Indian Energy Exchange recorded a monthly electricity traded volume of 13,527 MUs in July 2026, an increase of 7.7% year-on-year, driven by rising national power demand and higher market clearing prices. India’s energy consumption touched 170.70 BUs in July 2026, registering a 10.9% year-on-year growth, which pushed buy bids in the Day-Ahead Market up by 42.5%. Consequently, the average market clearing price in the Day-Ahead Market stood at Rs 4.99/unit, a 19.3% increase year-on-year, while the Real-Time Market average clearing price rose 15.1% to Rs 4.41/unit.

The company disclosed these figures in a media release dated August 4, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The data reflects activity across IEX’s electricity markets, including the Day-Ahead Market (DAM), Real-Time Market (RTM), Term-Ahead Market (TAM), and Green Markets. While overall electricity volumes increased, Renewable Energy Certificate (REC) trading volumes declined sharply by 56.3% year-on-year to 7.11 lakh units, despite a rise in clearing prices due to a 77.8% drop in sell bids.

Electricity Market Performance

The Real-Time Electricity Market (RTM) saw robust growth, with volume increasing to 5,631 MU in July 2026 from 5,109 MU in July 2025, registering a 10.2% year-on-year increase. In contrast, the Day-Ahead Market (DAM), including HP-DAM, achieved a volume of 5,087 MU in July 2026, down from 5,510 MU in July 2025, representing a 7.7% decline year-on-year. The Day Ahead Contingency and Term-Ahead Market (TAM), which includes contingency, daily, weekly, and monthly contracts up to three months, witnessed significant activity with 1,774 MU traded in July 2026 compared to 917 MU in July 2025, an increase of 93.4% year-on-year.

Green Market and REC Updates

The IEX Green Market, comprising the Green Day-Ahead and Green Term-Ahead Market segments, achieved a volume of 1,035 MU during July 2026, a marginal increase of 0.9% year-on-year from 1,025 MU in July 2025. However, the weighted average price in the Green Day-Ahead Market (G-DAM) for July 2026 declined 4.2% year-on-year to Rs 3.75/unit.

In the Renewable Energy Certificate (REC) market, trading sessions were held on July 8, 2026, and July 29, 2026. The clearing prices were Rs 380/REC and Rs 376/REC, respectively. The decline in sell bids by 77.8% year-on-year contributed to the rise in clearing prices during the month. The next REC trading sessions are scheduled for August 12, 2026, and August 26, 2026.

What the Numbers Show

The divergence between declining Day-Ahead Market volumes (-7.7%) and surging Real-Time Market volumes (+10.2%) suggests a shift in trading behavior towards last-minute adjustments, likely driven by volatility in demand or generation availability. Furthermore, the sharp rise in Day-Ahead Market prices (+19.3%) alongside a drop in Green Day-Ahead Market prices (-4.2%) indicates that conventional power sources faced tighter supply conditions relative to renewable energy in July 2026.

The Supreme Court has rejected Indian Energy Exchange 's plea against the Central Electricity Regulatory Commission (CERC) order to implement market coupling. The ruling marks a decisive legal development in a case the Supreme Court had previously flagged as a matter of considerable importance deserving a full hearing on its merits.

Background and Earlier Proceedings

In earlier proceedings, the Supreme Court had declined to pass any interim orders or grant a stay in the market coupling case. The bench had underscored the significance of the matter, noting that it deserved to be heard on its merits rather than disposed of through interim relief. The court's refusal to grant a stay meant that the existing status quo in the market coupling matter continued while the case awaited a substantive hearing.

CERC's Implementation Timeline

Prior to the latest ruling, CERC had informed the Supreme Court that market coupling rules were set to be implemented within 4 to 6 weeks for Indian Energy Exchange. This disclosure had provided a concrete timeline for a regulatory framework that has been at the center of the ongoing legal proceedings.

Key Developments at a Glance

The following table summarises the key parameters of the case and its latest outcome:

The Supreme Court's rejection of Indian Energy Exchange's plea against the CERC order removes a key legal hurdle for the implementation of the market coupling framework. Combined with CERC's earlier stated timeline of 4 to 6 weeks for rollout, the regulatory and judicial developments collectively signal that the market coupling framework is now on a firm path toward execution.