The trade in non-solar renewable energy certificates (RECs) witnessed a steep hike in November 2017, with a total of 2,207,622 of non-solar RECs sold. This is 353 percent higher than the 487,105 non-solar RECs sold in the October trading session and almost six times greater than the 382,007 non-solar RECs traded in September 2017.

In total, the Indian Energy Exchange (IEX) accounted for the majority of trading activity during the period, receiving 1,889,982 buy bids and 9,766,199 sell bids, with all buy bids being cleared at a floor price of ₹1,500 (~$23.5) per REC. The IEX saw a nearly 147 percent increase in the trading of non-solar RECs compared to October 2017, when 342,121 non-solar RECs were traded.

IEX reported that there were 719 participants in its November trading session, up 18 from the 701 participants logged in October.

On the Power Exchange India Limited (PXIL), a total of 317,640 non-solar REC buy bids were traded in November alongside 2,397,026 sell bids. All of the bids cleared at a floor price of ₹1,500 (~$23.5) per REC, the same floor price seen on the IEX. Total PXIL trading of non-solar RECs was 119 percent higher than it was in October 2017, when 144,984 non-solar RECs were traded.

According to PXIL, 317,640 RECs were cleared on its exchange in November, giving it a 14 percent market share and a clearing ratio of 13.25 percent. The volume traded in the November session was more than double that seen in the previous session, as a few obligated entities that hadn’t participated in previous sessions initiated their REC purchases in order to meet their annual renewable purchase obligation (RPO) targets.

The overall trade in non-solar RECs has been picking up in recent months as the year is nearing its end. This is the sixth month in a row where no single solar REC was sold. Entities are now scrambling to fulfill their RPO obligations as the new minister for power, R.K. Singh, has said, “RPO will be obligatory – it will be a statutorily legal compulsion.”