IEX July Update - Exchange Shrugs Off Coupling Blues, Highest Ever Traded Volumes

Indian Energy Exchange, India’s premier electricity exchange, achieved highest ever monthly electricity traded volume (inclusive of TRAS) of 12,664 MU in July ’25, marking a 25.5% increase on year-on-year basis. A total of 16.26 lakh Renewable Energy Certificates were traded during the month. The volumes come at a time when the exchange is grappling with the impending move towards power coupling in its key DAM markets to seek higher effiiencies in the market. 

According to government data published in July '25, the country's energy consumption reached 153.6 BUs, increase of 2.6% compared to the previous year. Despite the increase in demand, prices on power exchanges were lower compared to previous year, owing to higher supply side liquidity on the exchange platform. The market clearing Price in the Day Ahead Market at Rs. 4.18/unit during July’25, declined 16% YoY. Similarly, price in the Real Time Market at Rs 3.83/unit during July’25, declined 23% YoY. The dropping power prices reflect fresh capacity additions with limited demand uptake so far.

 These prices presented an opportunity for Discoms and Commercial & Industrial consumers to meet their demand at a competitive price and to replace their costlier power by procuring through exchanges.

ELECTRICITY MARKET: DAY- AHEAD, TERM- AHEAD & REAL-TIME MARKET

The Day-Ahead Market (DAM) including HPDAM achieved 5,510 MU volume in July’25 as compared to 5,056 MU volume in July’24, increase of 9% YoY.

The Real-Time Electricity Market (RTM) reported highest ever monthly traded volume in July’25. The RTM volume increased to 5,109 MU in July‘25, from 3,334 MU in July'24, registering an increase of 53% YoY.

Day Ahead Contingency and Term-Ahead Market (TAM), comprising of HPTAM, contingency, daily & weekly and monthly contracts up to 3 months, traded 917 MU in July’25 as compared to 714 MU volume in July’24, increase of 28% YoY.

GREEN MARKET: GREEN DAY-AHEAD & GREEN TERM-AHEAD MARKET

IEX Green Market, comprising the Green Day-Ahead and Green Term-Ahead Market segments, achieved 1,025 MU volume during July’25 as compared to 990 MU in July’24, registering an increase of 4% YoY. The weighted average price in Green Day-Ahead Market (G-DAM) for July’25 was Rs 3.91/unit. The ramp up in capacity this year should create further opportunities in this segment soon. 

RENEWABLE ENERGY CERTIFICATE MARKET (REC MARKET)

 A total of 16.26 lakh RECs were traded in the trading sessions held on 09th July’25 and 30th July’25, at a clearing price of Rs.360/REC. REC traded volume in July’25 decreased by 48% on YoY basis.

The next REC trading sessions at the Exchange are scheduled on 13^th Aug’25 and 27^th Aug’25