh certificates traded in FY26. Quarterly volumes reached 71.70 lakh, while March alone accounted for 28.94 lakh RECs, traded at a clearing price of Rs 340 per certificate.

The next REC trading sessions on the exchange are scheduled for April 8 and April 29, 2026.