The long-feared Market Coupling is finally here — starting January 2026.

What it means:
CERC has approved the coupling of the Day-Ahead Market (DAM) — where now power exchanges (like IEX) won’t compete on price discovery. Instead, a common algorithm will decide the best price, and trades will be allocated accordingly.

Why it’s negative for IEX:
This reduces IEX’s pricing power and competitive advantage. It will now rotate as a Market Coupling Operator (MCO) with other exchanges, diluting its market dominance.

Next steps:

Real-Time Market (RTM) and Term-Ahead Market (TAM) coupling to follow.

Grid-India to develop software and run a 3-month pilot for TAM.

Investor Insight: A key regulatory shift that could level the playing field — and hit IEX’s market leadership.