India’s power demand strengthened sharply in the second quarter of 2026-27, pushing electricity traded on the Indian Energy Exchange (IEX) to 39.7 billion units (BU), a 12.7 per cent increase from a year earlier, while average prices in the exchange’s day-ahead market rose 46 per cent.
IEX said the average market clearing price in the Day-Ahead Market (DAM) reached ₹5.7 per unit during Q2 FY27. The average price in the Real-Time Market (RTM) increased 49 per cent year-on-year to ₹5.2 per unit. India’s energy consumption during the quarter stood at 502 BU, up 11.5 per cent from the corresponding period last year.
The increase in demand was also reflected in the first-half performance. IEX recorded electricity traded volume of 77.2 BU in the first six months of FY27, up 14.2 per cent year-on-year. RTM volume during the period rose 16.5 per cent to 32.5 BU.
September saw a further acceleration in market activity. Electricity traded on the exchange increased 10.4 per cent year-on-year to 12.2 BU, while RTM volume rose 10.6 per cent to 5.3 BU. The exchange recorded its highest-ever single-day RTM volume of 315 million units on September 26.
India’s peak power demand reached 269 gigawatts on September 10, while monthly energy consumption touched 162 BU, an 11 per cent year-on-year increase, according to government data cited by IEX. Strong demand drove a 281 per cent increase in buy bids in the DAM during the month. The average DAM clearing price more than doubled to ₹7.3 per unit, while the average RTM price rose 108 per cent to ₹6.9 per unit.
The numbers point to greater use of short-term electricity markets when utilities and other buyers need to match supply with changing demand. Unlike longer-term power purchase arrangements, the day-ahead and real-time markets allow electricity to be bought closer to the time it is required. Higher activity in these segments therefore reflects both demand growth and the need for more immediate procurement.
The DAM, including the High Price Day-Ahead Market, recorded 14,855 million units in Q2, up 2.2 per cent from 14,534 MU a year earlier. RTM volume stood at 16,490 MU, an increase of 10.5 per cent. The Day-Ahead Contingency and Term-Ahead Market recorded a much sharper 101.5 per cent rise to 5,477 MU during the quarter.
Not all segments expanded. IEX’s green market, comprising the Green Day-Ahead and Green Term-Ahead Market, recorded 2,863 MU during Q2, down 5.8 per cent year-on-year. September green-market volume fell 32 per cent to 737 MU, although the weighted average Green Day-Ahead Market price increased 56.3 per cent to ₹4.9 per unit.
Trading in renewable energy certificates also declined. A total of 1.527 million certificates were traded during Q2, 65.5 per cent below the year-earlier level. September trading stood at 525,000 certificates, down 16.2 per cent, which IEX attributed to lower participation.
The quarterly data will be watched alongside the next changes in power demand, exchange prices and participation across conventional and green market segments. IEX’s next reported market volumes will indicate whether the September surge continues into the following quarter.
