Indian Energy Exchange (IEX) released the data for September on Monday.

What Happened: IEX's total monthly volumes including certificates increased 24% from the previous year to 11,370 million units. The electricity volumes rose by 21% year on year to  10,332 million units.

The renewable energy certificates (REC) increased by 100% to 1,031 million units. IEX said the REC market recorded an all-time low price in the September 25, 2024 trading session. 

Government data shows the country's energy consumption reached 141.3 billion units in September and remaining flat compared to the previous year. A steady monsoon which led to significant rise in hydro and wind power generation caused day ahead market (DAM) and real time market (RTM) prices to drop.

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The market clearing price of DAM fell by 33% to ₹4.18 per unit while the price in RTM fell by 28% to ₹3.98 per unit.  

The DAM volumes increased by 33% to 4,610 million units while the RTM volumes reached its highest monthly level of 3,913 million units which was an 34% year on year increase.

IEX's continued growth in volume comes in the heel of reports that the Indian government is going ahead with the market coupling decision which analysts believe will affect IEX's market share in the power trading segment. 

Price Action: Shares of IEX rose 1.66% to ₹211.40  on Monday morning. 

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