The Indian Energy Exchange (IEX), India’s leading electricity trading platform, reported a robust performance in November 2025, achieving a monthly electricity traded volume (excluding TRAS) of 11,409 million units (MU). This marks a notable 17.7% year-on-year increase, supported by healthy liquidity and rising participation across market segments. The month also saw trading of 4.74 lakh Renewable Energy Certificates (RECs).
As per government data for November 2025, India’s energy consumption stood at 123.4 billion units (BUs), reflecting a marginal decline of nearly 1% from the previous year. Increased hydro, wind, and solar generation contributed to improved supply availability on the exchange, resulting in softer market clearing prices. The Day-Ahead Market (DAM) price averaged ₹3.07 per unit, down 6.9% YoY, while the Real-Time Market (RTM) price averaged ₹3.14 per unit, lower by 9.2% YoY. These competitive price levels enabled distribution utilities and commercial & industrial consumers to optimise procurement and substitute costlier power purchases.
In the electricity market segment, the DAM posted a volume of 5,668 MU, marginally higher than 5,651 MU recorded in November 2024. The RTM continued its strong growth trajectory, registering 4,233 MU, an impressive 40.2% YoY increase from 3,019 MU. The Day-Ahead Contingency and Term-Ahead Market (TAM), which includes HPTAM, contingency, daily, weekly, and monthly contracts of up to three months, saw volumes surge to 693 MU, a steep 243.1% rise over the 202 MU traded in the same period last year.
The Green Market, comprising the Green Day-Ahead Market (G-DAM) and the Green Term-Ahead Market (G-TAM), traded a combined 815 MU in November 2025, closely aligned with the 818 MU in November 2024. The weighted average price in the G-DAM stood at ₹3.29 per unit.
In the REC market, 4.74 lakh certificates were traded across the sessions on 12 November and 26 November at clearing prices of ₹370 and ₹364 per REC, respectively. This represented a 13.1% decline in traded volume compared to the previous year. The next REC trading sessions are scheduled for 10 December and 31 December 2025.
