IEX Market Coupling: Tribunal Seeks Revised Petition Adding More Respondents

In a significant turn of events in India’s power trading sector, the Appellate Tribunal for Electricity (APTEL) has instructed the Indian Energy Exchange (IEX) to submit a revised petition in its ongoing market coupling dispute. This directive mandates the inclusion of the Grid Corporation of India, Power Exchange of India, and Hindustan Power Exchange as respondents.

IEX Ordered to Amend Plea in Market Coupling Dispute

The tribunal’s move follows a petition filed by IEX in August, challenging the Central Electricity Regulatory Commission’s (CERC) July 23 directive on phased market coupling. The CERC had announced a stage-wise rollout starting January 2026, beginning with the Day-Ahead Market. 

IEX labelled the directive as “arbitrary” and counter to natural justice norms. With the addition of 3 key power entities, the tribunal has given IEX 1 week to resubmit its plea, and all respondents have been asked to reply before the scheduled hearing on October 30, 2025.

Market Coupling Timeline and Industry Impact

The CERC’s order proposes a methodical implementation of market coupling aimed at unifying bids across exchanges to optimise efficiency and pricing. Initially, the coupling will apply to the Day-Ahead Market, and later extend to the Real-Time Market based on operational insights. This policy shift resulted in a massive 30% plunge in IEX share price in a single trading session, reflecting market apprehensions over the business impact.

Read More: India Plans to Open Power Retail Market to Private Companies, Draft Bill Shows!

Exchange Reactions and Future Course

IEX’s Joint Managing Director Rohit Bajaj recognised that market coupling in the Real-Time Market will not occur immediately. He noted that although the current trial is confined to the Day-Ahead Market, the reforms will influence the exchange’s revenue model going forward. The revised plea ordered by APTEL is expected to bring more clarity to stakeholder positions as the matter progresses.

Indian Energy Exchange Share Price Performance

On October 14, 2025, Indian Energy Exchange share price opened at ₹137.03 on NSE, near the previous close of ₹137.03. During the day, it surged to ₹138.56 and dipped to ₹134.02. The stock is trading at ₹136.05 as of 3:05 PM. The stock registered a moderate decline of 0.72%.

Over the past week, it has declined by 2.28%, over the past month, it has declined by 7.69%, and over the past 3 months, it has declined by 34.32%.

Conclusion

The electricity tribunal's demand for a revised petition with broader respondent participation marks a crucial phase in the IEX market coupling case. As India moves towards a more integrated power trading landscape, the hearing on October 30, 2025, will be critical in determining the roadmap ahead.

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