Author
Synopsis
Indian Energy Exchange (IEX) suffered a dramatic stock plunge after regulators approved “market coupling” for electricity trading. This move consolidates bids from multiple power exchanges into a single clearing algorithm, aiming to align price discovery with the physical constraints of the grid. IEX, long dominant in the spot power trade, risks losing its key advantage: Liquidity-driven price discovery. While coupling promises efficiency and fairness, it threatens IEX’s dominance unless it pivots to value-added services. Or risk being disrupted by the very system it once dominated. So, if you think market coupling is a practice which only India has implemented, the answer is no. It is just the start, not the end.
On the morning of 24 July, 2025,the stock of the Indian Energy Exchange (IEX) fell through the floor. By the end of day it registered its worst single‑day collapse since listing. The trigger was not a bad quarter or a fraud. It was a three-word regulatory decision: Market coupling approved. For most investors, “market coupling” was an esoteric term. But for the engineers and economists who run India’s grid and power markets, it was the
- FONT SIZE
AbcSmall
AbcMedium
AbcLarge
Uh-oh! This is an exclusive story available for selected readers only.
Worry not. You’re just a step away.
What’s Included with
1Invest Wisely With Smart Market Tools & Investment Ideas
Investment Ideas
Grow your wealth with stock ideas & sectoral trends.
Stock Reports Plus
Buy low & sell high with access to Stock Score, Upside potential & more.
BigBull Porfolio
Get to know where the market bulls are investing to identify the right stocks.
Stock Analyzer
Check the score based on the company’s fundamentals, solvency, growth, risk & ownership to decide the right stocks.
Market Mood
Analyze the market sentiments & identify the trend reversal for strategic decisions.
Stock Talk Live at 9 AM Daily
Ask your stock queries & get assured replies by ET appointed, SEBI registered experts.
2Stay informed anytime, anywhere with ET ePaper
ePaper – Print View
Read the PDF version of ET newspaper. Download & access it offline anytime.
ePaper – Digital View
Read your daily newspaper in Digital View & get it delivered to your inbox everyday.
Wealth Edition
Manage your money efficiently with this weekly money management guide.
3Exclusive Insights That Matter
4Times Of India Subscription (1 Year)
TOI ePaper
Read the PDF version of TOI newspaper. Download & access it offline anytime.
Deep Explainers
Explore the In-depth explanation of complex topics for everyday life decisions.
Health+ Stories
Get fitter with daily health insights committed to your well-being.
Personal Finance+ Stories
Manage your wealth better with in-depth insights & updates on finance.
New York Times Exclusives
Stay globally informed with exclusive story from New York Times.
5Enjoy Complimentary Subscriptions From Top Brands
TimesPrime Subscription
Access 20+ premium subscriptions like Spotify, Uber One & more.
Docubay Subscription
Stream new documentaries from all across the world every day.
