Market coupling implementation risk
CERC has ordered a shadow pilot study for market coupling; if implemented, it could reduce IEX's market share and innovation edge.
IEX / Q3-FY25 / risks
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Indian Energy Exchange · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Competitive pressure on transaction fees
Management acknowledged giving incentives in term markets to match competition, which could pressure revenue growth relative to volume growth.
Dependence on power demand growth
Volume growth is tied to GDP-linked power demand; any economic slowdown could impact exchange volumes.
Delay in regulatory approvals for new products
Long-duration contracts and green RTM are pending CERC approval; delays could push back volume growth expectations.