News Summary
The Indian Energy Exchange (IEX) achieved a total electricity traded volume of 12,341 MU in April 2026, a 16.6% year-on-year (YoY) increase. This growth coincided with the national peak power demand reaching 256.1 GW on April 25, 2026, driven by summer heatwaves and increased industrial activity.
Core Electricity Market Metrics
The following table compares the volume performance of primary electricity market segments for April 2026 against April 2025:
| Segment Name | April 2026 Volume (MU) | April 2025 Volume (MU) | YoY Growth (%) |
| Day-Ahead Market (DAM) including HP-DAM | 4,624 | 4,254 | 8.7% |
| Real-Time Electricity Market (RTM) | 5,069 | 3,893 | 30.2% |
| Term-Ahead Market (TAM) including Green and HP-TAM | 1,807 | 1,656 | 9.1% |
- On April 30, 2026, the Real-Time Electricity Market recorded its highest-ever single-day trade volume of 250 MU.
Green Market and Renewable Energy Certificates (REC)
The performance of the renewable trading segments for April 2026 was characterized by the following metrics:
- Green Market Performance: The combined volume of the Green Day-Ahead (G-DAM) and Green Term-Ahead Market (G-TAM) reached 841 MU, a 7.5% YoY increase. The weighted average price for G-DAM was Rs. 3.79/unit, representing a 6.9% YoY decline.
- REC Market Activity: A total of 1.18 lakh RECs were traded during the month, marking a 59.4% YoY decline in volume. The clearing price was Rs. 339/REC during the April 8 session and rose to Rs. 370/REC on April 29. This price increase was influenced by an 87% YoY decline in sell bids and a 42% YoY increase in buy bids.
National Power Demand and System Milestone
Data from the Ministry of Power and the Press Information Bureau (PIB) confirms that the Indian power system successfully met record requirements during the month:
- Peak Demand Milestone: An all-time high peak demand of 256.1 GW was recorded on April 25, 2026, at 15:38 hrs.
- Source-wise Contribution at Peak Demand:
- Thermal: 66.9%
- Solar: 21.5%
- Hydro: 4.4%
- Nuclear: 2.4%
- Gas: 2.0%
- Wind: 1.9%
- Others: 0.8%
- Storage (PSP & BESS): 0.1%
- National Consumption: Total national energy consumption for April 2026 stood at 154 BU, a 4% increase over the previous year.
Price Volatility and Trading Dynamics
Market clearing prices (MCP) in April 2026 were shaped by significant diurnal variations and weather events. The average DAM clearing price was Rs. 5.26/unit (up 1% YoY), while the RTM average price was Rs. 4.82/unit (up 5.4% YoY).
Trading dynamics were defined by the following technical factors:
- Midnight Price Events: Due to “Solar Paradox” or “Duck Curve” dynamics, demand remained high after sunset while solar contributions fell to zero. Between April 21 and April 26, midnight MCP frequently reached the regulatory ceiling of ₹10,000/MWh (Rs. 10/unit). This was attributed to supply gaps caused by 21–26 GW of forced and partial thermal plant outages resulting from high-temperature thermal stress.
- Daytime Price Troughs: During midday solar peaks, increased renewable generation led to market clearing prices as low as ₹1,500/MWh (Rs. 1.5/unit). The resulting diurnal price range of Rs. 8.5/unit highlights the impact of increasing solar penetration on grid balancing.
- Early Month Moderation: Unseasonal rainfall during the first week of April moderated national demand, keeping DAM prices below Rs. 3.5/unit on specific days.
Market Regulatory Context
The Central Electricity Regulatory Commission (CERC) has issued a directive for the formal implementation of market coupling by January 2026. This framework is designed to unify price discovery across India’s three power exchanges: IEX, PXIL, and HPX. Under this regulatory mandate, a centralized algorithm managed by a Market Coupling Operator (MCO)—a role that will rotate among the exchanges—will determine a single uniform clearing price per time slot for the Day-Ahead Market.
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