The National Stock Exchange (NSE), on November 11, 2025, notified regarding the revision w.r.t Client Categories in the Unique Client Code database.
The following has been stated namely: -
• In a recent reverse auction conducted by a major utility for the procurement of 50 MUs of Round-The-Clock (RTC) power for delivery between November 5 to November 30, 2025, the price discovered in the TermAhead Market (TAM) stood at ₹3,231–₹3,233 per MWh - closely aligned with the NSE Electricity Monthly Futures (ELECMBL) November 2025 contract price of Rs 3,236 per MWh discovered as closing price on 31st October 2025.
• This convergence between the physical and futures market prices reflects the increasing maturity and integration of India’s power trading ecosystem. The NSE Electricity Futures contract has, in a short span of time, emerged as a credible forward price indicator, supporting both buyers and sellers in making informed procurement and hedging decisions for term ahead contract.
• This close alignment between the physical market auction price and the exchange-traded futures contract indicates that participants are beginning to use NSE's electricity futures (which is a unified single volumeweighted average price of all 3 exchanges and covers all 3 DAM segments i.e., conventional, Green power and high prices power) as a reference benchmark for physical TAM deals, a sign of growing maturity in India’s power trading ecosystem.
• It is a positive trend that enhances transparency and price discovery in the integrated electricity market (Physical and futures markets), helping buyers, sellers & traders align physical contracts with market expectations reflected in exchange-based futures.
