IEX logs record 13.94 BU monthly power volume in August 2026
- IEX logged record monthly electricity traded volume of 13,938 MU in August 2026, up 20.2% YoY
- Day-ahead market clearing prices rose 22% YoY to ₹4.88/unit driven by 61.7% higher buy bids
- Term-ahead market volume surged 111.3% YoY to 1,765 MU, indicating increased hedging activity
- Real-time market volume grew 10.6% YoY to 5,565 MU with prices up 30.4% to ₹4.41/unit
- Renewable Energy Certificate volumes fell 86.6% YoY to 2.91 lakh units due to lower participation
*this image is generated using AI for illustrative purposes only.
Indian Energy Exchange recorded its highest-ever monthly electricity traded volume of 13,938 MU in August 2026, marking a 20.2% year-on-year increase. The surge was driven by rising national power demand and increased participation across day-ahead and real-time market segments.
The exchange also reported a decline in Renewable Energy Certificate (REC) trading volumes, which fell 86.6% year-on-year to 2.91 lakh units due to lower participation. Despite the drop in REC activity, physical electricity trading saw robust growth across all major segments.
Market Volume Breakdown
The Day-Ahead Market (DAM), including HP-DAM, achieved a volume of 5,517 MU in August 2026, up 15.0% from 4,797 MU in August 2025. The Real-Time Electricity Market (RTM) volume rose to 5,565 MU, an increase of 10.6% year-on-year from 5,029 MU.
Term-Ahead Market (TAM) activity, comprising contingency, daily, weekly, and monthly contracts up to three months, saw significant expansion. TAM volume reached 1,765 MU in August 2026, a sharp rise of 111.3% from 835 MU in the previous year.
| Market Segment | August 2026 Volume | August 2025 Volume | YoY Change |
|---|---|---|---|
| Day-Ahead Market (DAM) | 5,517 MU | 4,797 MU | +15.0% |
| Real-Time Market (RTM) | 5,565 MU | 5,029 MU | +10.6% |
| Term-Ahead Market (TAM) | 1,765 MU | 835 MU | +111.3% |
| Green Market | 1,091 MU | 930 MU | +17.3% |
Price Movements
Rising buy bids in the Day-Ahead Market, which increased by 61.7% year-on-year, pushed average market clearing prices higher. The average clearing price in the DAM stood at ₹4.88/unit, a 22% increase from the previous year. Similarly, the Real-Time Market average clearing price rose 30.4% year-on-year to ₹4.41/unit.
In the Green Market, comprising Green Day-Ahead and Green Term-Ahead segments, volume grew 17.3% to 1,091 MU. The weighted average price in the Green Day-Ahead Market (G-DAM) increased 5.1% year-on-year to ₹3.92/unit.
What the Numbers Show
The divergence between volume growth and price appreciation highlights shifting market dynamics. While overall traded volume grew by 20.2%, the average clearing price in the Day-Ahead Market rose by 22%, outpacing volume growth. This suggests that demand-side pressure, evidenced by a 61.7% surge in buy bids, is exerting upward pressure on prices even as supply availability increases. The disproportionate growth in Term-Ahead Market volume (111.3%) compared to Day-Ahead (15.0%) indicates growing participant preference for longer-term hedging instruments amidst price volatility.
Historical Stock Returns for Indian Energy Exchange
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.24% | -2.34% | -9.90% | -1.95% | -15.61% | -36.91% |
Will the sustained upward pressure on Day-Ahead Market clearing prices trigger regulatory interventions or capacity addition plans to stabilize supply?
How might the sharp 111% surge in Term-Ahead Market volumes impact liquidity and price discovery in short-term real-time trading segments?
What structural factors are driving the 86.6% collapse in Renewable Energy Certificate trading, and will this hinder India's renewable energy compliance targets?
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