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IEX Q1 power trade rises 15%, REC volumes jump 149% amid price drop
During the same period, trading of Renewable Energy Certificates (RECs) surged significantly, with 3.232 million certificates changing hands, marking a 636 per cent year-on-year (y-o-y) increase.
In the first quarter of the 2026 financial year, IEX's total traded electricity volume reached 32,382 MU, growing 15 per cent over Q1 FY25. The volume of RECs traded in the quarter stood at 5.265 million, which is 149 per cent higher than in the previous year, the company said in a filing.
According to government figures published in June 2025, India's electricity consumption dropped by 1.5 per cent y-o-y to 150.04 billion units, mainly due to an early start to the monsoon season.
The Market Clearing Price (MCP) in the Day-Ahead Market (DAM) was ₹3.90 per unit in June 2025, down 28 per cent from a year earlier. In the Real-Time Market (RTM), the MCP was ₹3.73 per unit, showing a 26 per cent drop.
During the first quarter of the current financial year, widespread rainfall led to cooler temperatures, resulting in lower-than-expected power demand during the summer months. At the same time, higher availability of hydroelectricity, wind power, and steady coal-based generation improved supply on the exchange, causing a notable decline in prices in both DAM and RTM.
For Q1 FY26, the DAM MCP averaged ₹4.41 per unit, 16 per cent lower than the same period last year. Similarly, the RTM MCP averaged ₹3.91 per unit, 20 per cent less y-o-y. A particularly sharp drop occurred on 25 May 2025, when heavy rain pushed RTM prices to ₹1.53 per unit, with 'near-zero prices during several time blocks (9:15 AM to 2:30 PM).'
'These prices presented an opportunity for Discoms and Commercial & Industrial consumers to meet their demand at a competitive price and to replace their costlier power by procuring through exchanges', IEX said.
Performance by market segment
DAM: In June 2025, DAM volumes (including High Price DAM) stood at 4,610 MU, a 5 per cent decline from June 2024. For Q1 FY26, the DAM recorded 12,399 MU, down 7 per cent y-o-y.
RTM: RTM volumes increased sharply to 4,312 MU in June 2025, compared with 3,213 MU in the same month last year, showing a 34 per cent increase. In Q1 FY26, RTM trading reached 12,975 MU, up 41 per cent compared with Q1 FY25.
TAM: This segment, which includes Day-Ahead Contingency, High Price TAM, and contracts up to 3 months, saw 966 MU traded in June 2025, a 30 per cent decrease y-o-y. However, the quarterly volume was 4,348 MU, showing a 12 per cent increase over the prior year.
Growth in the Green Market
The Green Market, which combines the Green Day-Ahead Market (G-DAM) and Green Term-Ahead Market, achieved 964 MU of traded volume in June 2025. This marks a 30 per cent increase compared to June 2024. The weighted average price in the G-DAM for June stood at ₹3.30 per unit. Over the first quarter, the Green Market traded 2,660 MU, up 51 per cent y-o-y.
A total of 3.232 million RECs were traded during the two sessions held on 11 and 25 June 2025, clearing at ₹350 and ₹360 per certificate, respectively. June's REC trading was 636 per cent higher than the same month last year. For the first quarter, the exchange handled 5.265 million RECs, up 149 per cent y-o-y.
The next REC trading sessions will be held on 9 July 2025 and 30 July 2025.
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