IEX Wins Appeal Against CERC's Market Coupling Order
IEX has won an appeal against the CERC's order on market coupling for the Day-Ahead Market. APTEL has disposed of the appeal, clarifying that IEX can challenge regulations for market coupling. The CERC issued a corrigendum stating its previous communications were 'Directions', not 'Orders', to clarify its administrative role in regulation-making.
The outcome of this litigation directly affects the operational framework and competitive landscape of power exchanges in India, including IEX.
The company has successfully appealed against a regulatory order that could have negatively impacted its business model, leading to a positive outcome.
Indian Energy Exchange Limited (IEX) has filed an appeal challenging the Central Electricity Regulatory Commission's (CERC) suo motu order dated July 23, 2025, concerning the implementation of market coupling for the Day-Ahead Market (DAM). The Appellate Tribunal for Electricity (APTEL) has now disposed of this appeal.
The CERC's original order aimed to implement market coupling, a process designed to discover a uniform clearing price across power exchanges. IEX contended that market coupling could only be implemented after separate regulations were framed by the CERC and that the implementation might unfairly redistribute market share. The company also raised concerns about the process lacking transparency and not considering all stakeholder objections.
APTEL's decision clarifies that IEX is free to challenge any regulations for implementing market coupling before the appropriate forum, along with all grounds raised in its appeal. The tribunal's order effectively stays the immediate implementation of the CERC's market coupling order as it was presented. The CERC's subsequent corrigendum dated January 8, 2026, clarified that its previous communications were 'Directions' rather than 'Orders,' aiming to ensure sectoral certainty and avoid misinterpretation of its administrative and inquisitorial powers in the regulation-making process.
This development indicates a temporary reprieve for IEX, allowing it to pursue its challenges against the market coupling framework through the designated regulatory channels. The CERC maintains its intent to develop a market coupling framework, but the specific implementation and regulatory process are subject to further review and stakeholder consultation as per the Electricity Act, 2003.
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