The Indian Energy Exchange (IEX) reported a total trading volume of 141 BU for the Financial Year 2026. This figure represents a 17% year-over-year (YoY) growth rate for the period. Data indicates that this volume was achieved alongside price softening across major market segments.
Market Segment Analysis
The exchange identified the following segments as contributors to the 141 BU total volume:
- Real-Time Market (RTM): This segment was identified by the exchange as a driver of the record volume for the fiscal year.
- Green Market: This segment contributed to the total volume as part of the reported 17% YoY growth.
Renewable Energy Certificates (REC) Performance
A total of 18.72 million Renewable Energy Certificates (RECs) were traded during FY2026. The exchange reported this as a record volume for the certificate segment.
Pricing Trends and Averages
Average clearing prices on the exchange declined during the fiscal year. The following table details the price softening observed in the Day-Ahead and Real-Time markets:
FY2026 Average Clearing Prices and Declines
| Market Segment | Price Decline (%) | Average Clearing Price (₹) |
| Day-Ahead Market (DAM) | 13.7% | ₹3.86 |
| Real-Time Market (RTM) | 16% | ₹3.59 |
For comparative context, the spot power tariff average was recorded at ₹3.9 per unit as of March 12, 2026. This price was higher than the February 2026 average of ₹3.6 per unit but lower than the March 2025 average of ₹4.5 per unit.
Market Drivers and Contextual Factors
The decline in electricity prices during the fiscal year is attributed to improved supply liquidity. Specific drivers included increased generation from wind, solar, and hydro sources.
Data from ICRA and the Power System Operation Corporation (POSOCO) identifies the following demand trends for FY2026:
- Full-year electricity demand growth for FY2026 is estimated at approximately 1%, a revision from previous estimates of 1.5–2.0%.
- Provisional POSOCO data shows demand grew by 0.8% YoY during the first 22 days of March 2026.
- Demand figures were impacted by early and prolonged monsoon conditions.
- Weather disruptions during the winter season influenced the rate of demand recovery.
Regulatory changes also influenced the market environment. The Central Electricity Regulatory Commission (CERC) approved the phased rollout of market coupling for the Day-Ahead Market (DAM), which began in January 2026 to introduce a centralized pricing mechanism.
Sector Outlook for FY2027
Electricity demand is projected to reach a growth rate of 5% in FY2027. This projection is based on assumptions of normalized weather conditions and the continuation of industrial and commercial activity.
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