IEX Reports Record Power Trade Volume in FY25; Power Demand Rises 4.4% YoY

Indian Energy Exchange (IEX) has released its Power Market Update for Fiscal Year 2025 (FY25), Q4FY25, and March 2025, highlighting record-breaking performance in electricity trading and the Renewable Energy Certificate (REC) market. India’s power demand grew by 4.4% in FY25 compared to the previous year. 

Record-High Electricity Trading Volume

IEX achieved its highest-ever electricity trading volume of 121 BUs in FY25, marking a 19% year-on-year (YoY) growth. The power market saw an increase in liquidity due to various government initiatives aimed at boosting energy supply. These included directives to ensure optimal operation of coal-based power plants, utilization of surplus power, and enhanced gas-based electricity generation.

For Q4FY25, IEX reported an all-time high quarterly trading volume of 31,747 MU, reflecting an 18% YoY increase. The month of March 2025 also witnessed the highest-ever monthly electricity trading volume of 11,215 MU, up 29% YoY.

Growth in Renewable Energy Certificates (RECs) Trading

The trading of Renewable Energy Certificates (RECs) saw unprecedented growth in FY25, reaching 178 lakh units, a 136% YoY increase. During Q4FY25, REC trading volume was 68 lakh units, up 108% YoY, while in March 2025, IEX recorded 13 lakh REC trades, marking an 18% YoY growth.

Day-Ahead, Term-Ahead, and Real-Time Markets Performance

The Day-Ahead Market (DAM) recorded 61,311 MU in FY25, up 15% YoY.

• In Q4FY25, DAM volume was 16,931 MU, a 14% YoY increase.
• In March 2025, DAM volume rose 19% YoY to 5,547 MU.

The Real-Time Market (RTM) achieved 38,896 MU in FY25, up 29% YoY.

• In Q4FY25, RTM trading volume grew 29% YoY to 9,650 MU.
• In March 2025, RTM saw a 34% YoY growth at 3,727 MU.
  

The Term-Ahead Market (TAM) traded 11,760 MU in FY25, showing a 21% YoY decline.

Green Energy Market Expansion

IEX’s Green Market, comprising Green Day-Ahead and Green Term-Ahead Market, saw 8,746 MU traded in FY ’25, reflecting a 171% YoY increase.

• In Q4FY25, green energy trading volume was 1,925 MU, doubling from Q4FY’24.
• In March 2025, 621 MU was traded, up 46% YoY.

Conclusion

IEX’s power market performance in FY25 highlights growth in electricity and renewable energy trading, aided by favorable government policies and increased supply liquidity.

On April 4, 2025, IEX share price opened at ₹182.90, almost the same as its previous close of ₹182.05. At 9:38 AM, the share price of IEX was trading at ₹179.83, up by 1.22% on the NSE.

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