REC Mechanism in IndiaMarket Analysis, Lessons Learned and Way Forward

2

Salient Features Of The REC Mechanism

Participation Voluntary

REC denomination 1 REC = 1MWh

RE technology MNRE approved technologies are eligible for participation

Validity 1095 days after issuance of REC, increased from time to time

Categories1. Solar (unique certificate number)

2. Non-solar (unique certificate number)

Sellers Eligible RE Generators / Distribution Licensees (DISCOM)

Buyers 1. Obligated Entities (DISCOM/ Captive consumers / OA Consumers)

2. Voluntary Buyers

Trading platform CERC approved Power Exchanges

Trading periodicity Last Wednesday of the month

Self-retention Registered plants can retain RECs for RPO compliance of their consumption units located in different States

Banking / Borrowing Not Allowed

Transfer type Single transfer only, repeated trade of the same certificate is not allowed

Solar RECsFloor price: Rs. 1000 / MWhForbearance price: Rs. 2400 / MWh

Non-solar RECsFloor price: Rs. 1000 / MWhForbearance price: Rs. 3000 / MWh

3

Processes In The REC Mechanism

ACCREDITATION

REGISTRATION

ISSUANCE

TRADE & REDEMPTION

1. ACCREDITATION

2. REGISTRATION

4. REDEMPTION

✓ RE GENERATOR & DISCOM APPLIES ONLINE

✓ STATE AGENCY VERIFIES DETAILS

✓ STATE AGENCY ACCREDITATE/ REJECTS

✓ RE GENERATOR & DISCOM APPLIES ONLINE

✓ CENTRAL AGENCY VERIFIES DETAILS

✓ CENTRAL AGENCY REGISTER/ REJECT

✓ RE GENERATOR & DISCOM APPLIES ONLINE

(10th ,20th AND LAST DAY OF MONTH)

✓ SLDC VALIDATES ENERGY INJECTION REPORT

✓ CENTRAL AGENCY ISSUES REC

Redemption through Power Exchanges (PX)✓ BUYERS & SELLERS PLACE BIDS AT PXs

✓ POWER EXCHANGES SEND PROVISIONAL FILE TO

CENTRAL AGENCY FOR VALIDATION OF SALE

BIDS

✓ CENTRAL AGENCY SENDS EXCEPTION REPORT IF

ANY

✓ PXs PROCESS FINAL TRADE

Redemption through Self-retention of RECs by RE

generators

3. ISSUANCE

• In line with the CERC REC Regulations, Central Agency has developed

procedures for each process

• 5 times the procedures have been modified since launch of the

mechanism

• RECs can be traded through CERC approved Power Exchanges (PXs)

i.e. Indian Energy Exchange (IEX) and Power Exchange India Limited

(PXIL)

STAGES UNDER REC MECHANISM

4

Break Up of Renewable Energy Projects Under REC Mechanism

Source wise break up of RE projects As on June 30, 2019

SN RE Technology

Accredited Registered

RECs Issued

RECs Redeemed

Through Power

Exchanges

RECs Redeemed

Through Self

Retention

Closing

Balance Capacity

(MW)

No. of

Projects

Capacity

(MW)

No. of

Projects

1 Wind 2,535 460 2,508 448 21,782,815 18,975,654 1,751,952 1,055,209

2 Solar PV 769 378 747 369 8,990,284 8,758,173 113,377 118,734

3 Biomass 500 46 416 39 9,581,447 9,325,931 147,549 107,967

4 Bio-fuel cogeneration 862 96 412 56 8,344,450 8,225,482 5,001 113,967

5 Small Hydro 220 34 220 34 4,263,924 4,250,416 6,899 6,609

6 Others 4 2 3 1 16,843 9,970 5,010 1,863

7 Urban or Municipal Waste 0 0 0 0 72,892 72,892 0 0

Total 4,890 1,016 4,306 947 53,052,655 49,618,518 2,029,788 1,404,349

Break up of Distribution Licensees

SN Particular

No. of Accredited

Distribution

Licensees

No. of Registered

Distribution

Licensees

RECs Issued

RECs Redeemed

Through Power

Exchanges

RECs Redeemed

Through Self

Retention

Closing

Balance

1 Distribution Licensees 4 4 2,420,078 1,851,440 0 568,638

Break-up of Total RECs (RE Projects + Distribution Licensees) 55,472,733 51,469,958 2,029,788 1,972,987

5

Market Data Analysis

0

100

200

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400

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900

1,000

0

20

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0till

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9

Reg

iste

red

Cap

ac

ity (

MW

)

Nu

mb

er

of

Reg

iste

red

Pro

jec

t

No. of Projects Capacity (MW)

Total 947 eligible RE projects having capacity 4,306 MW from 19 states have been registered under REC mechanism

FY-wise registered projects and capacity (MW) Technology and off-take route wise registered capacity (MW)

2,508

747

416 412

220

30

500

1,000

1,500

2,000

2,500

3,000

Wind Solar PV Biomass Bio-fuelcogeneration

Small Hydro Biogas

Re

gis

tere

d C

ap

acit

y (

MW

)

RouteNo. of

Projects

Capacity

(MW)

Percentage

of Capacity

APPC 319 1,697 39%

OA 354 1,213 28%

CGP 173 931 22%

CGP/OA 94 426 10%

APPC/OA 7 38 1%

Total 947 4,306 100%

As on June 30, 2019

6

Market Data Analysis

Technology wise breakup of RECs issued to Eligible Entities under REC Mechanism

Wind2,17,82,815

39%

Biomass95,81,447

17%

Bio-fuel cogeneration83,44,450

15%

Solar PV89,90,284

16%

Small Hydro42,63,924

8%

Urban or Municipal Waste72,8920.13%

Biogas16,8430.03%

DISCOM24,20,078

5%

Total 55,472,733 RECs issued till June 30, 2019

Wind

Biomass

Bio-fuel cogeneration

Solar PV

Small Hydro

Urban or Municipal Waste

Biogas

DISCOM

7

Market Data Analysis

PXs and FY wise number of buyers & sellers and transacted RECs till June 30, 2019

Financial YearNumber of Buyers of RECs Number of Sellers of RECs Transacted RECs

Total Transacted RECsPXIL IEX PXIL IEX PXIL IEX

2010-11 1 2 1 1 274 150 424

2011-12 38 359 39 158 64,266 951,008 1,015,274

2012-13 158 644 279 404 598,825 1,990,989 2,589,814

2013-14 179 904 447 597 1,424,371 1,324,323 2,748,694

2014-15 158 663 628 750 1,514,298 1,547,624 3,061,922

2015-16 240 1,092 679 833 1,816,263 3,138,890 4,955,153

2016-17 378 1,382 699 888 1,869,120 4,618,619 6,487,739

2017-18 234 938 685 914 6,854,898 9,329,253 16,184,151

2018-19 182 830 476 675 3,653,223 8,955,572 12,608,795

2019-20 till Jun’19 42 353 152 450 622,457 1,195,535 1,817,992

Total Number of RECs Transacted through PXs 18,417,995 33,051,963 51,469,958

8

Market Data Analysis

FY-wise number of RECs purchased by DISCOMs and OA/CPP consumers till FY 2018-19

2

361

730

979

752

1202

1609

1072

933

0

200

400

600

800

1000

1200

1400

1600

1800

2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19

0

20,00,000

40,00,000

60,00,000

80,00,000

1,00,00,000

1,20,00,000

1,40,00,000

1,60,00,000

1,80,00,000

Nu

mb

er

of

Part

icip

an

ts

Nu

mb

er

of

RE

Cs

No. of Participants No. of RECs purchased by DISCOM & OA/CPP

9

Market Data Analysis

RECs purchased by DISCOMs till June 30, 2019

S. No. Name of DISCOMTotal RECs

purchased till Jun'19

S. No. Name of DISCOMTotal RECs

purchased till Jun'19

1 Maharashtra State Electricity Distribution Company Limited 6,246,910 18 North Bihar Power Distribution Company Limited 399,517

2 Reliance Infrastructure Limited 2,576,156 19 Electrical Dept UT Daman and Diu 388,904

3 Brihan Mumbai Electric Supply & Transport Unde 2,363,300 20 BSES Rajdhani Power Limited 333,332

4 Tata Power Delhi Distribution Limited/ NDPL 2,284,942 21 Electricity Wing of Engineering Dept UT Chandigarh 311,911

5 Torrent Power Limited - Ahmedabad Distribution 2,035,083 22 Electricity Department Government of Goa 292,000

6 Bihar State Power Holding Company Limited- Patna 1,699,849 23 Jindal Steel and Power Ltd Distribution License 213,640

7 Punjab State Power Corporation Limited 1,243,862 24 Gujarat Urja Vikas Nigam Limited 150,000

8 Damodar Valley Corporation West Bengal 1,153,347 25 Kerala State Electricity Board Limited 100,000

9 The Tata Power Company Limited 1,131,761 26 BSES Yamuna Power Limited 66,660

10 Dadra and Nagar Haveli Power distribution company 951,681 27 Torrent Power Limited - Dahej Distribution 61,540

11 Tata Steel Limited Power Distribution Licensee 935,755 28 Power and Electricity Department Government of Mizoram 31,754

12 Torrent Power Limited - Surat Distribution 921,364 29 Manipur State Power Distribution Company Limited 3,997

13 Assam Power Distribution Company Limited 705,120 30 Meghalaya Power Distribution Corporation Limited 3,875

14 Damodar Valley Corporation Jharkhand 693,470 31 Himachal Pradesh State Electricity Board Ltd 3,863

15 Uttarakhand Power Corporation Limited 560,680 32 Tripura State Electricity Corporation Limited 297

16 South Bihar Power Distribution Company Limited 459,492 Total RECs Purchased by DISCOMs 28,755,011

17 Electricity Department Government of Puducherry 430,949

10

Market Data Analysis

State-wise RECs purchased till June 30, 2019

SN State RECs PurchasedPercentage RECs

Purchased1 Maharashtra 14,280,141 28%2 Gujarat 6,364,304 12%3 Odisha 4,027,208 8%4 Delhi 3,586,723 7%5 Jharkhand 3,008,897 6%6 Madhya Pradesh 2,623,643 5%7 Rajasthan 2,574,683 5%8 Bihar 2,559,707 5%9 Punjab 1,611,633 3%

10 Chhattisgarh 1,343,901 3%11 Karnataka 1,339,952 3%12 West Bengal 1,153,354 2%

13 Dadra and Nagar Haveli 1,075,152 2%

14 Tamil Nadu 934,475 2%15 Assam 928,368 2%16 Andhra Pradesh 853,429 2%17 Uttarakhand 708,741 1%18 Daman and Diu 447,965 1%19 Pondicherry 432,950 1%20 Chandigarh 311,911 1%21 Goa 292,000 1%22 Uttar Pradesh 232,294 0.5%23 Telangana 215,483 0.4%24 Haryana 198,595 0.4%25 Kerala 146,440 0.3%26 Himachal Pradesh 137,857 0.3%27 Meghalaya 44,104 0.1%28 Mizoram 31,754 0.1%29 Manipur 3,997 0.01%

30 Tripura 297 0.001%

Total RECs Purchased 51,469,958 100%

➢ Since, REC is a pan-India mechanism, stakeholders and

voluntary buyers from 30 States/UTs have purchased more than

51 million RECs through Power Exchanges up to June 30, 2019

➢ More than 3,500 obligated entities have purchased more than

51.5 million RECs since 2011

RECs Issuance and Redemption

0

1,00,00,000

2,00,00,000

3,00,00,000

4,00,00,000

5,00,00,000

6,00,00,000

2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20till

Jun'19N

um

be

r o

f R

EC

s

RECs available for trade

RECs purchased by OA/CPP

RECs purchased by DISCOMs

11

Market Data Analysis

0

20,00,000

40,00,000

60,00,000

80,00,000

1,00,00,000

1,20,00,000

1,40,00,000

1,60,00,000

1,80,00,000

2,00,00,000

Mar

-11

Jun-1

1

Sep

-11

Dec

-11

Mar

-12

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2

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-13

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-15

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-15

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-16

Jun-1

6

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-16

Dec

-16

Mar

-17

Jun-1

7

Sep

-17

Dec

-17

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-18

Jun-1

8

Sep

-18

Dec

-18

Mar

-19

Jun-1

9

Sa

le B

id &

Bu

y B

id

Sale Bid Buy Bid

May-17 & Jun-17, trading of RECs stayed

Sale and Buy bids of monthly trading till June 30, 2019

➢ Buy bids are approximately more or less equal to the sale bids during March 2011- August 2012

➢ During September 2012 - August 2018, the sale bids are more than the buy bids, which resulted into the huge inventory of RECs

➢ Post September 2018, buy bids are more than the sale bids - which has changed the nature of market from buyer’s market to seller’s market

12

Market Data Analysis

Floor and Forbearance price of non-solar RECs

Floor and Forbearance price of solar RECs

01.06.2010 - 31.03.2012 01.04.2012 - 31.03.2017 w.e.f. 01.04.2017

Forbearance Price (Rs./MWh) 3,900 3,300 3,000

Floor Price (Rs./MWh) 1,500 1,500 1,000

01.06.2010 - 31.03.2012 01.04.2012 - 31.12.2014 01.01.2015 - 31.03.2017 w.e.f. 01.04.2017

Forbearance Price (Rs./MWh) 17,000 13,400 5,800 2,400

Floor Price (Rs./MWh) 12,000 9,300 3,500 1,000

➢ As per Hon’ble Supreme Court order dated May 14, 2018, the trading of non-solar RECs after May 2018 onwards arebeing held separately for RECs issued pre and post April 01, 2017

➢ RECs issued before April 01, 2017 are being traded at floor price of Rs. 1,500/REC, and

➢ RECs issued after April 01, 2017 are being traded as per prices effective from April 01, 2017

13

Market Data Analysis

Market Clearing Price and Market Clearing Volume for Non-Solar RECs at IEX

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

0

5,00,000

10,00,000

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35,00,000M

ar-

11

Jun

-11

Se

p-1

1

De

c-1

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Ma

r-12

Jun

-12

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p-1

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c-1

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-13

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p-1

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r-14

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-14

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r-15

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-15

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p-1

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r-16

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-16

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p-1

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r-17

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r-18

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-18

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p-1

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r-19

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-19

Pri

ce

(R

s./R

EC

)

Ma

rke

t C

lea

rin

g V

olu

me

(M

Wh

)

Indian Energy Exchange

MCV of Non-solar Price of non-soalr RECs Price of RECs issued before 01.04.2017 and traded after May-18

May-17 & Jun'17, trading of non-solar

RECs had been stayed

14

Market Data Analysis

Market Clearing Price and Market Clearing Volume for Non-Solar RECs at PXIL

0

500

1,000

1,500

2,000

2,500

3,000

3,500

0

2,50,000

5,00,000

7,50,000

10,00,000

12,50,000

15,00,000

17,50,000

20,00,000

22,50,000

Ma

r-11

Jun

-11

Se

p-1

1

De

c-1

1

Ma

r-12

Jun

-12

Se

p-1

2

De

c-1

2

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r-13

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-13

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p-1

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c-1

3

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r-14

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-14

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p-1

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c-1

4

Ma

r-15

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-15

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p-1

5

De

c-1

5

Ma

r-16

Jun

-16

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p-1

6

De

c-1

6

Ma

r-17

Jun

-17

Se

p-1

7

De

c-1

7

Ma

r-18

Jun

-18

Se

p-1

8

De

c-1

8

Ma

r-19

Jun

-19

Pri

ce

(R

s./R

EC

)

Ma

rke

t C

lea

rin

g V

olu

me

(M

Wh

)

Power Exchange India Limited

MCV of Non-solar Price of non-soalr RECs Price of RECs issued before 01.04.2017 and traded after May-18

May-17 & Jun'17, trading of non-solar

RECs had been stayed

15

Market Data Analysis

Market Clearing Price and Market Clearing Volume for Solar RECs at IEX

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

0

2,00,000

4,00,000

6,00,000

8,00,000

10,00,000

12,00,000

14,00,000

16,00,000

Ma

y-1

2Jun

-12

Jul-

12

Au

g-1

2S

ep

-12

Oct-

12

No

v-1

2D

ec-1

2Jan

-13

Fe

b-1

3M

ar-

13

Ap

r-1

3M

ay-1

3Jun

-13

Jul-

13

Au

g-1

3S

ep

-13

Oct-

13

No

v-1

3D

ec-1

3Jan

-14

Fe

b-1

4M

ar-

14

Ap

r-1

4M

ay-1

4Jun

-14

Jul-

14

Au

g-1

4S

ep

-14

Oct-

14

No

v-1

4D

ec-1

4Jan

-15

Fe

b-1

5M

ar-

15

Ap

r-1

5M

ay-1

5Jun

-15

Jul-

15

Au

g-1

5S

ep

-15

Oct-

15

No

v-1

5D

ec-1

5Jan

-16

Fe

b-1

6M

ar-

16

Ap

r-1

6M

ay-1

6Jun

-16

Jul-

16

Au

g-1

6S

ep

-16

Oct-

16

No

v-1

6D

ec-1

6Jan

-17

Fe

b-1

7M

ar-

17

Ap

r-1

7M

ay-1

7Jun

-17

Jul-

17

Au

g-1

7S

ep

-17

Oct-

17

No

v-1

7D

ec-1

7Jan

-18

Fe

b-1

8M

ar-

18

Ap

r-1

8M

ay-1

8Jun

-18

Jul-

18

Au

g-1

8S

ep

-18

Oct-

18

No

v-1

8D

ec-1

8Jan

-19

Fe

b-1

9M

ar-

19

Ap

r-1

9M

ay-1

9Jun

-19

Pri

ce

(R

s./R

EC

)

Ma

rke

t C

lea

rin

g V

olu

me

(M

Wh

)

Indian Energy Exchange

MCV of Solar Solar Price

From May-17 to Mar-18, trading of solar

RECs had been stayed

16

Market Data Analysis

Market Clearing Price and Market Clearing Volume for Solar RECs at PXIL

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

0

1,00,000

2,00,000

3,00,000

4,00,000

5,00,000

6,00,000

7,00,000

Ma

y-1

2Jun

-12

Jul-

12

Au

g-1

2S

ep

-12

Oct-

12

No

v-1

2D

ec-1

2Jan

-13

Fe

b-1

3M

ar-

13

Ap

r-1

3M

ay-1

3Jun

-13

Jul-

13

Au

g-1

3S

ep

-13

Oct-

13

No

v-1

3D

ec-1

3Jan

-14

Fe

b-1

4M

ar-

14

Ap

r-1

4M

ay-1

4Jun

-14

Jul-

14

Au

g-1

4S

ep

-14

Oct-

14

No

v-1

4D

ec-1

4Jan

-15

Fe

b-1

5M

ar-

15

Ap

r-1

5M

ay-1

5Jun

-15

Jul-

15

Au

g-1

5S

ep

-15

Oct-

15

No

v-1

5D

ec-1

5Jan

-16

Fe

b-1

6M

ar-

16

Ap

r-1

6M

ay-1

6Jun

-16

Jul-

16

Au

g-1

6S

ep

-16

Oct-

16

No

v-1

6D

ec-1

6Jan

-17

Fe

b-1

7M

ar-

17

Ap

r-1

7M

ay-1

7Jun

-17

Jul-

17

Au

g-1

7S

ep

-17

Oct-

17

No

v-1

7D

ec-1

7Jan

-18

Fe

b-1

8M

ar-

18

Ap

r-1

8M

ay-1

8Jun

-18

Jul-

18

Au

g-1

8S

ep

-18

Oct-

18

No

v-1

8D

ec-1

8Jan

-19

Fe

b-1

9M

ar-

19

Ap

r-1

9M

ay-1

9Jun

-19

Pri

ce

(R

s./R

EC

)

Ma

rke

t C

lea

rin

g V

olu

me

(M

Wh

)

Power Exchange India Limited

MCV of Solar Solar Price

From May-17 to Mar-18, trading of solar

RECs had been stayed

17

Lessons Learned

➢ Experience of the REC Registry

✓ REC web application helped all stakeholders in the implementation of the REC mechanism

✓ User friendly dashboards has been provided to the RE generators/State Agencies

✓ REC web portal helped State agencies to monitor RPO compliance of obligated entities with regard to purchase of RECs

✓ On the basis of experience of management of REC Registry, Ministry of Power authorized POSOCO to establish the necessary

framework to discharge the functions under Perform Achieve Trade (PAT) scheme

➢ Impact of REC Mechanism

✓ More than 3,500 obligated entities have purchased 51.5 Million RECs for RPO compliance

✓ Around 7% of new renewable energy investment in the period 2010-2017 came through REC mechanism

✓ Traded value of RECs about Rs. 7,845 crores gives signal to investors to consider REC mechanism as an option for investment

✓ Provided an avenue for small and large RE generators to take the benefit of REC mechanism without worrying about the power

purchase agreement for sale of green energy to the buyers

✓ CPPs / Open Access consumers can procure RECs through Power Exchanges

✓ Facilitated inter-State transaction of RECs

✓ RE generators are also permitted to self-retain RECs to offset RPO of their consumption units located in different parts of the country

➢ Compliance audit of RE projects

✓ CERC empaneled compliance auditors audited registered RE project and appropriate action has been initiated against non-complying

RE Projects

✓ In first phase during 2012-2013, 100 RE projects were selected and in second phase of compliance audit during 2018-19,

217 projects/State Agencies/SLDC have been Audited.

18

Lessons Learned

➢ Purchase of RECs vis-a-vis RE for RPO compliance

SN ParticularCompliance of RPO by Purchase of

Renewable Energy REC(s)

1 Technology Agnostic Specific RE Tech. Yes

2 Competition among different RE technologies Not Possible Possible

3 Transaction Costs High Low

4 Flexibility in procurement in terms of timing Yes No

5 Location Dependent Yes No

6Exit Load, Barrier for Utility/ Beneficiary/ Developer/generator

Significant barrier/ only option to terminate the existing PPA

Freedom and flexibility to purchase in terms of quantum/ timing

Renewable Energy Demand in India

Source: RENEWABLE ENERGY DEMAND IN INDIA –

Corporate Buyer’s Perspective by WWF-India 2019

✓ Provided freedom and choice to obligated entities (buyers) in terms of

the accessibility and availability for procurement of certificates through

Power Exchanges

✓ In a survey, it has been found that 20% corporates preferred REC as

one of the option for procurement of renewable energy

19

Challenges And Way Forward

Analysis of Capacity Utilization Factor (CUF) of Wind projects

0

10

20

30

40

50

60

70

Fre

qu

en

cy

Capacity Utilization Factor

Histogram of CUF of wind projects for 2018

No. of wind project 314

Capacity 1936 MW

Min 4.5

Max 32.5

Mean 18.3

Median 18.4

StDev 4.8

Analysis of Capacity Utilization Factor (CUF) of Wind projects

0

10

20

30

40

50

60

70

80

90

100

Fre

qu

en

cy

Capacity Utilization Factor

Histogram of CUF of solar PV projects for 2018

No. of solar project 312

Capacity 633 MW

Min 5.6

Max 25.2

Mean 17.6

Median 17.8

StDev 2.6

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Challenges And Way Forward

✓ Non-compliance of the RPO by the obligated entities is a cause of concern for the stakeholders

✓ There are gaps in the RPO target for purchase of green energy vis-a-vis availability or

procurement of RE in many States

✓ Many SERCs have also imposed penalties on the obligated entities for non-compliance of the

concerned RPO Regulations

✓ MNRE has setup an RPO compliance cell, which will coordinate with the concerned authorities

for periodic reporting and apprise the authorities for compliance of RPO and it will help SERCs to

enforce the compliance of RPO regulations

✓ Hon’ble Supreme Court, Hon’ble Appellate Tribunal of Electricity (APTEL) and SERCs have also

recognized REC as an instrument for RPO compliance

✓ Contribution of voluntary buyer in purchase of RECs is quite less in comparison to the market

potential

✓ RE100 is a global corporate leadership initiative bringing together influential businesses

committed to 100% renewable electricity

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References

✓ http://www.cercind.gov.in/2015/regulation/GZT49.pdf

✓ https://www.recregistryindia.nic.in/pdf/REC_Regulation/Gazette_Notification_for_designating_NLDC_as_Central_Agency.pdfhttps://www.ce

rcind.gov.in

✓ https://www.recregistryindia.nic.in/pdf/Procedure_REC/CERC_REC_Procedure_16-03-2018.pdf

✓ https://www.recregistryindia.nic.in/index.php/publics/REC_Source_Wise_Breakup

✓ https://www.iexindia.com/

✓ https://www.iexindia.com/

✓ https://www.recregistryindia.nic.in/pdf/REC_Regulation/Final_Order_on_Forbearnace_and_Floor_Price_for_REC.pdf

✓ https://www.recregistryindia.nic.in/pdf/REC_Regulation/Order_on_Forbearnace__Floor_Price_23-8-2011.pdf

✓ https://www.recregistryindia.nic.in/pdf/REC_Regulation/Floor%20and%20Forbearance_28.02.2017.pdf

✓ https://www.recregistryindia.nic.in/pdf/REC_Regulation/CERC_Order_300317.pdf

✓ https://www.recregistryindia.nic.in/pdf/Others/Report_on_REC_Mechanism.pdf

✓ http://awsassets.wwfindia.org/downloads/wwf_india_renewable_energy_demand_in_india.pdf

✓ http://there100.org/re100

✓ https://www.teriin.org/sites/default/files/2018-11/dis-paper-linking-carbon-markets.pdf

✓ http://www.cercind.gov.in/2019/tender/TOR-dt.02-01-19.pdf

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