IEX Market Report: G-DAM Volumes Reach 29.12 Lakh MWh as High-Price Segment Hits ₹20,000 Ceiling

During the week of April 16–23, 2026, the Indian Energy Exchange (IEX) recorded a total Green Day-Ahead Market (G-DAM) clearance volume of 29.12 Lakh MWh. Market activity was characterized by a sharp rise in pricing, with the Market Clearing Price (MCP) reaching ₹6,555/MWh on April 22, while the High-Price Day-Ahead Market (HP-DAM) reached its regulatory ceiling of ₹20,000/MWh. These price events occurred alongside a significant regulatory development: the Central Electricity Regulatory Commission (CERC) notification on April 17, 2026, regarding the implementation of Market Coupling, a reform intended to operationalize a “One Nation, One Grid, One Price” model.

Weekly Green Power Market Performance

The 29.12 Lakh MWh of green power cleared during the reporting week reflects the continued expansion of the renewable segment. For the full 2026 fiscal year (FY26), the Green Market achieved a 23% year-on-year (YoY) growth, with momentum sustained into Q4FY26, which saw a 26.5% increase in volume. This performance contributed to IEX reaching its highest-ever annual traded electricity volume of 141.1 billion units (BUs) in FY26, a 17% increase over the previous fiscal year.

April 22 Price Action and Demand Context

The MCP of ₹6,555/MWh on April 22, 2026, was driven by an early summer heatwave that pushed national peak demand to nearly 239 GW on April 18. While this weekly figure represents a significant spike, it stands in contrast to the broader annual trend; the average DAM price for FY26 was ₹3,860/MWh, representing a 13.7% YoY decline in prices due to improved liquidity and consistent coal-based supply.

Current market dynamics also highlight a disparity in pricing methodologies. In the absence of a uniform market-coupled price, spreads between volume-weighted average prices and simple average-based prices have persisted. As of April 20, 2026, this spread was approximately ₹600–700/MWh, resulting in higher procurement costs for distribution companies. The following table illustrates the variance between the daily spike and the annual average:

High-Price Day-Ahead Market (HP-DAM) Dynamics

The HP-DAM segment reached the regulatory ceiling of ₹20,000/MWh during the morning peak hours of the reporting week. This segment is specifically designed to accommodate high-cost generation segments, including those utilizing imported coal and gas.

The pressure on the HP-DAM and Real-Time Market (RTM) is further compounded by technical constraints on the thermal fleet. During high solar-generation hours, thermal plants (such as Sasan Power) are frequently required to back down to a technical minimum of 55%. The rapid requirement for these plants to ramp up as solar generation declines in the evening creates significant demand for high-cost marginal peaking power.

Market Segment Summary

The following market segments were active during the reporting period, facilitating the delivery and balancing of the national grid:

• G-DAM (Green Day-Ahead Market): A segment for renewable energy clearances; part of a green market that grew 23% YoY in FY26.
• HP-DAM (High-Price Day-Ahead Market): A sub-segment of the DAM designed for high-cost generation units (imported fuel) during peak hours.
• DAM (Day-Ahead Market): The conventional electricity trading segment; despite recent heatwave-driven spikes, the annual average price declined 13.7% in FY26.
• RTM (Real-Time Market): A segment for balancing portfolios within short timeframes; it recorded a 41% YoY growth in FY26, signaling its critical role in managing grid variability.