The Central Electricity Regulatory Commission (CERC) has issued an order extending the validity of Renewable Energy Certificates (RECs) which are due to expire between October 31, 2018 and March 31, 2019.
The commission observed that 183,999 RECs that were issued before April 1, 2017 are due to expire within the next six months. This includes 38,651 Solar RECs and 1,45,348 Non-Solar RECs. The commission felt that there is a need to extend the validity of these RECs.
Therefore, RECs which are due to expire between October 31, 2018 and March 31, 2019 will now remain valid up to April 31, 2019.
Earlier, the CERC had extended the validity of another set of RECs saying, “The Commission in exercise of Power under Regulation 15 of REC Regulations, extends the validity of RECs which have expired as on May 14, 2018 up to October 30, 2018. In addition, the validity of RECs which are likely to expire between May 15, 2018 and October 30, 2018 is also extended up to October 30, 2018.”
Recently, Mercom reported that The Supreme Court has extended the validity of solar and non-solar RECs that were due to expire between April 1, 2017, and March 31, 2018, up to March 31, 2018.
Mercom reported that REC trading witnessed an unprecedented spike in the month of September 2018. A total of 1,558,062 solar RECs were traded in September 2018. This was 1,071,933 more solar RECs than the 486,129 solar RECs traded in August 2018.
All solar RECs were traded at a floor price of ₹1,000 (~$13.81)/REC.
Recently, the Bombay Stock Exchange (BSE), ICICI bank, and PTC India have filed a petition with the CERC for the grant of license in order to set up a new power exchange.
Earlier, the state-owned Neyveli Lignite Corporation India Limited (NLCIL) also announced its foray into power trading business and it has received Category I licence from the CERC for power trading in the country.
On the international front, Singapore’s SP Group, an energy utility group, has launched one of the world’s first blockchain-powered renewable energy certificate (REC) marketplaces at the Association of Southeast Asian Nations (ASEAN) Energy Business Forum (AEBF).
Nitin is a staff reporter at Mercomindia.com and writes on renewable energy and related sectors. Prior to Mercom, Nitin has worked for CNN IBN, India News, Agricultural Spectrum and Bureaucracy Today. He received his bachelor’s degree in Journalism & Communication from Manipal Institute of Communication at Manipal University and Master’s degree in International Relations from Jindal School of International Affairs. More articles from Nitin Kabeer