Month in a Minute: Top Headlines from the Indian Renewable Sector in March 2026

Telangana Electricity Regulator Rejects Plea to Restore Night-time Tariff Rebate

MNRE Designates SECI as Sole Implementing Agency for Renewable Energy Bidding

Solar Module Manufacturer Cosmic PV Files for ₹6.4 Billion IPO

Rajasthan Lowers Charges for Open Access Power Consumers for FY 2027

Cairn Begins Sourcing 25 MW of Wind-Solar Power from Serentica

Neuron Energy Sets Up 5 GWh Battery Storage Facility, Expands Beyond EV Segment

IEX Trades Record Electricity of 141 BU in FY 2026, Breaks Last Year’s Record

Quality Power’s Subsidiary Secures ₹1.52 Billion Battery Storage System Order

Northern Railway Floats O&M Tender for 1 MW Solar Projects


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					</table><p>The Indian Energy Exchange (<a href="https://www.iexindia.com/" target="_blank" rel="noopener">IEX</a>) has reported the highest-ever electricity trading volume of 141 billion units (BU) in the financial year (FY) 2026, an <a href="https://www.mercomindia.com/iex-trades-record-121-bu-in-fy-2025-posts-100-rise-in-q4-green-energy-market" target="_blank" rel="noopener">increase</a> of 17% year-over-year (YoY).</p>
<p>India’s power demand grew by 1.1% YoY during the year</p>
<p>According to government data published in March 2026, the country&#8217;s energy consumption reached 149.56 BUs, an 1.8% YoY increase.</p>
<p>IEX also reported the highest-ever quarterly electricity traded volume of 39.4 BU in Q4 FY 2026, marking a 24.3% YoY jump.</p>
<p>In March 2026, it recorded the highest-ever monthly electricity trading volume of 13.90 BU, a 23.5% YoY increase.</p>
<p><strong>Green Market</strong></p>
<p>IEX Green Market, comprising the Green Day-Ahead (G-DAM) and Green Term-Ahead Market segments, achieved 10.78 BU in FY 2026, up 23% YoY from 8.75 BU.</p>
<p>During Q4 FY 2026, the segment achieved a volume of 2.44 BU, up 26.5% YoY from 1.92 BU.</p>
<p>The segment achieved 800 MU volume in March 2026, up 28.3% from 620 MU in the same month last year.</p>
<p><strong>Renewable Energy Certificates (REC)</strong></p>
<p>During FY 2026, 18.72 million RECs were traded, up 5% YoY, and in Q4, REC trading volume rose 6% to 7.17 million.</p>
<p>A total of 2.894 million RECs were traded in the trading sessions held on March 11, 2026, and March 25, 2026.</p>
<p>The REC traded volume in March 2026 increased by 119.9% YoY.</p>
<p><strong>Electricity Market: Day-Ahead, Real-Time, and Term Ahead</strong></p>
<p>For FY 2026, the market-clearing price in the Day-Ahead Market (DAM) stood at ₹3.86/kWh, a drop of 13.7% YoY, and in the Real-Time Market (RTM) at ₹3.59/kWh, a 16% YoY decline.</p>
<p>In March, the market-clearing price in the DAM segment was ₹4.2/kWh, down 6% YoY, while in the RTM segment it was ₹3.71/kWh, down 10.5% YoY.</p>
<p><strong>Day-Ahead Market (DAM)</strong></p>
<p>The DAM, including HPDAM, achieved 62.78 BU for FY 2026, up from 61.31 BU, an increase of 2.4% YoY. The DAM segment registered 19.60 BU in Q4 FY 2026, a 15.7% rise from 16.93 BU last year.</p>
<p>The segment achieved 6.83 BU volume in March 2026, up 23.1% YoY from 5.55 BU in March 2025.</p>
<p><strong>Real-Time Market (RTM)</strong></p>
<p>The RTM segment achieved 54.85 BU in FY 2026, up from 38.90 BU, a 41% surge. The segment registered 14.3 BU in Q4, up 48.2% YoY from 9.65 BU.</p>
<p>The RTM segment achieved 5.28 BU in March, up 41.7% from 3.73 BU from the previous year.</p>
<p><strong>Day Ahead Contingency and Term-Ahead Market (TAM)</strong></p>
<p>The segment traded 12.72 BU in FY 2026 from 11.77 BU, an 8% YoY jump.</p>
<p>The total volume of the segment during Q4 was 3.12 BU, a 3.8% YoY decline from 3.24 BU. The segment achieved 940 MU in March, down 28.5% from 1.32 BU in the same month last year.</p>
<p>In February, IEX <a href="https://www.mercomindia.com/iex-power-trade-surges-30-yoy-to-12550-mu-in-february" target="_blank" rel="noopener">recorded</a> a total electricity trading volume of 12,550 million units, a 30.4% YoY increase, and its highest daily average volume of 448 MU.</p>



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					</table><p>The Indian Energy Exchange (<a href="https://www.iexindia.com/" target="_blank" rel="noopener">IEX</a>) recorded a total electricity-traded volume of 12,550 million units (MU) in February 2026, a 30.4% year-over-year (YoY) increase, and its highest daily average volume of 448 MU.</p>
<p>During the month, India’s electricity consumption reached 133 BU, up 1.9% YoY.</p>
<p>Despite the rise in demand, electricity prices on the exchange declined due to increased liquidity in the supply.</p>
<p><strong>Electricity Market</strong></p>
<p>The average market prices were lower, with the Day-Ahead Market (DAM) price at ₹3.58 (~$0.038)/kWh and the Real-Time Market (RTM) price at ₹3.59 (~$0.039)/kWh, down 19% YoY, indicating improved supply availability.</p>
<p>These prices presented an opportunity for distribution companies and commercial and industrial consumers to meet their demand at competitive prices and replace their costlier power by procuring through exchanges.</p>
<p>In the DAM, the traded volumes reached 6,588 MU, up 22.7% YoY from 5,369 MU in February 2025, while RTM recorded the strongest growth, with 4,379 MU traded, up 51.7% YoY from 2,887 MU during the same period last year.</p>
<p>Meanwhile, the Day-Ahead Contingency and Term-Ahead Market (TAM), comprising contingency, daily, weekly, and monthly contracts up to three months, traded 775 MU, down 4.7% YoY from February 2025.</p>
<p><strong>Green Market </strong></p>
<p>The green power market, which includes the Green Day-Ahead Market (G-DAM) and Green Term-Ahead Market (G-TAM), traded 808 MU in February 2026, compared to 552 MU in February 2025, marking a 46.3% YoY increase.</p>
<p>The weighted average price in the G-DAM stood at ₹3.43 (~$0.037)/kWh, declining 25.3% YoY, reflecting growing renewable energy supply in the exchange-based market.</p>
<p><strong>Renewable Energy Certificate Market</strong></p>
<p>In the Renewable Energy Certificate (REC) market, 1.88 million RECs were traded during the trading sessions held on February 11 and February 25, representing a 15.2% YoY increase.</p>
<p>The clearing prices were ₹333 (~$3.61)/REC and ₹337 (~$3.67)/REC, respectively, indicating steady demand for renewable compliance instruments in the market.</p>
<p>The next REC trading sessions are scheduled for March 11 and March 25, 2026.</p>
<p>IEX <a href="https://www.mercomindia.com/iex-electricity-volumes-rise-19-6-yoy-to-record-13050-mu-in-january" target="_blank" rel="noopener">recorded</a> its highest-ever monthly electricity traded volume of 13,050 MU in January 2026, registering a 19.6% YoY growth.</p>


IEX Power Trade Surges 30% YoY to 12,550 MU in February


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					</table><p>The Indian Energy Exchange (<a href="https://www.iexindia.com/" target="_blank" rel="noopener">IEX</a>) traded 552 million units (MU) of green energy in February 2025, an 85% year-over-year (YoY) increase from 298 MU.</p>
<p>The Green Day-Ahead Market (G-DAM) traded 519 MU during February with a weighted average price of ₹4.59 (~$0.052)/kWh, an increase of 95% YoY from 266 MU.</p>
<p>The Green Term-Ahead Market (G-TAM) traded 33 MU, with an average monthly price of non-solar at ₹3.88 (~$0.044)/kWh, compared to 32 MU in February 2024, an increase of 3% YoY.</p>
<p>The IEX achieved a monthly electricity traded volume of 9,622 MU in February 2025, a 9% YoY increase.</p>
<p>According to government data, India’s energy consumption reached 131.5 billion units in February, with the average daily energy consumption increasing 7% YoY.</p>
<p>There was a steady rise in power demand across most regions due to milder winters and an unusually warm February.  Power demand peaked on February 7 to 238 GW, compared to the maximum peak power demand of 222 GW on February 23, 2024.</p>
<p>Despite a rise in demand, power exchange prices were lower than the previous year due to higher supply side liquidity in the Day-Ahead Market (DAM) segment.</p>
<p>The Market Clearing Price in the DAM dropped by 11% to ₹4.38(~$0.05)/kWh during the month.</p>
<p><strong>Electricity Market: Day-Ahead, Term-Ahead and Real-Time Market</strong></p>
<p>The DAM volume increased by 14% YoY to 5,369 MU in February 2025 from 4,722 MU.</p>
<p>The Real-Time Electricity Market increased by 23% YoY to 2,887 MU from 2,340 MU in February 2024.</p>
<p>Day Ahead Contingency and Term-Ahead Market, which comprises contingency, daily, weekly, and monthly contracts for up to three months, dropped 45% YoY to 814 MU.</p>
<p><strong>REC Market</strong></p>
<p>Renewable Energy Certificates (REC) traded in February 2025 increased by 167% YoY.</p>
<p>A total of 1.63 million RECs were traded on February 12 and 27, 2025, at a clearing price of ₹350 (~$4.007)/REC and ₹349(~$3.99)/REC respectively.</p>
<p>The next REC trading sessions at IEX are scheduled for March 12 and 26.</p>
<p>In January, IEX <a href="https://mercomindia.com/iex-sees-218-yoy-growth-in-green-energy-trade-in-january-2025#:~:text=The%20Indian%20Energy%20Exchange%20(IEX,increase%20from%20the%20previous%20year." target="_blank" rel="noopener">traded</a> 10,910 million units of electricity, representing a 16% YoY growth.</p>
<p>The IEX <a href="https://www.mercomindia.com/iex-electricity-trade-december" target="_blank" rel="noopener">recorded</a> its highest-ever monthly electricity trading volume of 11,132 MU in December 2024, marking a 29% YoY increase.</p>


Green Energy Trade on IEX Up 85% YoY in February 2025

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