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IEX Reports 16% YoY Growth in Electricity Trade for January 2025

Green Market Sees 218% Surge; REC Trading Hits Record High

The Indian Energy Exchange (IEX) reported a monthly electricity traded volume of 10,910 million units (MU) in January 2025, marking a 16% year-on-year (YoY) growth. The exchange also recorded its highest-ever Renewable Energy Certificate (REC) trading volume, with 38.03 lakh RECs transacted during the month—a 150% increase YoY.

According to government data released in January 2025, India’s energy consumption reached 137.5 billion units (BUs), reflecting a 2.7% YoY growth. Enhanced supply-side liquidity contributed to a 24?cline in the Market Clearing Price (MCP) in the Day-Ahead Market (DAM), which stood at Rs4.43 per unit. This price reduction provided an opportunity for discoms and industrial consumers to optimize power procurement at competitive rates.

Electricity Market Performance

• Day-Ahead Market (DAM): Traded 6,015 MU, registering a 9% YoY increase from 5,540 MU in January 2024.
• Real-Time Market (RTM): Traded 3,036 MU, showing a 28% YoY growth from 2,380 MU in January 2024.
• Term-Ahead Market (TAM): Traded 1,107 MU, reflecting a 9% YoY decline.

Green Market Growth

The IEX Green Market, comprising the Green Day-Ahead Market (G-DAM) and Green Term-Ahead Market (G-TAM), achieved a volume of 752 MU, up 218% YoY from 236 MU in January 2024.

• G-DAM: Traded 702 MU at an average price of Rs4.66 per unit, recording a 235% YoY increase.
• G-TAM: Traded 50 MU, up 89% YoY, with non-solar prices averaging Rs4.77 per unit.

Record-Breaking REC Market

• The REC Market witnessed its highest-ever monthly trade, with Rs38.03 lakh RECs transacted in trading sessions held on January 8 and January 29, 2025.
• Clearing prices: Rs325/REC (January 8) and Rs340/REC (January 29).
• Next trading sessions: Scheduled for February 12 and February 26, 2025.

The strong growth in IEX’s electricity and green market segments highlights India’s evolving energy landscape, with increased participation in renewable energy trading and competitive price discovery mechanisms.