The Indian Energy Exchange (IEX) recorded a 14.2% year-on-year increase in electricity trading volume to 77.2 billion units (BUs) during the first half of fiscal year 2027 (H1 FY27), driven by higher electricity demand and increased activity in short-term power markets. The exchange reported 39.7 BUs of electricity traded in the second quarter (Q2 FY27), marking a 12.7% increase compared with the corresponding period of the previous financial year.
India’s electricity consumption reached 502 BUs during Q2 FY27, representing an 11.5% year-on-year increase. The Real-Time Market (RTM) contributed 16.5 BUs to the quarterly trading volume, registering 10.5% growth compared with Q2 FY26.
Electricity Prices Increase Amid Higher Demand
Electricity prices on the exchange increased during the quarter amid stronger demand. The average market clearing price in the Day-Ahead Market (DAM) rose 46% year-on-year to ₹5.7 per unit, while the average price in the RTM increased 49% to ₹5.2 per unit.
In September 2026, IEX recorded 12.2 BUs of electricity trading volume, up 10.4% from the same month in 2025. India’s peak electricity demand reached 269 GW on September 10, while total energy consumption stood at 162 BUs during the month.
Higher demand also contributed to a 281% year-on-year increase in buy bids in the DAM. The average DAM market clearing price reached ₹7.3 per unit in September, increasing 105% year-on-year. The RTM price rose 108% to ₹6.9 per unit.
The RTM recorded its highest-ever single-day trading volume of 315 million units (MU) on September 26, 2026.
Term-Ahead Market Records Strong Growth
The Day-Ahead Market, including high-price segments, recorded a trading volume of 14,855 million units (MU) during Q2 FY27, representing a 2.2% year-on-year increase. The segment’s trading volume reached 4,251 MU in September.
The Term-Ahead Market (TAM), which includes intraday, contingency and daily-to-monthly electricity contracts, recorded 5,477 MU during the second quarter. This represented a 101.5% increase compared with the corresponding period of the previous year.
The growth in TAM activity reflected increased trading across short-term electricity procurement contracts.
Green Market and REC Trading Decline
Despite the overall increase in electricity trading, the Green Market segment recorded a decline during Q2 FY27. Trading volumes across green day-ahead and green term-ahead contracts totalled 2,863 MU, down 5.8% year-on-year. September trading volume in the segment stood at 737 MU.
The Renewable Energy Certificate (REC) market also experienced lower trading activity. A total of 15.27 lakh certificates were traded during Q2 FY27, marking a 65.5% decline compared with the corresponding quarter of the previous financial year. Additional REC trading sessions were scheduled to support continued market participation.
The latest figures indicate increased activity in India’s short-term electricity markets during H1 FY27, with higher power consumption and stronger trading volumes across several market segments. However, the decline in green electricity contracts and REC trading highlights differing trends across IEX’s market categories.
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