- Indian Energy Exchange expects market coupling to take 1.5-2 years after final rules
- Final regulations by CERC are pending, delaying the start of the market coupling process
- Implementation includes software development, hardware standardization, and mock trials
Indian Energy Exchange Ltd. expects the implementation of market coupling to take another 1.5-2 years, with the process yet to begin as the final regulations are still awaiting notification by the Central Electricity Regulatory Commission (CERC).
Chairman and Managing Director Satyanarayan Goel said the implementation timeline would depend on the final regulations and the preparations required to put the new framework in place. He ruled out implementation in calendar year 2026.
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“The regulations need to be notified, and depending on what is notified in the regulations, thereafter the necessary preparation will start,” Goel said during the company's Q2 FY27 earnings call on Friday.
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He said the process would involve developing software, ensuring hardware uniformity across all three power exchanges, putting settlement systems in place and conducting mock trials.
“It is difficult to say any definite timeline about it, but definitely not in this calendar year. My own estimate is that it may take another 1.5 to 2 years also, but it all depends on after the regulations, how is regulations and what in what way they want to implement it,” Goel said.
The comments indicate that market coupling could remain some distance away even after the regulator notifies the final rules. The estimate is management's assessment and not a formal implementation timeline announced by CERC.
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Market Coupling Regulations Await Final Notification
CERC issued draft regulations for market coupling in April 2026 and proposed Grid India as the market coupling operator. The stakeholder consultation and public hearing process was completed in June. However, IEX said there had been no further development during the September quarter.
Goel said the exchange was waiting for the final regulations and was in no hurry.
“We don't know when it will come,” he said, responding to a question on when the final regulations could be issued.
The proposed framework is significant for IEX because market coupling would bring price discovery across power exchanges under a common process. Grid India's role as the proposed market coupling operator is also a key part of the draft framework.
IEX has previously challenged the proposed move. The company said during the earnings call that the Supreme Court had observed that market coupling could be implemented only after the regulations were issued. It retains the option to challenge the final regulations if it is aggrieved by them.
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