The total number of non-solar renewable energy certificates (RECs) sold in India jumped by 32 percent in September, rising to 382,007 from just 289,505 sold during the previous month.
The Indian Energy Exchange (IEX) received 292,482 buy bids and 8,216,649 sell bids in September, with all buy bids clearing at a floor price of ₹1,500 (~$23.5) per REC. The IEX saw a nearly 259 percent increase in the trading of non-solar RECs compared to August 2017, when 81,545 non-solar RECs were traded.
On the Power Exchange India Limited (PXIL), a total of 89,525 non-solar REC buy bids were traded in September alongside 3,800,874 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 declined by 57 percent compared to August 2017 when 207,960 non-solar RECs were traded.
The overall non-solar REC trade is now picking up after a decline seen in August. Meanwhile, the trade in solar RECs cannot resume until the Supreme Court issues an order that permits it.
According to IEX, in April to September of FY 2017-18, the IEX traded 1,117,000 in non-solar RECs and saw an increase of 7 percent compared to same period in the previous fiscal year when a total of 1,044,000 non-solar RECs were traded. The numbers reflect the absence of trading during the months of May 2017 and June 2017.
According to PXIL, the RECs traded on PXIL have a 23 percent market share and a clearing ratio of 2.4 percent.
No REC trading of any kind took place in May 2017 and June 2017 due to differences between old and new floor prices. In July 2017, the Supreme Court ruled that the trade in non-solar RECs could resume and now the entire market is awaiting another similar order that would allow for the resumption of trading in solar RECs, too. This is the fourth month in a row that no single solar REC has been sold.
Image credit: SECI
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.