IEX reports higher power trade volumes in Q3 FY 2026 with softer prices

Indian Energy Exchange Limited (IEX) has released its operational performance metrics for the nine months ending December 2025 (9MFY’26), the third quarter of fiscal year 2026 (Q3FY’26), and the month of December 2025. The data indicates consistent growth in traded volumes across several key market segments, alongside a general moderation in average clearing prices year-on-year.

Overall Performance Highlights

For the first nine months of FY’26, IEX reported a total electricity traded volume of 101.68 billion units (BU), representing a 14.3% increase compared to the same period in the previous fiscal year.

During the third quarter (Q3FY’26), the exchange recorded a traded volume of 34.08 BU, marking an 11.9% year-on-year rise. In December 2025 alone, the monthly volume reached 11.44 BU, a 2.8% increase over December 2024.

The company noted that enhanced supply liquidity on the platform, driven by increased generation from hydro, wind, and sustained coal-based power sources during Q3, contributed to a notable reduction in market clearing prices for the quarter. This environment provided distribution companies (Discoms) as well as commercial and industrial consumers an opportunity to meet power requirements at competitive rates and optimize procurement costs.

Detailed Market Segment Analysis

Day-Ahead Market (DAM)
The DAM segment recorded a volume of 16,250 million units (MU) in Q3FY’26, a slight decrease of 2.8% from the 16,712 MU traded in Q3FY’25. For December 2025, DAM volumes were 5,899 MU, down 11.6% from December 2024. The average market clearing price for DAM during Q3FY’26 was Rs 3.22 per unit, 13.2% lower than the price in Q3FY’25.

Real-Time Market (RTM)
The RTM segment demonstrated strong growth, with volumes rising to 12,650 MU in Q3FY’26 from 9,322 MU in Q3FY’25, an increase of 35.7%. In December 2025, RTM volumes grew 20.5% year-on-year to 3,833 MU. The average RTM price for Q3FY’26 stood at Rs 3.26 per unit, which is 11.6% lower than the corresponding quarter last year.

Term-Ahead Market (TAM)
The Term-Ahead Market, which includes intra-day, daily, weekly, monthly, and contingency contracts, traded 2,535 MU in Q3FY’26, a significant 29.3% increase from the 1,960 MU traded in Q3FY’25. During December 2025, TAM volumes reached 931 MU, reflecting an 87% surge compared to December 2024.

Green Market
IEX’s Green Market, encompassing the Green Day-Ahead and Green Term-Ahead segments, achieved a volume of 2,647 MU in Q3FY’26, a 7.2% increase over the 2,470 MU traded in Q3FY’25. The segment’s volume for December 2025 was 777 MU, showing a marginal decline of 0.5% year-on-year. The weighted average price in the Green Day-Ahead Market for December 2025 was Rs 4.21 per unit.

Renewable Energy Certificate (REC) Market
A total of 18.63 lakh RECs were traded on the exchange during Q3FY’26, a decrease of 29.8% from the same quarter last year. In the trading sessions held on December 10 and December 31, 2025, a combined 7.7 lakh RECs were traded at clearing prices of Rs 359 and Rs 345 per certificate, respectively. REC traded volume in December 2025 declined by 53.7% compared to December 2024. The next REC trading sessions are scheduled for January 14 and January 28, 2026.

Price and Demand Context

The overall moderation in prices during Q3FY’26 contrasted with a slight uptick observed in December 2025. For that month, the average DAM price was Rs 3.92 per unit, a marginal increase of 0.7% year-on-year, while the average RTM price was Rs 3.93 per unit, up 2.2%. This occurred against a backdrop of rising national energy consumption, which, according to government data published in December 2025, reached 138.39 BU for the month—a 7% year-on-year increase.