In April 2026, India's high-price day-ahead power market (HP-DAM) experienced a significant surge in electricity prices, reaching the regulatory ceiling of ₹20 per unit during non-solar hours on multiple occasions. This increase was primarily driven by a record peak power demand of 256 GW on April 25, attributed to severe heatwave conditions across the country. Data from the Indian Energy Exchange (IEX) indicated that the average daily price in the HP-DAM rose to ₹19.6 per unit, up from ₹15.3 a year earlier, reflecting a marked increase in trading activity in the latter half of the month. In contrast, the day-ahead segment, where the price cap is set at ₹10, averaged ₹5.3 per unit due to lower prices during solar hours. The HP-DAM allows higher-cost generators, such as those using imported coal and gas, to participate in the market, thus addressing the gap in supply during peak demand periods. Energy storage systems have played a vital role in facilitating trade during these high-demand non-solar hours.