First Trading Session of Energy Saving Certificates (ESCerts) Background: National Mission on Enhanced Energy Efficiency (NMEEE) is one of the eight missions which form India’s National Action Plan on Climate Change (NAPCC), formulated in the year 2008.The objective of this mission is to unlock energy efficiency opportunities through market based approach. Perform, Achieve and Trade (PAT) is one of the components of NMEEE. This is a regulatory instrument to reduce specific energy consumption in energy intensive industries, with an associated market based mechanism to enhance the cost effectiveness through certification of excess energy saving which can be traded with those plants who were under achievers of their targets. Facts of ESCerts first trading phase: First ESCerts trading Session was held on 26 September, 2017 in which 39 Designated Consumers (DC) participated. The Market Clearing Price (MCP) was discovered at Rs 1200 per ESCerts and the Market Clearing Volume (MCV) stood at 10,904 ESCerts.

1. ESCert Trading Analysis Bicon Consultants
Page 1 of 2
First Trading Session of Energy Saving Certificates (ESCerts)
Background:
National Mission on Enhanced Energy Efficiency (NMEEE) is one of the eight missions which form
India’s National Action Plan on Climate Change (NAPCC), formulated in the year 2008.The objective
of this mission is to unlock energy efficiency opportunities through market based approach.
Perform, Achieve and Trade (PAT) is one of the components of NMEEE. This is a regulatory
instrument to reduce specific energy consumption in energy intensive industries, with an
associated market based mechanism to enhance the cost effectiveness through certification of
excess energy saving which can be traded with those plants who were under achievers of their
targets.
Facts of ESCerts first trading phase:
First ESCerts trading Session was held on 26 September, 2017 in which 39 Designated Consumers
(DC) participated. The Market Clearing Price (MCP) was discovered at Rs 1200 per ESCerts and
the Market Clearing Volume (MCV) stood at 10,904 ESCerts.
Figure:1 Purchase bid Share of ESCerts
The above figure reveals that 78.58% out of total purchase bid of 50,904 was quoted below the
MCP.
21.42%
78.58%
Purchase bid Share of ESCerts
At MCP
Below MCP

2. ESCert Trading Analysis Bicon Consultants
Page 2 of 2
Figure:2 Sell bid Share of ESCerts
It is clear that, 95.45% of the total sell bid ESCerts of 239,644 were quoted above MCP.
Results of First ESCerts Trading Phase
Transaction Particulars INR
Sell Bid (ESCerts) 2,39,644
Purchase Bid (ESCerts) 50,904
Trade Volume(ESCerts) 10,904
Price Discovered (Rs/ESCert) 1,200
Conclusion
Thirteen number of trading session are remaining to trade over 14 Lacs of ESCerts. Designated
Consumers has to send Form D (Compliance document) to the nodal agencies latest by Dec 31st
2017. It is envisaged to foresee larger trading volume in the upcoming session with the escalation in
the market clearing price of ESCerts.
Disclaimer: The analysis is based on certain assumptions. This reported is intended for prescribed
users. Bicon will not be liable for use of the analysis and decisions based on this analysis.
4.55%
95.45%
Sell bid Share of ESCerts
At MCP
Above MCP