Spot electricity prices fall in May amid unseasonal rain
The country's spot electricity prices on power exchanges briefly touched zero in May, driven by unseasonal rain across the country and a surge in renewable power generation. According to a report by IIFL Capital, limited thermal power backup created a rare surplus, pushing prices on the power exchange to record lows.
On May 25, 2025, average day-ahead prices dropped to just Rs 0.56 per unit, with near-zero prices observed during several time blocks between 9:15 AM and 2:30 PM. The average daily price on that day was Rs 1.53 per unit. For the entire month of May, real-time electricity prices declined by 25 percent year-on-year to an average of Rs 3.56 per unit.
One of the key factors behind the reduced reliance on thermal power is the addition of 25 gigawatts (GW) of solar capacity over the past year. However, India currently lacks adequate pumped storage or battery energy storage systems to absorb surplus generation, further contributing to price volatility.
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