PTC India Share Price Gains As IEX Plummets: What's Behind This Energy Market Shakeup By CERC?
Market coupling levels the playing field among energy exchanges, thereby benefitting smaller players such as HPX, in which PTC India has stake of 22.62%, as of May 2025.
Shares of PTC India has surged almost 5%, with an intraday high of Rs 207, as the company stands to benefit from the news of the Central Electricity Regulatory Commission (CERC) implementing market coupling for the Day Ahead Market (DAM) starting January 2026.
The new policy that aggregates buy and sell orders from all power exchanges to determine a uniform market clearing price, has sent Indian Energy Exchange (IEX) into a lower circuit, with its stock plummeting 20% in trade on Thursday.
PTC India, on the other hand, has gained in trade today, largely on back of their stake in Hindustan Power Exchange (HPX).
The idea of market coupling is to eliminate individual power discovery from market exchanges, replacing it with a centralised algorithm.
This serves as a key blow for IEX, which enjoys an 85% share in the spot market and thrives on price discovery. But once market coupling kicks in, IEX may no longer enjoy that price discovery power.
Put simply, the policy levels the playing field among energy exchanges, thereby benefitting smaller players such as HPX, in which PTC India has stake of 22.62%, as of May 2025.
HPX, therefore, could capture significant trading volumes as market coupling shifts competition to service quality and innovation and perhaps even technology.
HPX is powered by advanced technology, which is backed by BSE and ICICI Bank.
