June 29 (Renewables Now) - The price of non-solar renewable energy certificates (RECs) in India rose to INR 1,150 (USD 16.7/EUR 14.4) in the June 2018 trading session, which is 15% above the floor price per REC, Indian consultancy REConnect Energy said.
“Given the shortage of non-solar RECs and continuously rising demand, we may soon see prices of non-solar RECs rallying up much faster than anticipated earlier during the beginning of the FY19,” REConnect said.
This is the third trading sessions of the fiscal year, which started on April 1. In total, 303,828 non-solar RECs were traded. The price on the Power Exchange India Ltd (PXIL) arrived at INR 1,050 per REC and it reached INR 1,150 apiece on the Indian Energy Exchange (IEX), according to the update by REConnect.
Solar RECs traded at the floor price of INR 1,000 apiece. The total amount traded was 592,401.
Under the REC scheme, renewable power producers in India receive credits for the power they produce if they do not take advantage of other incentives. The RECs are traded on the last Wednesday of each month, sold to entities that are obliged to use a certain percentage of renewable power.
(INR 100 = USD 1.45/EUR 1.25)