IEX October Update Points to Weak Electricity Demand, Traded Prices Fall

The Indian Energy Exchange (IEX), the largest electricity exchange in India has reported monthly electricity traded volume (excluding TRAS) of 11,233 MU in October’25, marking an 16.5% increase on year-on-year basis. A total of 6.19 lakh Renewable Energy Certificates were traded during the month, marking a 39.4% year on year increase. The month was marked by the weak demand that has been seen since the monsoons, leading to pressure on prices. Averahe DAM price at Rs. 2.67/unit, was lower by by 32% YOY, even as avrage RTM price at Rs 2.73/unit was lower by 27.7% YoY. These are also much below the proces that ruled in the previous month of September, when DAM prices were at Rs 3.58/unit and RTM at Rs 3.31/unit. 

National Electricity Consumption Declines YoY In October                     

According to government data published in October '25, the country's energy consumption reached 132 BUs, decline of 6% compared to the previous year and below the 145.9 BU seen in September 2025.  Enhanced hydro, wind, and solar generation, combined with steady supply from coal-based generation resulted in higher supply liquidity on the exchange platform, leading to a decline in DAM and RTM prices. The market clearing Price in the Day Ahead Market at Rs. 2.67/unit during October’25, declined 32% YoY. Similarly, price in the Real Time Market at Rs 2.73/unit during October’25, declined 27.8% YoY.

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

 The Day-Ahead Market (DAM) including HPDAM achieved 4,684 MU volume in October’25 as compared to 4,388 MU volume in October’24, increase of 6.7% YoY. The DAM segment accounted for 38.7% of the total traded volumes in October’25

The Real-Time Electricity Market (RTM) volume increased to 4,583 MU in October ‘25, from 3,123 MU in October'24, registering an increase of 46.8% YoY. The RTM segment accounted for 37.8% of the total traded volumes in October’25

Day Ahead Contingency and Term-Ahead Market (TAM), comprising of HPTAM, contingency, daily & weekly and monthly contracts up to 3 months, traded 911 MU in Ocotober’25 as compared to 1,260 MU volume in October’24, decline of 27.7% 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 1,055 MU volume during October ’25 as compared to 872 MU in October’24, registering an increase of 21% YoY. The weighted average price in Green Day-Ahead Market (G-DAM) for October’25 was Rs 2.47/ unit.

RENEWABLE ENERGY CERTIFICATE MARKET (REC MARKET)

A total of 6.19 lakh RECs were traded in the trading sessions held on 08^th October’25 and 29^th October’25, at a clearing price of Rs.370/REC. REC traded volume in October’25 increased by 39.4% on YoY basis.

The next REC trading sessions at the Exchange are scheduled on 12^th Nov’25 and 26^th Nov’25.