Indian Electricity Market Analyzed

Key Points

• Electricity trading increased 17.7% year-on-year.
• Renewable energy certificates traded significantly, up 13.1%.
• Energy consumption fell by nearly 1% this month.
• Dam and RTM prices decreased substantially year-on-year.
• Exchange prices offer competitive power options for buyers.
• Market volume in various segments rose dramatically year-on-year.

Electricity Market Overview

In November 2025, the Indian Electricity Exchange (IEX) saw a substantial jump in the amount of electricity being bought and sold. Specifically, they traded 11,409 megawatt-hours (MU) of electricity – that’s an increase of 17.7% compared to the same month last year. This growth reflects a changing energy landscape and increasing confidence in the exchange’s ability to connect buyers and sellers.

Renewable Energy Certificates

Alongside electricity, 4.74 lakh Renewable Energy Certificates (RECs) were traded. These certificates represent the generation of renewable energy and are becoming increasingly important for companies looking to meet sustainability goals. The price for these certificates also shifted, trading at Rs. 370/REC and Rs. 364/REC during the trading sessions held on 12th November’25 and 26th November’25, respectively.

Market Trends

The overall energy situation in the country changed slightly this month. The country’s total energy consumption decreased by almost 1%. This was partly due to increased generation from sources like hydropower, wind, and solar power, leading to more electricity available for sale on the IEX platform.

Consequently, the prices for two key markets – the Day-Ahead Market (DAM) and the Real-Time Market (RTM) – dropped. The average price in the Day-Ahead Market was Rs. 3.07/unit, down 6.9% compared to last year. Similarly, the Real-Time Market saw a price decrease of 9.2%.

These lower prices created opportunities for electricity companies (Discoms) and big businesses to buy electricity at a better rate and to switch from more expensive power sources. The Day-Ahead Market also saw a significant increase in trading volume – up 0.3% year-on-year, reaching 5,668 MU. The Real-Time Market surged by 40.2% to 4,233 MU, highlighting a strong shift to immediate power needs.

The Day Ahead Contingency and Term-Ahead Market (TAM) segments – which include longer-term contracts – exploded in trading volume, increasing by 243.1% to 693 MU. This demonstrates increased confidence in the exchange’s ability to manage longer-term energy requirements.

The Green Market, comprising Green Day-Ahead and Green Term-Ahead segments, traded 815 MU, a slight decrease of 0.3% compared to the previous year. The average price in the Green Day-Ahead Market (G-DAM) was Rs. 3.29/unit.

Looking ahead, more REC trading sessions are scheduled for December 2025, indicating continued importance of renewable energy certificate trading.

“The IEX is transforming the way India’s energy needs are met, driving efficiency and sustainability.”