Spot electricity prices on power exchanges fell below 1 per unit during solar hours on nearly 25% of the days in FY26, with prices touching near-zero levels across multiple time blocks, triggering a sharp shift in industrial power procurement and pushing participation by open-access consumers up by more than 50% year-on-year. The trend is reshaping power sourcing strategies across India’s manufacturing sector, where electricity accounts for as much as 50% of operating costs in energy-intensive industries such as cement, metals, automobiles, chemicals and paper.