IEX Jan 26' Update: Trades Rise 19.6% YoY as Average DAM Price Falls 12.9%

Indian Energy Exchange (IEX), achieved one of its highest monthly electricity traded volumes of 13,050 MU in January 2026, marking a 19.6% year-on-year (YoY) increase. In a press release, it noted a drop in market-clearing price in the Day-Ahead Market (DAM), which averaged ₹3.86/unit in January ’26, a decline of 12.9% YoY.

Similarly, the price in the Real-Time Market (RTM) averaged ₹3.72 per unit, down 15.9% YoY. These lower prices provided an opportunity for discoms and commercial and industrial (C&I) consumers to meet demand at competitive rates and replace costlier power by procuring electricity through exchanges.

IEX noted that around 23.91 lakh Renewable Energy Certificates (RECs) were traded during the month. According to government data published in January ’26, the country’s energy consumption reached 142.74 billion units (BUs), an increase of 3.8% compared to the previous year. Higher hydro, wind, and solar generation, along with sustained supply from coal-based generation, resulted in increased supply liquidity on the exchange platform, leading to a substantial decline in DAM and RTM prices. The reversal of the price increases seen in December are seen as a clear indicator of sluggish power demand, that continues to worry developers and generators. 

DAM Volumes Increase 2.8% YoY

India’s Day-Ahead Market (DAM) volumes rose to 6,182 MU in January ’26, compared with 6,015 MU in January ’25, representing a 2.8% YoY increase. Meanwhile, Real-Time Market (RTM) volumes increased to 4,638 MU in January ’26 from 3,036 MU in January ’25, registering a 52.8% YoY rise.

On the other hand, the Day-Ahead Contingency and Term-Ahead Market (TAM)—which comprises contingency, daily, weekly, and monthly contracts of up to three months—traded 1,397 MU in January ’26, compared with 1,107 MU in January ’25, marking a 26.2% YoY increase.

Jan ’26: Green Market Up 10.7% YoY; RECs Down 37.1% YoY

IEX’s Green Market, which includes the Green Day-Ahead Market (G-DAM) and Green Term-Ahead Market, recorded a traded volume of 832 MU in January ’26, up from 752 MU in January ’25, reflecting a 10.7% YoY increase. The weighted average price in the G-DAM stood at ₹4.06 per unit in January ’26, down 12.5% YoY.

A total of 23.91 lakh RECs were traded during sessions held on 14 January ’26 and 28 January ’26, at clearing prices of ₹339 per REC and ₹333 per REC, respectively. REC traded volumes in January ’26 declined 37.1% YoY. The next REC trading sessions at the exchange are scheduled for 11 February ’26 and 25 February ’26.