Indian Energy Exchange (IEX), India’s leading electricity exchange, reported a monthly electricity traded volume of 11,409 million units (MU) in November 2025, excluding TRAS, reflecting a 17.7% increase compared to the same month last year. During the month, a total of 4.74 lakh Renewable Energy Certificates (RECs) were also traded.
According to government data released in November 2025, India’s total energy consumption reached 123.4 billion units (BUs), slightly lower than the previous year, with a decline of nearly 1%. Higher generation from hydro, wind, and solar sources increased supply liquidity on the exchange, resulting in a decrease in electricity prices in both the Day-Ahead Market (DAM) and Real-Time Market (RTM).
The market clearing price in the DAM stood at Rs. 3.07 per unit, down 6.9% year-on-year, while the RTM price was Rs. 3.14 per unit, marking a 9.2% decline compared to November 2024. These lower prices provided an opportunity for distribution companies (Discoms) and commercial and industrial consumers to meet their electricity demand at competitive rates and replace costlier power procurement options. In the Day-Ahead Market, a total of 5,668 MU was traded in November 2025, a slight increase of 0.3% compared to 5,651 MU in November 2024. The Real-Time Market recorded a significant rise in volume to 4,233 MU, up 40.2% from 3,019 MU in the same month last year.
The Day-Ahead Contingency and Term-Ahead Market (TAM), which includes HPTAM, contingency, daily, weekly, and monthly contracts of up to three months, traded 693 MU in November 2025, compared to 202 MU in November 2024, representing a 243.1% increase year-on-year. The IEX Green Market, which includes the Green Day-Ahead and Green Term-Ahead Market segments, recorded a trading volume of 815 MU in November 2025, slightly lower than 818 MU in November 2024, a decline of 0.3% year-on-year.
The weighted average price in the Green Day-Ahead Market for the month was Rs. 3.29 per unit. For Renewable Energy Certificates, the November 2025 trading sessions were held on 12th and 26th November, with clearing prices of Rs. 370 per REC and Rs. 364 per REC, respectively. Total REC trading volume decreased by 13.1% compared to the same month last year. The next REC trading sessions on the exchange are scheduled for 10th December 2025 and 31st December 2025.
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