In July’s renewable energy certificate (REC) trading session, there was a rise in the number of solar and non-solar RECs that were traded. A total of 129,056 solar RECs were traded on the Indian Energy Exchange (IEX) and the Power Exchange India Limited (PXIL) together. The RECs were traded at ₹2,000 (~$28.23)/REC on both the exchanges.
The number of solar RECs traded in July 2019 was 5,288 more than the 123,768 traded at the IEX and PXIL in June 2019. In line with June 2019, the number of solar REC buy bids exceeded the number of sale bids by over 200,000 in July as well.
In July, 125,199 non-solar RECs issued before April 1, 2017, were traded on the IEX and PXIL. On the IEX, such non-solar RECs traded at ₹1,500 (~$21.17)/REC, and on the PXIL, they traded at ₹1,602.50 (~$22.62)/REC.
While the price of such RECs traded on the IEX remained similar to that in June 2019, on PXIL, it increased by ₹102.50 (~$1.45)/REC.
On the IEX and PXIL combined, a total of 489,755 non-solar RECs issued after April 1, 2017, were sold. On the IEX, 387,679 non-solar RECs were sold at the rate of ₹1,650 (~$23.29)/REC. This was ₹50 (~$0.71)/REC more than the rate at which it was traded on the IEX in the previous month. On the PXIL, 102,076 non-solar RECs were sold at a rate of ₹1,705 (~$24.07)/REC; an increase of ₹150 (~$2.12)/REC when compared to June 2019.
When contacted, a solar executive commented, “The past four months have been great for REC trading. Now, the time is to create a balance between supply and demand. So far, the demand has been high, and merchants have been enjoying. There’s a need to balance out supply and demand. A pipeline of RECs needs to be created so that the balance can be achieved.”
Image credit: IEX India
Saumy is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism & Mass Communication from the Manipal Institute of Communication at Manipal University. More articles from Saumy Prateek.