The CERC had issued an order extending the validity of Renewable Energy Certificates (REC) which were to expire between 15th May 2018 – 30th October 2018, up to 30th October 2018. There has now been an extension in the expiry of these RECs till 30th March 2019. A summary of the RECs likely to expire between 31st October 2018 to 31st October 2019.
Since the past year, the shelf life of the RECs has surpassed its expiry life of one year due to high supply but limited demand. Only post-November 2017 there has been a generous market realization of RECs (both solar and non-solar). Des[ite of this and the lack of enforcement there was a petition filed to extend the expiry of the RECs.
From the above inventory, it is evident that 1,83,999 RECs which have been issued prior to 01.04.2017 are due to expire within the next six months. This includes 38,651 Solar RECs and 1,45,348 Non Solar RECs. Hence the Commission is of the view that there is a need to extend the validity of RECs which are due to expire up to 31.03.2019.
The Commission in exercise of Power under Regulation 15 of REC Regulations has extended the validity of RECs which are due to expire between 31st October 2018 and 31st March 2019 up to 30th April 2019. Accordingly, RECs which are due to expire between 31st October 2018 and 31st March 2019 will remain valid up to 30th April 2019.