Indian Energy Exchange reported an electricity traded volume of 39,685 MU in Q2FY27, reflecting a 12.7% YoY increase. The Real-Time Market (RTM) volume stood at 16.5 BU, up 10.5% YoY.

For H1FY27, the exchange achieved a total electricity traded volume of 77.2 BU, marking a 14.2% YoY growth. The Real-Time Market contributed 32.5 BU during this period, up 16.5% YoY. The average market clearing price in the Day-Ahead Market reached ₹5.7/unit during Q2FY27, a 46% increase compared to Q2FY26. The average market clearing price in the Real-Time Market stood at ₹5.2/unit during Q2FY27, up 49% compared to Q2FY26. The country's energy consumption touched 502 BUs during the same quarter, registering a YoY growth of 11.5%.

September 2026 performance

In September 2026, Indian Energy Exchange achieved a monthly electricity traded volume of 12,220 MU, a 10.4% increase YoY. India's peak power demand touched 269 GW on September 10, 2026. The country's energy consumption reached 162 BUs in September 2026, reflecting an 11% YoY growth. Buy bids in the Day-Ahead Market rose 281% YoY, contributing to higher market prices. The average market clearing price in the Day-Ahead Market reached ₹7.3/unit in September 2026, up 105% YoY, while the Real-Time Market average clearing price stood at ₹6.9/unit, up 108% YoY. The exchange also recorded its highest ever single-day RTM volume of 315 MU on September 26, 2026.

Segment-wise performance: Q2FY27 and September 2026

The following table summarises volume performance across key market segments:

The DAM segment accounted for 37.4% of total electricity traded volumes in Q2FY27. The RTM segment accounted for 41.6% of total electricity traded volumes in Q2FY27. The Day Ahead Contingency and Term-Ahead Market, comprising HPTAM, intraday, contingency, daily, weekly, and monthly contracts up to 3 months, recorded the sharpest YoY growth among electricity segments. The weighted average price in the Green Day-Ahead Market for September 2026 stood at ₹4.9/unit, up 56.3% YoY.

Renewable Energy Certificate market

In the Renewable Energy Certificate (REC) market, 15.27 lakh RECs were traded during Q2FY27, a decline of 65.5% YoY. In September 2026, 5.25 lakh RECs were traded, down 16.2% YoY due to lower participation. Trading sessions were held on September 9, 2026 and September 30, 2026, at clearing prices of ₹345/REC and ₹343/REC respectively. The next REC trading sessions at the exchange are scheduled on October 14, 2026 and October 28, 2026.

Indian Energy Exchange 's wholly owned subsidiary, Indian Coal Exchange Limited, has applied for a licence with the Coal Controller Organisation (CCO). This move marks the group's formal entry into the physical coal trading segment.

Regulatory filing and timeline

The application was submitted to the Coal Controller Organisation on September 25, 2026. The announcement of this regulatory step was made public on September 28, 2026, via a press release filed with stock exchanges. The subsidiary, named Indian Coal Exchange Limited, was incorporated on June 1, 2026, with an authorised share capital of ₹100 crore.

Business model and market strategy

Indian Coal Exchange will operate as a physical delivery-based coal trading exchange. It aims to provide an organised, transparent, and technology-enabled marketplace for coal trading in accordance with the Coal Exchange Rules, 2026. By bringing buyers and sellers together on a single, neutral platform, the exchange will facilitate trades at designated delivery points, enabling efficient price discovery and wider market access.

This initiative complements IEX's existing electricity market business and its subsidiary, the Indian Gas Exchange (IGX). Together with its role in facilitating I-REC issuance in India, the coal exchange will broaden the group's energy market offerings across the energy value chain.

What the Numbers Show

The incorporation of Indian Coal Exchange Limited with ₹100 crore authorised capital just three months prior to the licence application (June 1 to September 25) indicates a rapid mobilisation of resources. This timeline suggests that the strategic decision to enter the coal sector was executed swiftly following the incorporation, leveraging IEX's 18 years of experience in building transparent, technology-driven trading platforms.