Indian Energy Exchange reported a 2.8% year-on-year rise in electricity trading volumes to 11.44 billion units in December 2025, showcasing mixed performance across different market segments. While overall volumes grew, the performance varied significantly between different trading platforms.

Market Segment Performance

The exchange's monthly update revealed contrasting trends across its various trading segments. The following table summarizes the key performance metrics:

Real-Time Market Shows Strong Momentum

The Real-Time Electricity Market continued to demonstrate robust growth, with traded volumes rising 20.5% year-on-year to 3,833 million units during December 2025. This strong performance in the RTM segment helped offset the decline witnessed in the Day-Ahead Market, which recorded volumes of 5,899 million units, marking an 11.6% decline compared to the same month in the previous year.

Term-Ahead Segment Registers Exceptional Growth

The Day-Ahead Contingency and Term-Ahead Market segment, including the High-Price Term-Ahead Market, experienced remarkable growth during the month. Total volumes in this segment reached 931 million units in December 2025, representing an impressive 87% jump over December 2024 levels.

Green Market and REC Trading Performance

The renewable energy trading segments showed mixed results during December 2025:

Volumes in the Green Market, comprising the Green Day-Ahead Market and Green Term-Ahead Market, stood at 777 million units during December 2025, showing a marginal decline of 0.5% year-on-year. The weighted average price in the Green Day-Ahead Market for the month was ₹4.21 per unit.

REC Market Activity Remains Subdued

Activity in the Renewable Energy Certificate Market remained notably weak during December 2025. A total of 7.7 lakh RECs were traded during sessions held on December 10 and December 31, 2025, at clearing prices of ₹359 per REC and ₹345 per REC, respectively. The traded REC volume declined 53.7% year-on-year, indicating continued challenges in this segment.

The exchange announced that the next REC trading sessions are scheduled for January 14 and January 28, 2026, as market participants look for potential recovery in renewable certificate trading.

Indian Energy Exchange Limited has delivered strong operational performance across multiple market segments, demonstrating robust volume growth despite a challenging pricing environment. The company's comprehensive market update for 9MFY26, Q3FY26, and December 2025 highlights sustained momentum in electricity trading volumes and renewable energy certificate transactions.

Q3FY26 Results Demonstrate Market Leadership

The third quarter of FY26 reinforced IEX's market position with substantial trading volumes and continued segment diversification. The company achieved 34.08 BU electricity traded volume, marking an 11.9% year-on-year increase, while simultaneously trading 18.63 lakh renewable energy certificates.

The substantial decline in market clearing prices during Q3FY26 resulted from increased supply liquidity driven by enhanced hydro and wind generation, combined with sustained coal-based power supply.

Nine-Month Performance Shows Strong Growth Trajectory

The nine-month period of FY26 showcased impressive performance metrics across key market segments:

The Real-Time Market segment emerged as a standout performer, achieving growth of 38.6% year-on-year, reflecting increased market participation and demand for flexible electricity trading solutions.

Segment-Wise Market Performance Analysis

The Day-Ahead Market recorded 16,250 MU volume in Q3FY26 compared to 16,712 MU in Q3FY25, showing a decline of 2.8% year-on-year. However, the Real-Time Electricity Market demonstrated exceptional performance, with volume increasing to 12,650 MU in Q3FY26 from 9,322 MU in Q3FY25, registering growth of 35.7%.

The Term-Ahead Market segment, comprising contingency, daily, weekly, and monthly contracts, traded 2,535 MU during Q3FY26 compared to 1,960 MU in Q3FY25, achieving growth of 29.3%.

December 2025 Performance and Market Dynamics

December 2025 demonstrated continued growth momentum with monthly electricity traded volume reaching 11.44 BU, representing a 2.8% year-on-year increase. The month also saw trading of 7.7 lakh Renewable Energy Certificates, supporting the renewable energy transition.

Despite national energy consumption reaching 138.39 BUs in December 2025 (representing 7% year-on-year growth), market clearing prices remained relatively stable, with DAM prices increasing only 0.7% and RTM prices rising 2.2% year-on-year.

Green Market and Renewable Energy Initiatives

IEX's Green Market segments achieved 2,647 MU volume during Q3FY26, compared to 2,470 MU in Q3FY25, marking a 7.2% increase. The Green Day-Ahead Market maintained competitive pricing with a weighted average price of ₹4.21/unit in December 2025.

The Renewable Energy Certificate Market processed 18.63 lakh RECs during Q3FY26, while December 2025 saw trading sessions on December 10th and 31st with clearing prices of ₹359/REC and ₹345/REC respectively. The competitive pricing environment created opportunities for distribution companies and commercial consumers to secure electricity at attractive rates while supporting renewable energy adoption.