March 30, 2011 REC Trading Session Update
March 30, 2011 Renewable Energy Certificate(REC)Trading Session Update
New Delhi, 30 March 2011: First trading session after the central nodal agency, National Load Dispatch Centre
(NLDC) , issued the first-ever Renewable Energy Certificates (RECs) in India was held at the Mumbai based Power
Exchange India Ltd (PXIL) and Delhi
based Indian Energy Exchange (IEX)
today.
As per Climate Connect Research, total
of 532 RECs (1 REC is equivalent to 1
MWh) were issued by NLDC 108 to a
wind energy project in Gujarat and 424
to project in Maharashtra in March
2011. Out of 532 RECs issued till date,
424 RECs were offered for sale today
and successfully sold. More than 3600
orders were received by PXIL while IEX
received over 100,000 orders. 274 non-
solar RECs were traded at PXIL with a
clearing price of Rs 2225 (~$49) while
150 non-solar RECs were traded at IEX
with clearing price of Rs 3900(~$87).
Demand for solar RECs was also high.
IEX received 30,001 purchase bids for
solar RECs. Significantly, though, no
solar energy projects have been
accredited in any state so far and hence
no solar REC was available.
Climate Connect has learnt that the 424
RECs from Biofuel Cogeneration sold
today belonged to Yash Agro from
Maharashtra. Vish Infrastructure with
108 RECs from wind projects from Gujarat still holds on to their issued RECs.
Several buyers participated in the trading session today like RSWM, a LNJ Bhilwara Group company and Reliance
Infrastructure. At IEX, there were a total of 15 participants. Exchange
members who facilitated trading were Manikaran Power, REConnect
Energy Solution and Reliance Energy Trading making them amongst
the first organizations in India to execute successful REC trade for a
client.
The REC mechanism was launched by the Indian government last year
in order to help the state governments fulfill their Renewable Purchase
Obligations (RPO) which require utilities to procure a minimum
percentage of power from renewable energy sources. The state
governments have the power to set their RPO standards. However, a
recent amendment in the Electricity Act 2003 obligates the state
governments to have a 0.25% RPO for solar energy from 2012-13.
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