Indian Energy Exchange (IEX), India’s leading electricity exchange, recorded a 12.7% year-on-year increase in electricity traded volume to 39.68 billion units (BU) in Q2 FY27, supported by strong power demand and increased activity across its market segments.
For the first half of FY27, IEX traded 77.2 BU of electricity, registering a 14.2% YoY growth. Volumes in the Real-Time Market (RTM) stood at 32.5 BU during H1 FY27, marking a 16.5% increase compared with the corresponding period last year.
During Q2 FY27, the average market clearing price (MCP) in the Day-Ahead Market (DAM) stood at ₹5.7 per unit, up 46% YoY, while the average MCP in the RTM increased 49% YoY to ₹5.2 per unit.
The increase in market activity came amid robust electricity demand across the country. India’s energy consumption reached 502 BU during Q2 FY27, representing an 11.5% YoY increase.
September power trading volumes rise 10.4%
IEX recorded 12,220 MU of electricity traded volume in September 2026, an increase of 10.4% YoY.
Power demand remained strong during the month, with India’s peak power demand reaching 269 GW on September 10, 2026. Energy consumption during September stood at 162 BU, according to government data, reflecting an 11% YoY increase.
Strong demand also resulted in a sharp increase in buy bids in the Day-Ahead Market, which rose 281% YoY during September. The higher demand pushed market prices upward, with the average MCP in DAM reaching ₹7.3 per unit, an increase of 105% YoY.
The average MCP in the Real-Time Market stood at ₹6.9 per unit, registering a 108% YoY increase.
IEX also recorded its highest-ever single-day RTM volume of 315 MU on September 26, 2026, highlighting the growing role of real-time electricity trading in balancing demand and supply.
RTM remains a key growth driver
The Real-Time Electricity Market recorded volumes of 16,490 MU in Q2 FY27, compared with 14,925 MU in Q2 FY26, representing a 10.5% YoY increase. RTM accounted for 41.6% of IEX’s total electricity traded volume during the quarter.
In September, RTM volumes reached 5,294 MU, compared with 4,786 MU in September 2025, representing 10.6% YoY growth.
The growth reflects increasing participation in short-term power markets as market participants seek greater flexibility in managing changing demand and supply conditions.
Day-Ahead Market volumes remain stable
The Day-Ahead Market (DAM), including the High Price Day-Ahead Market (HPDAM), recorded 14,855 MU in Q2 FY27, compared with 14,534 MU in Q2 FY26, representing a 2.2% YoY increase.
The segment accounted for 37.4% of total electricity traded volumes during the quarter.
For September 2026, DAM and HPDAM together recorded 4,251 MU, marginally higher than the 4,228 MU recorded in September 2025.
Term-Ahead trading doubles
The Day-Ahead Contingency and Term-Ahead Market (TAM), comprising HPTAM, intraday, contingency, daily and weekly contracts, as well as monthly contracts of up to three months, witnessed significant growth.
The segment recorded 5,477 MU in Q2 FY27, compared with 2,719 MU in Q2 FY26, representing a substantial 101.5% YoY increase.
In September 2026, TAM volumes stood at 1,939 MU, more than double the 967 MU recorded during September 2025, registering 100.6% YoY growth.
Green Market volumes decline 5.8%
IEX’s Green Market, comprising the Green Day-Ahead Market (G-DAM) and Green Term-Ahead Market, recorded 2,863 MU during Q2 FY27, compared with 3,040 MU in the corresponding quarter last year, marking a 5.8% YoY decline.
September volumes stood at 737 MU, down 32% from 1,084 MU in September 2025.
Despite the decline in volumes, prices in the green power market increased. The weighted average price in G-DAM stood at ₹4.9 per unit in September 2026, up 56.3% YoY.
REC trading remains subdued
Trading activity in the Renewable Energy Certificate (REC) Market remained subdued during the quarter.
A total of 15.27 lakh RECs were traded during Q2 FY27, representing a 65.5% YoY decline.
In September 2026, 5.25 lakh RECs were traded, down 16.2% YoY, primarily due to lower participation. REC trading sessions were conducted on September 9 and September 30, with clearing prices of ₹345 per REC and ₹343 per REC, respectively.
The next REC trading sessions at IEX are scheduled for October 14 and October 28, 2026.
Overall, IEX’s Q2 FY27 performance reflects continued growth in electricity market participation, with RTM and Term-Ahead markets emerging as significant contributors to volume growth, while strong power demand and higher market prices supported activity during September.
