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India has crafted rules for trading of certificates aimed at rewarding producers of clean energy, a move expected to boost the share of electricity from renewable sources in one of the world’s top carbon polluters. India’s power regulator has laid out regulations on renewable energy certificates (RECs), which can be bought by companies to meet statutory obligations to purchase a minimum level of renewable energy, the government said in a statement.
“This concept seeks to address the mismatch between availability of renewable energy sources and the requirement of the obligated entities to meet their renewable purchase obligation,” it said. Renewable energy accounts for barely 8% of India’s total capacity of about 150,000 MW but the government aims to double green power generation to 25,000 MW in four years. The rules stipulate clean energy producers either sell their electricity at a preferential tariff fixed by provincial power regulators or sell the electricity generation and environmental attributes associated with renewable power separately.
A Central agency would also administer the certificates trading among renewable power generators. The value of a certificate would be equivalent to one megawatt hour of electricity. “It is also expected to encourage renewable energy capacity addition ... as the REC framework seeks to create a national level market for such generators to recover their cost,” it said.
