Mediratta
0 likes268 views
This document discusses REC (Renewable Energy Certificate) trading in India. It provides information on: 1) How REC trading works through exchanges between renewable energy generators and obligated entities seeking to meet renewable purchase obligations. 2) The status of accredited and registered renewable energy projects in India providing RECs. 3) Performance of REC trading so far at IEX (Indian Energy Exchange), including high levels of participation, traded volumes, and IEX's dominant market share. 4) Several issues facing the REC market like ensuring adequate supply and demand, providing long-term certainty for project financing, and creating more demand in both compliance and voluntary markets.
More Related Content
Viewers also liked (16)
Similar to Mediratta (20)
Mediratta
- 1. REC Trading and Issues REaction 26thJuly2012, Chennai Rajesh K. Mediratta Sr. VP IEX -BD www.iexindia.com
- 2. Inthispresentation…… RECTrading@Exchanges RECMarket…sofar RECMarketIssues AboutIEX
- 3. RenewableEnergyCertificate BundledGreenPower Issues •Schedulability Seller(REpower) Buyer(RPOCompliance) •Uncertainty •Transmission Loss&Charge Un‐bundledGreenPower Electricity Seller(REpower) REC(GreenAttributes) REC(GreenAttributes) Buyer(RPOCompliance) Electricity
- 4. SummaryofStateRECRegulations • RECRegulations – AllStatesexceptDelhi,SikkimandWB • RPORegulations – AllStatesexceptDelhiandSikkim • RPOforOA/CPPs – AllStatesexceptDelhi,WBandSikkim • StateAgencyRegulations – AllStatesexceptWBandSikkim
- 5. Saleofun‐bundledgreenattributes ProcedureforACCREDITION(ThroughStatenodalAgency) ProcedureforREGISTRATION(ThroughCentralAgencyNLDC) ProcedureforISSUANCE(ThroughCentralAgencyNLDC) ProcedureforTRADING&REDEMPTION(ThroughPXs)
- 6. RECsFloor/ForbearancePrice 2012‐2017 FloorPrice ForbearancePrice Solar 9300/REC 13400/REC NonSolar 1500/REC 3300/REC 1RECisequivalentto1MWh
- 7. TradingatIEX TradingDay LastWednesdayofeveryMonth MarketClearing ClosedDoublesidedauction TradingTime 1300‐1500Hrs VerificationbyCentralagencyforValidRECby By1530Hrs clearedselleratIEX By1600Hrs CentralagencyconfirmsREC By1630Hrs IEXfinalizestrade By1700Hrs Buyer&SellersinformedtoCentralAgency By1800Hrs Invoiceraised(proofofRECtrade)
- 8. StatusofAccreditated&Registered Project
- 9. StatewiseRECCapacity Ason25thJuly’12 17 Accrediation 3232MW 17 47 47 Registration 2909MW 46 46 24 24 95 16 0 11.5 8.5 73 404 678 670 12 0 321 41 115 41 103 759 683 127 68 815 21 788 21
- 10. Statewise‐NumberofProjects Ason25thJuly’12 2 Accrediation 621 2 2 2 6 6 Registration 536 1 1 2 0 19 4 3 13 53 52 48 2 0 39 8 8 12 10 286 253 12 4 163 1 142 1
- 11. Performancesofar
- 12. 1yearsofAdequateLiquidityinREC 400+ Participation in a single trading session MarketShare (March’12) 900+ pprojects/entities IEX‐ Cleared Volume = 13,90,065 RECs 96% Average Monthly Volume = 86,879 REC Record 2,23,500 REC traded in a single trading session
- 13. ParticipationDetails Registered Participants 967 ObligatedEntity 685 DISCOMs16 OAconsumers632 CaptiveConsumer 37 Voluntary 5 EligibleEntity(Sellers) 277 Highestparticipationinan Auction(Mar‘12) 415
- 14. NS‐RECTradeatIEX Price/volumeavailableatwww.iexindia.com
- 19. MarketIssues1/4 Howtoavoidover‐supplyorover‐demandmarketconditions? • Floorpricefixation • RPOTrajectory • PenaltyEnforcement • MinimumGuaranteedprice…maybe50‐70%offloorpricethroughClean EnergyFund Howtogiveatleast10‐yearcertainty…financingissues • Post2017Scenario: • Floorpricevisibility • VintageBasedMultiplier(VBM)proposedforsolarRECsothatsolarpower projectcommissionedtodaywillgetmoreRECsinfuturewhenthefuture floorpricesgetreduced.
- 20. MarketIssues2/4 CreatingDemandinComplianceMarket…RPOAwareness Lot of Fiscal and other incentives to Sellers. Should we not spend some fundsoncreatingdemand? MNRE may launch periodic notices informing Obligated Entities of their obligations. SNAsmaypublishonwebsite • Compliancerequirement…givingformatsonitswebsite • Listofobligatedentities • ComplianceStatusofObligatedEntities SNAs from Chhattisgarh, Mah, TN, Orissa, UP etc have already issued letterstoobligatedentities.
- 21. MarketIssues3/4 CreatingDemandinVoluntaryMarkets…Green‐e Pushing awareness among Corporate, Individuals and NGOs of Voluntary Purchases • InUS,VoluntaryMarketsareestimatedtobeaslargeasCompliance Market • MNRE may launch a scheme for certifying the ‘Green Companies ‘ who setsoftheirtotalcarbonemissionsthroughpurchaseofRenewablePower orRECs
- 22. IEXMarketSegments Delivery‐basedContracts Day‐Ahead Closed,Double‐sidedAuction Market 10‐12ambidding Each15‐minblock,0.5MWminNOCreqd sinceJune,08 Term‐Ahead Day‐AheadContingency–Anotherwindow3‐5pm Market ‐ Intra‐Day forrollingeveningpeakhours sinceSep,09 Daily‐forrollingsevendays(deliverystartingafter4days) Weekly‐forNext2weeks RenewableEnergy GreenAttributesasCertificates Sellers:REgeneratorsnotunderfeedintariffs Certificates Buyers:Obligatedentities sinceFeb,11 1MWhequivalentto1REC Wayforward…EnergySavingCertificates
- 23. IEXElectricityMarket • 43Discomsfrom26Statesand4UnionTerritories • 1300+Participants IEXElectricityMarketshare(FY12‐13) • 1121Openaccessconsumers • 700+participantsonsingleday 95% • ClearedVolume>38BillionUnits • AverageDailyVolume(forFY11‐12)>37,000MWh • DAMVolumeRecord:>67Mus 5% • 155privategenerators IEX PXI