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Renewable Energy Certificate trade at PXIL witnesses nearly a 3-fold jump- By power exchange india limited

Auction Date:31/10/2012




Total Sale Bid

161, 483


Total Buy Bid



Clearing Price (Rs/Certificate)



Cleared Volume



The Renewable Energy Certificate (REC) trade has seen 3-fold jump in the month of October 2012 over the previous month.  The total number of certificates traded on Power Exchange India Limited (PXIL) platform was 91440 (Solar – 971 and Non-Solar - 90469) representing 41% of market share when compared to September 2012 trade of 25507 (Solar -425 and Non-Solar – 25082) RECs, PXIL doubled the trade of Solar RECs and had a  4-fold increase in trade of Non-Solar RECs. This growth in the REC Market is a welcome signal as it indicates the willingness of Obligated Entities to fulfill part of their Renewable Purchase Obligation (RPO) by purchasing RECs at the Power Exchange. 

The REC Market was stagnant due to unwillingness of Obligated Entities to buy RECs coupled with lack of awareness on the REC scheme.  However, pressure exerted by the Central Electricity Regulatory Commission (CERC) and State Electricity Regulatory Commissions (SERCs) along with increased awareness generated through the efforts of Power Exchanges, National Load Despatch Centre (NLDC), State Load Despatch Centres (SLDCs), Ministry of New and Renewable Energy(MNRE), Ministry of Power(MoP), etc has started to bear fruits.

“The increased participation in the REC trade by Obligated Entities like State Distribution licensees is a welcome development. This will provide a much needed fillip to the Market, encourage RE generators and ensure India’s march towards a greener environment for its citizens” said Mrs. Rupa Devi Singh, MD & CEO of PXIL. Mr. Rahul Bhandare, CMD of Knowledge Infrastructure Systems Private Limited said that “Knowledge Infrastructure is committed towards the development of the Energy sector in India, especially of Renewable Power. We have been trading in Renewable Energy Certificates for some time now. We perceive that enhanced participation from all stake holders is an indication of the growing awareness in India of the significance of Renewable Power”.

The REC trade mechanism was introduced under the Electricity Act-2003 and the National Action Plan on Climate Change-2008 (NAPCC) with the objective of addressing the mismatch between availability of Renewable Energy (RE) sources and compliance to Renewable Purchase Obligations (RPO). Under this mechanism, the Obligated Entities who are unable to meet their RPO targets due to insufficient RE based generation within the State can now fulfill their RPO requirements by purchasing REC on the Power Exchanges. The Sellers of REC are RE generators who have the option of either selling the Renewable Energy at Preferential Tariff determined by SERCs or Sell the generated electricity at the Average Power Purchase Cost (APPC) to the Distribution licensee and receive RECs from NLDC as the associated environmental attribute. The RECs are later traded at the Power Exchanges.


About PXIL

Power Exchange India Limited (PXIL) is India’s first institutionally promoted Power Exchange that provides innovative and credible solutions to transform the Indian Power Markets. It is a joint venture of National Stock Exchange (NSE) and National Commodity & Derivatives Exchange (NCDEX). PXIL’s unique combination of local insights and global perspectives helps its stakeholders make better informed business and investment decisions. The Exchange is currently operating in Day Ahead, Week Ahead and a Contingency Market as well. 


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