Archive · 25 Jul 2025
CERC Market Coupling Decision Impacts Indian Energy Exchange
Imagine different stores selling electricity.
Right now, each store (exchange) sets its own price.
The government (CERC) has decided to create a single price for everyone.
This means all the stores will use the same price, like a price set by a central agency for all the stores.
This will likely change how the biggest store, IEX, does business because its prices will no longer be unique.
It will be similar to Uber and other apps that use a common price.
Experts think this could lower IEX's profits because they will face more competition and their market share may fall.
CERC decided to implement market coupling for electricity trading in a phased manner.
The market coupling is expected to impact the revenue and profitability of the Indian Energy Exchange (IEX).
From January 2026, Grid-India will consolidate energy prices on all power trading platforms.
Under market coupling, a single market-cleared price will be common to all three exchanges.
Experts predict IEX's market share could decline from 84% to 70% by FY27.
- Who
- The Central Electricity Regulatory Commission (CERC) and IEX.
- What
- CERC decided to implement market coupling for electricity trading.
- When
- From January 2026, Grid-India will consolidate energy prices.
- Where
- On power trading platforms.
- Why
- To facilitate efficient power exchange functioning and instill faith of the market participants.
IEX Impact
Market Benefits
Price Discovery
IEX Impact
Loss of control over price discovery
Market Benefits
More efficient market functioning.
Revenue & Competition
IEX Impact
Revenue impact.
Market Benefits
Increased competition.
- Affected Company
- Indian Energy Exchange (IEX)
- Market Share (IEX)
- Approximately 85% overall, 100% in key segments
- Market Coupling Start
- Phased manner, Day-Ahead Market from January 2026
- Trading Markets
- Day-ahead market (DAM) and real-time market (RTM)
- Potential IEX Market Share (FY27)
- 70%
- Source
- CERC Order
- Key Players
- IEX, PXIL, HPX