The Supreme Court of India has agreed to hear the appeal from the Indian Energy Exchange (IEX) regarding the Central Electricity Regulatory Commission's (CERC) order to implement market coupling in the day-ahead power market. This order, which is set to take effect in July 2025, aims to merge buy and sell orders from various power exchanges to enhance price discovery. IEX, which claims to hold over 95% of the market share, argues that this order could significantly reduce its market position and is arbitrary, violating principles of natural justice. Senior counsel Mukul Rohatgi, representing IEX, emphasized that merging all exchanges would diminish its competitive edge, likening it to merging the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The CERC had previously initiated a Shadow Pilot on Power System and Cost Optimization through Market Coupling, directing the Grid Controller of India to implement this system, which will see various exchanges, including IEX, take turns as the market coupling operator. Starting January 2026, the Grid Controller is expected to aggregate energy prices across all platforms and publish a unified price.