IEX Reports 17.7% Growth in Power Market Volumes for November 2025
Mumbai: The Indian Energy Exchange (IEX), India’s premier electricity trading platform, recorded a monthly traded volume of 11,409 million units (MU) in November 2025, marking a 17.7% year-on-year increase (excluding TRAS). The Exchange also facilitated the trade of 4.74 lakh Renewable Energy Certificates (RECs) during the month.
According to government data, India’s energy consumption stood at 123.4 billion units (BUs) in November 2025, reflecting a marginal decline of nearly 1% compared to the previous year. Enhanced hydro, wind, and solar generation contributed to higher supply liquidity on the exchange, resulting in lower prices across key market segments. The Day-Ahead Market (DAM) cleared at an average price of ₹3.07/unit, down 6.9% YoY, while the Real-Time Market (RTM) averaged ₹3.14/unit, down 9.2% YoY. These competitive prices enabled distribution companies (Discoms) and commercial and industrial consumers to optimize procurement costs by replacing costlier power with exchange-based purchases.
Electricity Market Performance
- Day-Ahead Market (DAM): Achieved 5,668 MU in November 2025, up 0.3% YoY.
- Real-Time Market (RTM): Recorded 4,233 MU, a sharp 40.2% YoY increase from 3,019 MU in November 2024.
- Term-Ahead Market (TAM): Including contingency, daily, weekly, and monthly contracts, traded 693 MU, up 243.1% YoY from 202 MU last year.
Green Market
The IEX Green Market, comprising Green Day-Ahead and Green Term-Ahead segments, traded 815 MU in November 2025, marginally lower than 818 MU in November 2024. The weighted average price in the Green Day-Ahead Market stood at ₹3.29/unit.
Renewable Energy Certificates
A total of 4.74 lakh RECs were traded in sessions held on November 12 and November 26, at clearing prices of ₹370/REC and ₹364/REC respectively. REC volumes declined 13.1% YoY. The next REC trading sessions are scheduled for December 10 and December 31, 2025.
The November 2025 performance underscores IEX’s role in enabling competitive, transparent, and efficient power procurement, while supporting India’s transition toward a greener energy mix.
