Non-Solar REC Trading on the Rise

Trading activity in non-solar renewable energy certificates (RECs) is on the rise in India. In the October REC trading session, a total of 4,87,105 non-solar RECs were sold. This is 21.57 percent higher than the 3,82,007 non-solar RECs sold in the September trading session and almost twice of the 2,89,505 non-solar RECs traded in August 2017.

Non-Solar REC Market Trade (IEX & PXIL)

The Indian Energy Exchange (IEX) received 3,42,121 buy bids and 76,11,747 sell bids in October, with all buy bids being cleared at a floor price of ₹1,500 (~$23.5) per REC. The IEX saw a nearly 14.5 percent increase in the trading of non-solar RECs compared to September 2017, when 2,92,482 non-solar RECs were traded. According to the IEX there were 701 participants in its October trading session.

On the Power Exchange India Limited (PXIL), a total of 1,44,984 non-solar REC buy bids were traded in October alongside 4401298 sell bids. All of the bids cleared at a floor price of ₹1,500 (~$23.5) per REC. Total PXIL trading of non-solar RECs increased by 38.25 percent compared to September 2017 when 89,525 non-solar RECs were traded.

According to PXIL, nearly 1.45 lakh RECs were cleared. leading to market share of 30 percent and clearing ratio of 3.3 percent.


The overall trade in non-solar RECs has been picking up over the course of the past three months. As the country awaits the Supreme Court’s order to begin trading in solar RECs, participants are turning towards non-solar RECs to meet their renewable purchase obligations (RPOs).

This is the fifth month in a row where no single solar REC has been sold. As the year is nearing its end, stakeholders and obligated entities can’t just sit and wait for the Supreme Court’s order. As the RPO comprises both solar and other renewable energy (wind) purchase obligations, the lack of solar RECs is fueling the trade in non-solar RECs.

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