The Indian Energy Exchange (IEX) recorded its highest-ever monthly electricity trading volume of 11,132 MU in December 2024, marking a 29% year-over-year (YoY) increase.

In the third quarter (Q3) of the financial year (FY) 2025 alone, the traded volume stood at 30,464 MU, a 16% YoY growth. For the first nine months of FY25, the total electricity traded volume reached 88,981 MU, up 19% YoY.

Green Market

IEX recorded a trading volume of 781 MU of green energy in December 2024, reflecting a 236% YoY growth from 232 MU. In Q3 FY25, the green energy segment achieved a volume of 2,470 MU, a 305% YoY increase.

The Green Day-Ahead Market reported a volume of 763 MU during the month, with a weighted average price of ₹3.92 (~$0.046)/kWh, a 252% YoY increase from 217 MU. For Q3, the segment reached a total volume of 2,385 MU, up 311% YoY.

The Green Term-Ahead Market achieved a trading volume of 18 MU with an average monthly price of ₹5.88 (~$0.069)/kWh for non-solar energy, reflecting a 15% YoY increase compared to 15.4 MU. During Q3, the segment traded 86 MU, a growth of 187% YoY.

Renewable Energy Certificates (RECs)

In December 2024, IEX traded 1.66 million RECs during sessions held on December 11 and December 26, at clearing prices of ₹260 (~$3)/REC and ₹316 (~$3.7)/REC, respectively—a 58% YoY growth. In Q3 FY25, a total of 2.65 million RECs were traded, reflecting a 31% YoY increase. The next REC trading sessions are scheduled for January 8 and January 29, 2025.

Market Dynamics and Price Trends

Government data for December 2024 reported national energy consumption at 130.40 BUs, a 6% YoY increase. The Day-Ahead Market (DAM) at IEX saw a robust 57% YoY increase in supply-side volumes, contributing to moderating prices.

The Market Clearing Price for December in the DAM was ₹3.89 (~$0.045)/kWh, a 14% YoY decline, providing cost-effective options for DISCOMs and open access consumers. During Q3, DAM prices averaged ₹3.71 (~$0.043)/kWh, representing a 26% YoY decrease due to ample supply liquidity.

Electricity Market: Day-Ahead, Term-Ahead and Real-Time Market

The DAM achieved a trading volume of 6,674 MU in December 2024, a 39% increase from 4,798 MU in the same month last year. The total Q3 volume was 16,712 MU, up 14% YoY.

The Real-Time Electricity Market (RTM) traded a volume of 3,180 MU, a 32% YoY growth from 2,405 MU. For Q3, the RTM volume totaled 9,322 MU, a 30% YoY increase.

Day Ahead Contingency and Term-Ahead Market, comprising of contingency, daily and weekly, and monthly contracts up to 3 months, traded 498 MU during December, lower by 59% YoY. The total volume in the segment during the quarter was 1,960 MU, a decline of 49% YoY.

IEX traded 818 MUs of green energy during November 2024, a 331.8% YoY increase.

The Exchange reported a consolidated revenue of ₹1.68 billion (~$20.1 million), a 26.2% YoY in the second quarter of the financial year 2025. The quarter’s consolidated profit after tax stood at ₹1.08 billion (~$12.9 million), a 25.2% increase YoY.