As every cricket fan in India would remember March 30, 2011 for a much hyped India-Pak Cricket World Cup semi-final, all the RE stakeholders in the country might remember the same date for some other reasons. This is the day, India witnessed the first ever trade of Renewable Energy Certificate (REC) at Power Exchange platform! We are very proud to announce that REConnect partnered this landmark event in Indian renewable energy history by executing FIRST EVER trade of REC in India at Indian Energy Exchange! A brief snapshot of the total REC trades executed is summarized below:
|Indian Energy Exchange||Power Exchange India Limited||Total|
|Sell Volume (RECs) - Non Solar||150||274||324|
|Sell Volume (RECs) - Solar||0||0||0|
|Buy Volume (RECs) – Non Solar||70377||324||70701|
|Buy Volume (RECs) – Solar||30001||3025||33026|
|Market Clearing Price (Rs./REC) -Non Solar||3900||2225||3062.5 (avg)|
|Market Clearing Price (Rs./REC) -Solar||0||0||0|
|Market Clearing Volume (RECs) - Non Solar||150||274||424|
|Market Clearing Volume (RECs) - Solar||0||0||0|
|Number of Portfolios Participated||15||0||0|
As expected, REC market stared with a supply constrained scenarioand buyers almost paid scarcity price in today’s trade. The same gets reflected from the available supply and demand for REC at both the Power Exchanges viz. Indian Energy Exchange (IEX) and Power Exchange India Limited (PXIL). Following is the highlight of the REC trades that got executed at IEX and PXIL.
- This can be very well explained by Demand to Supply ratio of Non-Solar RECs at IEX and PXIL.
- Demand to Supply ratio at IEX stood at staggering 469 against just 1.18 at PXIL.
- Very high demand base at IEX and highly constrained supply resulted into high price of non-solar RECs at IEX.
- Low demand base and almost similar number of RECs available for sale at PXIL resulted into a ’moderate’ level of prices at IEX.