The trading of Renewable Energy Certificates (REC) commenced from Wednesday 23rd of February, 2011, in the Indian Energy Exchange. The the Power Exchange India Ltd (PXIL) had mentioned that they will start trading in Renewable Energy Certificates (RECs) from March 30.
The first trading session of renewable energy receipts (REC) on March 30, witnessed a total of 424 non-solar RECs traded on two power exchanges.
While 274 non-solar RECs got traded on PXIL at a clearing price of Rs 2225 per certificate, 150 non-solar RECs were transacted on India Energy Exchange at a price of Rs 3,900 per REC for an average price of Rs. 3,062.5.
Technically, March 30 was the second trading session for IEX but the first trading session on March 23 did not see any sell bids . However on March 30, both buyers and sellers participated to fulfil their renewable energy purchase obligation (RPO) at the end of the financial year.
While a total of 70,377 non-solar and 30,001 solar RECs purchase bids were received at IEX, 150 bids got received from selling side of non-solar which were traded. There was no selling side bids for solar.
REC trading for the month of April that was conducted in the two exchanges, witnessed buy bids for 260 certificates at the floor price with about 4046 certificates that were offered for sale in the India Energy Exchange(IEX). 260 certificates traded at the floor price in 3 transactions with 3 participants in IEX. On the Power Exchange (PXIL), 565 Non Solar REC were offered for sale with no buyers or transactions.
In a span of one month of trading of non-solar Renewable Energy Receipts (RECs), the clearing price has dropped from Rs 3,900 per REC to Rs 1,500 per REC.
Secondly, market share of two exchanges just reversed. Trading took place only on Indian Energy Exchange (IEX) which transacted 150 RECs at a clearing price of Rs 1,500 per REC while receiving 4,046 sell bids in non-solar category as against 260 buy bids. No trading took place on Power Exchange of India Ltd (PXIL), which did not receive any buy bids but only two sell bids for solar category. In March, while 274 non-solar RECs got traded on PXIL at a clearing price of Rs 2,225 per certificate, 150 non-solar RECs were transacted on IEX at a price of Rs 3,900 per REC.
Till date, the National Load Despatch Centre has issued a total of 4,503 non-solar RECs. Combined with 108 non-solar RECs waiting to be redeemed in March session, a total of 4,611 non-solar RECs were available for trading in April session. The next trading session will be on May 25, officials said.
There was one buyer — Punjab-based industry with two sellers — Yash Agro Ltd and Vishu Wind, while the trading was facilitated on IEX by three members — Reliance Energy Trading Ltd, Manikaran Power and Instinct Infra and Power, an IEX press statement stated.