Solar REC Trading in India

Girish G P, Keshav Singhania, Emodi Nnaemeka Vincent


Renewable Energy Certificate (REC) symbolizes traits of electric power which has been produced by means of renewable energy as a primary source. The traits of REC are unbundled from electric power which is produced and both are sold / purchased separately in India and are traded in a market-place such as Power Exchange of India Ltd (PXIL) or Indian Energy exchange (IEX). REC trading via using power exchanges as a platform started in 2011 in India. In this study we review Solar REC trading in India using Indian Energy Exchange data which has impelled in the last few years owing to a host of policy initiatives taken by the Central and State Governments along with the guidelines/norms prescribed by the Electricity Regulatory Commissions particularly from Renewable Purchase Obligation perspective. The study would help power market participants and other stakeholders to develop a perspective based on the nuances associated with Solar REC trading in India.

Total Views: 237


Solar; Renewable Energy Certificate (REC); Indian Energy Exchange

Full Text:



Central Electricity Authority of India, Installed Generation capacity Report, 2016. (

G. P. Girish, A. K. Panda, and B. N. Rath, “Indian Electricity Market”, Global Business and Economics Anthology, vol. 1, pp. 180-191, 2013.

G. P. Girish, S. Vijayalakshmi, A. K. Panda, and B. N. Rath, “Forecasting Electricity Prices in Deregulated Wholesale Spot Electricity Market-A review“, International Journal of Energy Economics and Policy, vol. 4, pp. 32-42, 2014.

G. P. Girish, P. Sashikala, S. Bharath, and A. Anitha, "Renewable Energy Certificate Trading through Power Exchanges in India", International Journal of Energy Economics and Policy, vol. 5, pp. 805-808, July 2015.

G. P. Girish, ''Spot electricity price forecasting in Indian electricity market using autoregressive-GARCH models'', Energy Strategy Reviews, vol. 11-12, pp. 52-57, July 2016.

T. Thakur, S. G. Deshmukh, S. C. Kaushik, and M. Kulshrestha, “Impact assessment of the Electricity Act 2003 on the Indian power sector”, Energy Policy, vol. 33, pp. 1187-1198, June 2005.

R. M. Shereef and S. A. Khaparde, “Current status of REC mechanism in India and possible policy modifications to way forward”, Energy Policy, vol. 61, pp. 1443–1451, 2013.

G. P. Girish and S. Vijayalakshmi, “Spot Electricity Price Dynamics of Indian Electricity Market”, Lecture Notes in Electrical Engineering, vol. 279, pp. 1129-1135, 2014.

G. P. Girish and A. K. Tiwari, ''A comparison of different univariate forecasting models for Spot Electricity Price in India'', Economics Bulletin, vol. 36, pp. 1039-1057, June 2016.

S. Ghosh and K. Kanjilal, “Long-term equilibrium relationship between urbanization, energy consumption and economic activity: Empirical evidence from India”, Energy, vol. 66, pp. 324-331, March 2014.

S. K. Aggarwal, S. L. Mohan and A. Kumar, ”Electricity price forecasting in deregulated markets: A review and evaluation”, Electrical Power and Energy Systems, vol. 31, pp. 13-22, 2009.

J. Phillips, and P. Newell, “The governance of clean energy in India: The clean development mechanism (CDM) and domestic energy politics”, Energy Policy, vol. 59, pp. 654-662, August 2013.

National Load Dispatch Centre, 2016. (

Indian Energy Exchange, 2016. (

Central Electricity Regulatory Commission, 2016. (

K. Kapoor, K. K. Pandey, A. K. Jain, and A. Nandan, “Evolution of solar energy in India: A review”, Renewable and Sustainable Energy Reviews, vol. 40, pp. 475-487, December 2014.

G. P. Girish, and S. Vijayalakshmi, "Role of Energy Exchanges for Power Trading in India", International Journal of Energy Economics and Policy, vol. 5, pp. 673-676, July 2015.

Ministry of New and Renewable Energy, Government of India, 2016 (


  • There are currently no refbacks.

Online ISSN: 1309-0127;;

IJRER is cited in SCOPUS, EBSCO, WEB of SCIENCE (Thomson Reuters)