Indian Energy Exchange trades 141 billion units in FY 2026 as prices slide

Power prices dropped across exchange as wind hydro and coal supply increases liquidity.

Indian Energy Exchange recorded its highest traded electricity volume of 141 billion units (BU) in the financial year (FY) 2026, up 17% year on year (YoY), as market clearing prices in both day-ahead market (DAM) and real-time market (RTM) declined on higher supply.

The exchange reported a DAM clearing price of around $0.04 (INR3.86) per unit in FY2026, down 13.7% from FY2025, whilst the RTM clearing price stood at about $0.04 (INR3.59) per unit, down 16%.

The decline came as wind, hydro, and solar generation increased alongside sustained coal-based supply, which raised liquidity on the platform.

For the quarter ended March, traded volume reached a record 39.4 BU, up 24.3% YoY. In March alone, volume rose to 13.90 BU, up 23.5%.

Growth was led by the RTM, which recorded 54.85 BU in FY2026, up 41% from 38.90 BU a year earlier. The segment handled 14.30 BU in the fourth quarter (Q4), up 48.2%, whilst recording 5.28 BU in March, up 41.7% YoY.

The green market, comprising DAM and term-ahead market (TAM), traded 10.78 BU in FY2026, up 23% from 8.75 BU in FY2025. Volumes reached 2.44 BU in Q4, up 26.5%, and 0.80 BU in March, up 28.3%.

The weighted average price in the green DAM stood at about $0.04 (INR3.59) per unit in FY2026, down 10.6%, and around $0.04 (INR3.84) per unit in March, down 10.8%.

In the DAM, including high price day-ahead, volume rose to 62.78 BU in FY2026 from 61.31 BU, up 2.4%. The segment recorded 19.60 BU in Q4, up 15.7%, and 6.83 BU in March, up 23.1%.

TAM traded 12.72 BU in FY2026, up 8% from 11.77 BU. Q4 volume fell 3.8% to 3.12 BU, whilst March volume declined 28.5% to 0.94 BU.

Renewable energy certificate trading reached 187.20 lakh units in FY2026, up 5% YoY. Volumes totalled 71.70 lakh units in Q4, up 6.1%. In March, trading reached 28.94 lakh units, up 119.9%, with a clearing price of about $3.66 (INR340) per certificate.

Government data showed power consumption at 149.56 BU in March, up 1.8% YoY. Despite the increase, prices on the exchange declined, with the DAM at around $0.05 (INR4.20) per unit, down 6%, and the RTM at about $0.04 (INR3.71) per unit, down 10.5%.

(US$1 = INR92.90)