Power Exchange India attracts ‘First Sell bid of Solar REC’ [30 May 2012]

By admin June 1, 2012 6:23 am IST

Power Exchange India (PXIL) conducts the first Sell bid of Solar Renewal Energy Certificate. The trading of RECs makes it easy for several obligated entities that may be required to purchase a certain quantum in either green power or RECs.  M and B Switchgears becomes the first solar power producer in India to be issued 249 Solar RECs by the National Load Dispatch Centre in New Delhi.
 
RECs are tradable on the power exchanges and are bought by ‘obligated entities’ which are either specified consumers or electricity distribution companies (under RPO – Renewable Purchase Obligation). The Electricity Act 2003 mandates the state commissioning to specify a percentage of the total consumption of electricity in the area of distribution licensee, for purchase of electricity from renewable sources –renewable purchase obligation (RPO).
 
Rupa Devi Singh, Managing Director, PXIL says, “REC was conceived to overcome the limitation of uneven distribution of RE sources. These certificates will help our participants to meet their obligations. This also gives RE generators an alternate option to sell the renewal component at a secured market determined price. The first Solar Certificate to be issued marks the evolution of the solar market to the next stage. We are proud to be a part of the history being created in the renewal energy space”.

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