India's Central Electricity Regulatory Commission (CERC) has unveiled regulations for the country's renewable energy certificate (REC) market. According to the CERC, this framework will bolster the deployment of renewable energy in India.
Under the program's terms, a central agency will be designated by the CERC to register renewable energy generators that plan to participate. Generators will be permitted to either sell energy at a preferential tariff fixed by the CERC or separately sell the electricity generation and environmental attributes (in the form of a REC) associated with that generation.
The price of the electricity component will be equivalent to the weighted-average power purchase cost of the distribution company, the CERC adds. The central agency will issue the REC to renewable energy generators, and the value of REC will be equivalent to 1 MWh of electricity added to the grid from renewable energy sources.