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					</table>Lithium carbonate prices, the primary component used in batteries, have seen a considerable drop over the last couple of months, raising hopes among industry stakeholders that affordable electric vehicles (EVs) would attract more customers to the segment.
The price of the key ingredient has dropped from ~$73,000 per mt in January to ~$34,000 per mt in March. The costs for cobalt and nickel, other components widely used in batteries, have also dropped significantly over the last two months.
<img loading="lazy" decoding="async" class="aligncenter wp-image-52224" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/Lithium-Carbonate-Price-Drop-Dec-to-March-2023.png" alt="Lithium Carbonate Price Drop Dec to March 2023" width="750" height="412" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/Lithium-Carbonate-Price-Drop-Dec-to-March-2023.png 922w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/Lithium-Carbonate-Price-Drop-Dec-to-March-2023-300x165.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/Lithium-Carbonate-Price-Drop-Dec-to-March-2023-768x421.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/Lithium-Carbonate-Price-Drop-Dec-to-March-2023-650x357.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/Lithium-Carbonate-Price-Drop-Dec-to-March-2023-624x342.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2023/04/Lithium-Carbonate-Price-Drop-Dec-to-March-2023-600x329.png 600w" sizes="(max-width: 750px) 100vw, 750px" />
Most stakeholders claim that the price drop is due to more of the rare metal being mined.
A steep decline in EV sales in leading markets like Europe and China due to the expiration of government subsidies is one possible reason for this sharp decline.
However, Ankit Mittal, Co-Founder and CEO at <a href="https://sheru.se/" target="_blank" rel="noopener">Sheru</a>, an energy storage company, said that the drop in lithium prices can be attributed to the decline in EV demand in China, where the subsidies have been withdrawn. He did not rule out the possibility of the prices rebounding once EV demand rises.
The addition of new refining capacities globally and alternative battery technologies have also led to a significant price drop in the otherwise expensive raw material.
Akshay Singhal, Founder &amp; CEO of <a href="https://www.log9materials.com/" target="_blank" rel="noopener">Log9 Materials</a>, a battery technology company, said, “The surge of supply in comparison to demand is one of the leading causes of the price drop of the metals used in manufacturing the EV battery. A lot of capital has been infused into new lithium mining operations and cathode materials processing plants, though mostly by China. Trends in cobalt prices are more to do with the global shift to reduce the amount of cobalt going into batteries and even completely move away from it. The other factor is the geopolitical situation due to which the prices have dropped.”
However, there might be no direct correlation between declining prices in raw materials and EVs.
Mittal said that the recent price decline resulted from a massive rally that started in mid-2022 and saw prices rise by 550% over 1.5 years.
“This rally had squeezed the margins of automakers, who could not fully pass on the increase in cost to consumers, as it would negatively impact sales. Hence, we do not think the current drop in raw materials prices would be immediately reflected in EV prices. We might only see a drop if raw materials costs stabilize around current levels for some time,” Mittal said.
Singhal agreed that EV prices might not see an immediate and commensurate decline because battery pack manufacturers or vehicle manufacturers in India do not have any control over the material supply chains, and the cell procurement contracts are not linked to the base material prices.
He added, “It will take six to seven months for Indian manufacturers to witness the impact of this price reduction as the extracted cheaper metals will go to the cell manufacturers, and then the Indian battery makers will be able to procure it, that also if the prices remain where they are.”
India <a href="https://www.mercomindia.com/ev-sales-clocked-record-one-million-units-2022" target="_blank" rel="noopener">recorded</a> a sale of one million EV units in 2022 alone, a record increase of 300% year-over-year. EVs accounted for 4.7% of overall automobile sales in the country.
Lithium Prices to Continue Trending Down
Some stakeholders said that lithium prices are likely to remain subdued as the underlying reasons are likely to sustain, which would eventually show up in the lower EV prices.
Reports suggest that CATL, one of the largest battery manufacturers, has started offering discounts, helping EV manufacturers procure parts cheaper. As a result, many leading manufacturers like Tesla and Ford have begun slashing their electric vehicle prices.
Kalyan C Korimerla, MD, and Co-Promoter, <a href="https://etrio.in/" target="_blank" rel="noopener">Etrio</a>, an EV company, said that the price decline was primarily due to a glut in raw material supplies.
“We expect the prices to continue to drop in the next 12 months due to the growing lithium supply and moderate weakening of the Chinese EV market. In addition, global EV makers have been rushing to secure raw materials over the past two years, which drove the price of lithium carbonate more than sixfold. With the supply coming online faster than ever, we expect lithium prices to drop,” Korimerla added.
In the long run, the recent discovery of lithium deposits in places like Jammu and Kashmir and cobalt deposits elsewhere will likely result in reduced battery prices. “This will help boost the production of electric vehicles and augment the EV sales in India &amp; other parts of the world,” Korimerla said.
India’s recent lithium discovery is estimated to be 5.9 million tons, substantially larger than the cumulative lithium requirement over the next 20 or so years.
A report by BloombergNEF in December last year <a href="https://www.mercomindia.com/lithium-ion-battery-prices-rise-for-first-time-to-151-kwh" target="_blank" rel="noopener">noted</a> the price of lithium-ion battery packs increased for the first time since 2010 to $151/kWh in 2022. However, the report also claims that battery prices will start dropping again in 2024 when lithium prices are expected to ease as more extraction and refining capacity come online. The report predicts average pack prices to fall to as low as below $100/kWh by 2026.
Alternatives to Lithium
The highly priced metal over time has dominated the battery sector; however, industries worldwide have been developing various alternatives to lithium-ion batteries to make EV and battery storage options more affordable.
Mittal said, “In the short term, at least until the latter half of the decade, we expect lithium-based batteries to dominate in EVs. They are still on the learning curve and see constant efficiency gains, leading to cheaper EVs with better ranges and more safety. However, several promising battery chemistries are in the development stage. Sodium-based ones might be the leader in this regard as they offer advantages over Li-ion in numerous aspects while being based on a raw material that is much more abundant.”
Singhal feels other technologies are still in their infancy, and much more work is needed before they see commercial applications. “The other technology alternatives for lithium-based batteries in the market are Metal-Air Batteries, Sodium-based Batteries, and Redox Flow Batteries. These are fundamentally more cost-effective due to the lower cost of materials required. However, the technologies are still in the nascent phase and need maturity. Also, in many such cases, the EV use case is challenging due to either lower charge-discharge capabilities or lower energy density or lower cycle efficiency.”
While the industry seeks alternatives, it is clear that lithium-based batteries will continue to dominate the market in the near future. The recent lithium discovery in India has raised hopes that the market might see a shift from China, cutting down the dependency in the long term, but it would take time for mining to begin.
A recent study by the Berkeley Lab <a href="https://www.mercomindia.com/lithium-find-energy-independence-by-2047" target="_blank" rel="noopener">found</a> that most of the 2 million tons of lithium needed by 2040 for manufacturing new EV and grid-scale battery storage systems could be produced domestically in India using newly discovered reserves. The study suggests that the discovery, along with deep cost reductions in clean technology, can enable a pathway for cost-effective energy independence by 2047.
The price drop in lithium carbonate is definitely seen as a relief for the market, often perceived as highly priced, with the hope that it would help boost EV adoption further.

Lithium Price Drop Raises Hopes of EVs Becoming More Affordable in India

The <a href="https://dor.gov.in/" target="_blank" rel="noopener">Ministry of Finance (Department of Revenue)</a> has imposed a duty of 15% on the export of steel. The move is likely to bring down the prices of solar mounting structures, providing some relief to mounting structure manufacturers and solar project developers.
A 15% duty has been imposed on flat-rolled products of steel of a width of 600 mm or more, other bars and rods of stainless steel, and bars and rods hot rolled into irregularly wound coils of other alloy steel.
The government has decided not to impose any duty on the import of raw materials used for the production of steel, like pulverized coal, coking coal, and ferronickel.
Steel prices have been on an upward trend since last year.
JSW and Tata Steel dominate the Indian market. The export of steel by these companies adds to the demand-supply gap in the domestic market.
Harshal Akhouri, Co-founder of Strolar Mounting Systems, reacted to the government move by saying, “There is a considerable gap between domestic demand and supply. A 15% duty on steel export is a good step. With the duty in place, Indian products will not be competitive enough in the international market.”
He also said that with no duties for raw materials, the price of coking coal is expected to decrease by 5%. He expected that the prices of module mounting structures would come down by nearly 10%.
“Once the demand picks up, prices will stabilize, and the developers will get a clearer picture of project development. For utility-scale projects, steel module mounting structures are used, whereas, for rooftop projects, aluminum is used,” Akhouri added.
In the calendar year (CY) 2021, <a href="http://snscorporation.co.in/" target="_blank" rel="noopener">SNS Corporation</a>, <a href="https://www.strolar.com/" target="_blank" rel="noopener">Strolar</a>, and <a href="http://www.ishkon.com/" target="_blank" rel="noopener">ISHKON Industries</a> were the top three module mounting structure <a href="https://mercomindia.com/sns-strolar-ishkon-solar-mounting-suppliers-2021/" target="_blank" rel="noopener">suppliers</a> in the Indian solar market.
A top executive from another module mounting structure manufacturer said, “I think steel producers were exporting large quantities and creating a vacuum in India. Now, things will improve. With steel prices expected to decrease, developers and independent power producers will be happy. The price reduction could be up to 10%.”
The executive, however, felt that the prices would come down only in July or August.
Last September, the Directorate General of Trade Remedies <a href="https://mercomindia.com/anti-dumping-duty-likely-on-aluminum-imports/" target="_blank" rel="noopener">recommended</a> anti-dumping duty on certain flat-rolled aluminum products imported from China to offset the injury caused due to dumping in the Indian market. Flat-rolled aluminum is used in manufacturing solar module mounting structures for rooftop solar projects.
Subscribe to Mercom’s real-time <a href="https://mercomindia.com/product/mercoms-renewable-energy-regulatory-updates/" target="_blank" rel="noopener">Regulatory Updates</a> to ensure you don’t miss any critical updates from the renewable industry.

Duty on Export of Steel Expected to Bring Down Cost of  Solar Module Mounting Structures

Steel prices in China are returning to normal after a steep spike in September, which saw prices reach a high of almost CNY 6,000 (~$939)/ton, according to a report by Raymond James and Associates.
China is right at the heart of the global steel market, accounting for nearly 56% of the global output. The country&#8217;s steel demand is also roughly half of the global demand. Chinese steel demand has plummeted to the lowest level since February 2020, when the Covid-19 pandemic started.
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-30076" src="https://mercomindia.com/wp-content/uploads/2021/10/China-Steel-Prices.png" alt="China Steel Prices" width="602" height="385" srcset="https://cms.mercomindia.com/wp-content/uploads/2021/10/China-Steel-Prices.png 602w, https://cms.mercomindia.com/wp-content/uploads/2021/10/China-Steel-Prices-300x192.png 300w, https://cms.mercomindia.com/wp-content/uploads/2021/10/China-Steel-Prices-600x384.png 600w" sizes="(max-width: 602px) 100vw, 602px" />
<h6 style="text-align: center;">Source: Trading Economics</h6>
Steel Rebar is mainly traded on the Shanghai Futures Exchange and London Metal Exchange. The standard future contract is 10 tons. The biggest producer of crude steel is China, followed by European Union, Japan, the United States, India, Russia, and South Korea. The steel prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments.
According to Trading Economics, Shanghai steel futures fell further to CNY 4,800 (~$751)/ton in October, the lowest since June 23 and roughly a 19% drop from the record-high of CNY 5,975 (~$935)/ton traded on May 11, as investors continued their selling on worries over slumping steel demand in China. The demand from the manufacturing industry slowed sharply due to power rationing and as car production declined due to chips shortages and lower demand.
According to Trading Economics global macro models and analysts&#8217; expectations, steel is expected to trade at CNY 5167.21 (~$808)/ton by the end of this quarter and at CNY 5522.51 (~$864)/ton in 12 months&#8217; time.
The weaker demand for steel is canceling out the curtailed supply, and the 20% increase now is comparatively better from the 40% increase in steel prices just one month ago.
The increase in steel prices is also affecting the solar sector. However, the use of steel in the solar industry is a miniscule component of the global steel market, which touched 1.9 billion tons at the end of 2020. Even for hot-rolled coil steel —most commonly used in the production of trackers — solar is a minor source of demand. But the impact is being felt nonetheless.
But things have now started to settle down, and the prices have rolled over, providing much relief to the industrial sector, as it has brought down the cost of goods. But many believe that it is too early to predict that the prices will settle down to the pre-inflationary levels of 2019-2020, the report by the financial services firm said.
While the demand for steel has gone down drastically in China, the demand has grown worldwide, and it is an excellent opportunity for other nations to fill in the void created by China, the report said.
Due to China&#8217;s decision to cut down production and export of steel, prices have gone up in India also. Currently, the price in India is around ₹60,000 (~$799)/ton.
According to Investing.com, steel futures in India dropped to ₹47,200 (~$629)/ton, a significant drop from the high of ₹49,400 (~$657.9)/ton on October 19. Since the end of September, prices have been around ₹47,000 (~$625.9)/ton, marking an increase of nearly 66% compared to last year. From October 10, steel futures had been trading around ₹49,000 (~$653).
Earlier, Mercom had <a href="https://mercomindia.com/solar-mounting-structures-projects-impacted/" target="_blank" rel="noopener">discussed</a> how manufacturers of mounting structures for solar modules were facing a severe shortage in steel, a critical raw material. The price volatility of this essential metal and supply disruptions have created a challenge for the manufacturers to supply the mounting structures to solar projects within the scheduled timeline.
In June, steel prices in India were being <a href="https://mercomindia.com/commodity-prices-continue-rising-solar/" target="_blank" rel="noopener">quoted</a> at ₹36,000 (~$490)/ton, a 25% increase over the price two months earlier. Since early this year, the spike in steel prices has exacerbated the situation for engineering, procurement, and construction players and module manufacturers in the solar space.

Steel Prices in China Easing on Weaker Demand After Steep Hike in September

Two leading Chinese manufacturers have said that the spiraling prices of raw materials like glass, polysilicon, and silver since the second half of 2020 have led to a sharp increase in the prices of solar modules.
Supply constraints could continue until the second half of this year, and the current prices of modules were the best that can be projected for the next six months, or even longer, the two companies said in separate statements.
Overall solar module cost has gone up 35% since the second half of 2020 due to spiraling raw material prices, Chinese solar module supplier <a href="https://en.longi-solar.com/" target="_blank" rel="noopener">LONGi</a> has said.
Between June 2020 and February 2021, glass prices surged by around 80% per square meter. Prices for polysilicon and silver also shot up by 64% and 55%, respectively. Silver is mainly used in manufacturing silver paste for solar cell metallization.
“Overall module cost has increased about 35% and has remained high, due to the sharp price increases in these raw materials,” LONGi said in a statement.
Modules make up 55-60% of project CAPEX in a highly competitive market like India. While acknowledging that independent power producers have thin margins, LONGi said that raw material prices are driven by many factors which are not in control of OEMs (original equipment manufacturers) like LONGi.
Meanwhile, freight rates had also increased substantially due to a shortage of shipping capacity because of Covid-19 regulations for the crew, pushing up module prices further. “It is a difficult situation and beyond any of our control,” the company said.
“Our clients, which are leading IPPs in India and worldwide, are fully aware of the price increases in raw materials and freight cost. It is a difficult situation and beyond any of our control. In this scenario, LONGi and our partners mutually renegotiated the price terms in supply contracts to ensure on time project completion. We are happy to announce that we have been able to successfully fulfill almost all our clients’ orders and made deliveries on time,” said Dennis She, Senior Vice President, LONGi Solar.
Earlier this year, Mercom reported how Indian solar developers were facing a new <a href="https://mercomindia.com/freight-charges-adding-financial-burden-solar/" target="_blank" rel="noopener">challenge</a> while importing modules, especially from China, with shipping/freight charges having shot up substantially in the range of 500%-800% in the last quarter of last year.
Separately, another Chinese module supplier, <a href="https://www.jinkosolar.com/en" target="_blank" rel="noopener">JinkoSolar</a>, said that the fresh surge in downstream demand had driven the polysilicon shortage to crisis levels.
The global vice president at JinkoSolar, Dany Qian, said that polysilicon prices are not expected to drop for at least six months. The company’s general manager for South &amp; Central Asia, Daniel Liu, stated that Jinko is not backing out from any of the signed deals with its Indian customers due to the raw material supply shortage and the rising prices. The company has had record shipments to India in 2020 and Q1-2021!
The rise in polysilicon prices and the shortage of the raw material has forced panel suppliers to slow down production. “The price and supply situation has been steadily worsening since last year,” it said.
According to Jinko, some forecasts say that these supply issues could continue until the second half of the year or even later because Q4 is traditionally the peak season in China for project commissioning.
“It is evident that polysilicon shortage is here to stay for a while. There are no signs of its supply catching up anytime soon. Furthermore, this will cross over to the whole ecosystem, and it is expected that silver and copper will also see upward price trends. Industry experts and analysts following this situation very closely have concluded that price projections that we are getting today are probably the best and the lowest in the next six-month timeframe or even longer,” the company said.
Mercom had reported that the solar glass <a href="https://mercomindia.com/anti-dumping-duty-on-solar-glass/" target="_blank" rel="noopener">shortage</a> had adversely impacted Indian module manufacturers and, in turn, solar developers.

Solar Module Prices to Remain High Until Second Half of 2021: Chinese Manufacturers

Renewable power in India is expected to be 56% cheaper than new-build coal by 2030, according to a report published by <a href="https://www.woodmac.com/" target="_blank" rel="noopener noreferrer">Wood Mackenzie</a>, a United Kingdom-based research and consultancy firm.
The report said that the Asia-Pacific region could expect to see cheaper levelized costs for electricity (LCOE) for renewables compared to coal by 2030. Investments in the region are also expected to cost 23% lesser than coal investments by the end of the decade, it added.
It noted that India is a &#8216;cost leader&#8217; for renewables thanks to its low labor and construction cost. The country&#8217;s renewables market has also attracted many investments, increasing competition and further driving down costs.
&#8220;Today, India and Australia are the only markets in the Asia Pacific with LCOE for renewables cheaper than new-build coal. However, by the end of the decade, we can expect almost all markets in the region to have renewable power at a discount compared to the lowest-cost fossil fuel. The stage is set for the rapid growth of subsidy-free renewables in the Asia Pacific,&#8221; said Rishab Shrestha, Senior Analyst, Wood Mackenzie.
The firm also explained that the costs for solar in Australia – with its higher solar irradiation &#8211; and China – with its much lower capital expenditure (CAPEX) levels &#8211; are similar.
However, since coal has a lower LCOE in China, renewable power is still sold at a premium. The report also noted that renewables are also expected to be about 47% cheaper than coal power in Australia by 2030.
Wood Mackenzie expects renewables to become cheaper than coal in South Korea, Thailand, and Vietnam by 2021. It suggested a $30/ton carbon tax in the region would help solar and wind power projects become cheaper than coal projects by 2023 and 2030, respectively.
Northeast Asia has a high renewables premium of around 25%, presently with Japan leading the way in terms of renewable costs as of 2020, according to the report. It expects renewable power to be at least 1% lower than fossil-fuel based power by 2030. It explained that the currently high premium results from high labor costs, environmental permits, land restrictions, and a scarcity of renewable resources.
The cost of renewable power in South Korea and Taiwan is expected to be 30% lower than energy from fossil fuels by 2030. Renewable power in Southeast Asia, on the other hand, has a 30% premium over coal, but that is only due to coal&#8217;s significantly lower LCOE. Vietnam is expected to become a leader in the region as soon as 2021 as solar power becomes cheaper than coal.
Recently, the Solar Energy Corporation of India (SECI) <a href="https://mercomindia.com/new-solar-tariff-record/" target="_blank" rel="noopener noreferrer">discovered</a> India&#8217;s lowest solar tariff ever of ₹2 (~$0.0270)/kWh in an <a href="https://mercomindia.com/india-record-lowest-solar-tariff/" target="_blank" rel="noopener noreferrer">auction</a>. This was over 15% lower than the previous lowest tariff in the country and is a testament to how much the cost for renewable power has fallen over the years.

Renewable Power in Asia Pacific Region to be Cheaper than Coal by 2030: Report

The Central Electricity Regulatory Commission (<a href="http://www.cercind.gov.in/" target="_blank" rel="noopener noreferrer">CERC</a>) has issued an order implementing revised forbearance and floor prices for solar and non-solar renewable energy certificates (RECs).
In its order, the Commission implemented a forbearance (maximum) price of ₹1,000 (~$13.16) for solar and non-solar RECs for 2020, down from 2017’s prices of ₹2,400 (~$31.59)/MWh and ₹3,000 (~$39.48) respectively.
It also issued a floor price of zero for both solar and non-solar RECs from ₹1,000 (~$13.16) each previously. Until March 31, 2017, the floor price for solar RECs was ₹3,500 (~$46.07)/MWh.
The CERC had <a href="https://mercomindia.com/cerc-forbearance-price-floor-prices-recs/" target="_blank" rel="noopener noreferrer">proposed</a> this revision in April, stating that the market for RECs has matured and that there was no longer a need for floor prices.
<a href="https://mercomindia.com/wp-content/uploads/2020/06/CERC-Forbearance-Floor-Price-for-Solar-Non-Solar-REC.png"><img loading="lazy" decoding="async" class="aligncenter size-full wp-image-19874" src="https://mercomindia.com/wp-content/uploads/2020/06/CERC-Forbearance-Floor-Price-for-Solar-Non-Solar-REC.png" alt="CERC - Forbearance &amp; Floor Price for Solar &amp; Non-Solar REC" width="413" height="134" srcset="https://cms.mercomindia.com/wp-content/uploads/2020/06/CERC-Forbearance-Floor-Price-for-Solar-Non-Solar-REC.png 413w, https://cms.mercomindia.com/wp-content/uploads/2020/06/CERC-Forbearance-Floor-Price-for-Solar-Non-Solar-REC-300x97.png 300w" sizes="(max-width: 413px) 100vw, 413px" /></a>
Renewable energy certificates are financial instruments purchased by obligated entities like distribution companies, captive power project owners, and other power consumers to meet their renewable purchase obligation (RPO) targets. One REC certifies that the bearer owns 1 MWh of electricity generated from a renewable energy resource.
The forbearance price is derived based on the highest difference between the cost of generation of renewable energy source or tariff and the average power purchase cost (APPC) of the financial year for the respective states. The floor price is determined based on the difference between the project viability requirement and APPC determined for different renewable energy technologies across the states.
The Commission said that these revised prices would come into effect on July 1, 2020, and remain in force until June 30, 2021. It clarified that the revised forbearance and floor prices would be applicable for all non-solar RECs issued on or after April 1, 2017.
“With this development, the obligated entities, both the distribution utilities as well as industries availing open access, are expected to find RECs buying as lucrative as renewable energy itself. Many obligated entities who have unmet RPOs are now expected to participate actively in the market,” said Shruti Bhatia, Head-Corporate Communications and Corporate Social Responsibility, Indian Energy Exchange Limited (<a href="https://www.iexindia.com/" target="_blank" rel="noopener noreferrer">IEX</a>).
“Further, with India and countries across the globe undergoing an accelerated energy shift dominated by renewable energy, this development will support the energy transition in the long run and facilitate industry to adopt sustainable energy practices even in a voluntary way,” Bhatia added.
Recently, the Supreme Court of India <a href="https://mercomindia.com/supreme-court-dismisses-appeal/" target="_blank" rel="noopener noreferrer">dismissed</a> an appeal by the Green Energy Association seeking a stay order on the CERC’s order to reduce the floor price of renewable energy certificates to zero.
Mercom <a href="https://mercomindia.com/solar-rec-trading-gathers-speed/" target="_blank" rel="noopener noreferrer">reported</a> that there was a considerable increase in the trading of both solar and non-solar RECs in May 2020 compared to April. A total of 41,469 solar RECs were traded on both the exchanges, out of which 35,793 solar RECs were traded on the Indian Energy Exchange, and 5,676 solar RECs were traded on the Power Exchange India Limited (PXIL).

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