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Renewable Energy Certificate

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Renewable Energy Certificate

  1. 1. 1 Renewable Energy Certificates Presented By: Jaspal Singh (Dy. Mgr. – NETRA)
  2. 2. 2 Renewable Energy Certificates Installed generation capacity 66% 21% 3% 11% Thermal Hydro Nuclear Renewable Source: Ministry of Power Total installed capacity as on 31-12-2011 : 1,86,654 MW
  3. 3. 3 Renewable Energy Certificates RE Generation capacity Total renewable Generation capacity (31-03-2011) : 19,974 MW 70.0% 15.0% 5.0% 8.0% 0.5% 0.2% Wind power Small Hydro Bimass Power Bagasse cogeneration Waste to energy Solar Power
  4. 4. 4 Renewable Energy Certificates  The Electricity Act, 2003, the policies framed under the Act, as also the National Action Plan on Climate Change (NAPCC) provide for a roadmap for increasing the share of renewable in the total generation capacity in the country.  NAPCC envisages Renewable purchase obligation target of 5% at national level for 2010 with 1 % annual increase so as to reach around 15 % RPO ( Renewable Purchase Obligation) by 2020.  RPO : Distribution companies need to purchase certain percentage of their total power requirement from renewable energy sources.  RPO targets are set by SERC Policies to Enhance Renewable Energy
  5. 5. 5 Renewable Energy Certificates States 2011-12 2012-13 2013-14 2014-15 TAMIL NADU 14% KARNATKA 10% 10% MAHARASTRA 7% 8 % KERALA 3.3% 3.6 % 3.9 % 4.2 % GUJARAT 6% 7 % RAJSTHAN 9.5% AP 5% UP 5 % HP 11.10 % 6 % CHHATISGARH 5.25 % 12.10 % PUNJAB 2.31 % 2.49 % 2.68 % 2.85 % RPO Trajectory
  6. 6. 6 Renewable Energy Certificates State FY11-12 @MW FY12-13 @MW Gujarat 0.5 % 186 1.00 % 372 Uttar Pradesh 0.5 % 173 1.0 % 345 Rajasthan 0.5 % 112 0.75 % 168 Tamil Nadu 0.15 % 65 0.25 % 110 Orissa 0.10 % 13 0.15 % 20 Haryana 0.0047 % 0.77 0.0063 % 1 HP 0.10 % 4 0.10 % 4 Solar RPO
  7. 7. 7 Renewable Energy Certificates RE selling options • RE generators can following options to sell the electricity RE Generators Sale at preferential tariff Obligated entities Electricity Component Distribution company / Third party sale REC Component Obligated entitiesSelf Consumption
  8. 8. 8 Renewable Energy Certificates What are REC Renewable Energy Certificates (RECs) represent the attributes of electricity generated from renewable energy sources. These attributes are unbundled from the physical electricity and the two products—the attributes embodied in the certificates and the commodity electricity—may be sold or traded separately
  9. 9. 9 Renewable Energy Certificates Eligibility conditions for REC REC Eligibility Self consumption Captive use No concessional transmission No Banking Facility Benefit No Electricity Duty Waiver Sale to Distribution licensee, open access, power Xchg Sale at Market determined price PPA with Distribution Licensee PPA at preferential tariff PPA with discom at <= APPC Eligible if all Three conditions met Eligible EligibleNot Eligible Source: Water & Energy International
  10. 10. 10 Renewable Energy Certificates Salient features of REC • Categories of Certificates  Solar certificates and Non-solar certificates • Issuing agency  The Central Agency (designated by the Central Commission for registration of RE generators participating in the scheme) will issue the REC to RE generators • Denomination  1 REC = 1 MWh • Validity of Certificates  Apply for REC within 3 months of generation  Validity : 1 year from the date of issuance of such certificate • Minimum capacity of Plant to claim REC  250 Kwp • REC trading only through power exchange(s)  For price discovery and ensuring transparency
  11. 11. 11 Renewable Energy Certificates REC mechanism Benefits • Overcome geographical constraints  REC’s are devised to address the above issue of un-even spread of renewable energy sources • Reduce risk for local Discom by limiting liability to only electricity purchase • Reduce Transaction cost • Provide flexibility for effective implementation of RPO purchase  States having less renewable energy potential can buy REC’s to fulfill there Renewable purchase obligation (RPO) • Widening participation beyond Local discoms  Captive consumers, Open access consumers & Voluntary market
  12. 12. 12 Renewable Energy Certificates Registration of Eligible entities (Central level agency) Accreditation of RE power plants (State nodal agency: SNA) Information related to accreditated RE plants for registered entities sent to REC registry Sale of electricity at par with conventional power Discom issuing RE injection certificate State Load Despatch Centre (SLDC) RE Generator Central REC Registry (NLDC) REC exchange Auditing Panel SERC: Compliance based on SNA Report 1 2 3 5 6 4 Information related to RE generation electricity Energy accounting Issuance of REC Information on REC purchase/ redemption State Nodal Agency SNA
  13. 13. 13 Renewable Energy Certificates Various stakeholders for implementing REC • CERC – to regulate the entire set-up • SERC - to implement and monitor the compliance levels • MNRE – Definition of RE • MoP – representing Central Government • Central Agency (NLDC) – Registration, issuance of certificates, maintaining accounts, settlement, repository, Monitoring • Power Xchange(s) – For Trading • State level agencies : verifiers : (SLDC/State Nodal Agencies) • State Transmission Utilities (STU) : Reporting
  14. 14. 14 Renewable Energy Certificates REC’s Price Band • REC’s price shall be determined by the market however it shall trade in between the band set by Floor price and forbearance price. • Floor price and forbearance price shall be determined by CERC Non –Solar REC (Rs/ MWh Upto Mar 2012) Non –Solar REC (Rs/ MWh) From Apr 2012 – Mar 2017 Solar REC (Rs/ MWh) Upto Mar 2012 Solar REC (Rs/ MWh) From Apr 2012 – Mar 2017 Forbearance price 3900 3300 17000 13400 Floor Price 1500 1500 12000 9300
  15. 15. 15 Renewable Energy Certificates 18 % reduction every year Comparison of 1 MW Solar plant using PPA and REC market Case study 25 % reduction every year Plant Capacity 1 MW Units generated / year 1664000 Years INR 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 0 5 10 15 20 25 30 REC@18 % PPA REC @ 25%
  16. 16. 16 Renewable Energy Certificates Challenges for REC • Reducing floor Price • RPO levels are different for different states • APPC is dynamic • Solar Project financing is not possible if project feasibility is based on REC • Periodicity of compliance for RPO - Annually
  17. 17. 17 Renewable Energy Certificates Way Forward • Vintage based Floor price for Solar REC – Multiplier linked to reduction in floor price • Same RPO level across the country • Trading of REC – Secondary Market – Multiple trading • Periodicity of RPO compliance – Quarterly for stabilization in price
  18. 18. 18 Renewable Energy Certificates

Notes de l'éditeur

  • Obligated entities are Distribution licensee, Captive consumers, Open access consumers

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