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November 2015
Volume - 56
Wind Facilitator of the Year & REC Facilitator of the Year 2015
From Management‘s Desk
REConnect Energy won two important awards in the “Indian Wind Energy Forum
2015”. The “REC trader” and Forecasting Company of the Year 2015” award.
This is the second year in row that we have won these awards.
We would like to thank our clients for the faith that they bestow on us and the
dedicated efforts of the REConnect Team for this recognition.
The main article reviews the wind and solar model Regulations on Forecasting
and Scheduling. CERC had notified forecasting and scheduling (F&S) regulation
for inter-state sale of power a few months back. Now, with the intent of having
compatible regulations, the Forum Of Regulators (FOR) has come up with
model regulations at state level. It is expected that states will adopt these regu-
lation or something on these lines in the near future. These regulations will have
significant impact on the wind and solar industry, as all projects (regardless of
the date of commissioning) will be required to forecast and schedule their gen-
eration.
Some notable regulatory updates during the month were Draft National Policy
on Geo-Thermal Energy, Determination of Pooled Cost of Power Purchase for
Andhra, and Maharashtra Regulatory for RE tariff determination. All these are
discussed in detail in this volume of the newsletter.
REC trading in November saw increased demand as compared to October. The
surge in the REC’s demand clearly indicated the increase of focus on the RPO
regulations from both the obligated entities and the regulators.
We hope you will find this volume an insightful read, and as always, look for-
ward to your feedback.
- Team REConnect
CO
NT
EN
T
Analysis of Model Regula-
tions on Forecasting and
Scheduling
Regulatory Updates
REC Trade Results
REC Project Stats
Green News
RPO Map
About REConnect
REConnect Energy : “Forecasting Company & REC Facilitator of the year “
Analysis of Model
Regulation –2015 RPO Map Green News REC Project Stats REC Trade Report Regulatory Updates
www.reconnectenergy.com Page 6
India’s largest REC Trading Company Clickpower.in: India’s first Green Energy Marketplace
We were recognized as the REC Trader of the Year 2015. We won this award in 2014 as well. The
award is a recognition of our continuing market leadership (we are the largest REC trader in the
country), faith of our clients in us and the flawless service the REConnect team provides everyday.
We also won the “Forecasting Company of the Year 2015” award. This award is a recognition of our
knowledge-centric approach to forecasting and scheduling, and our market leadership in this do-
main. We currently provide forecasting and scheduling services to over 2.5GW of wind projects and
200 MW of solar projects.
We thank our clients, Team REConnect and well-wishers for this recognition.
Analysis of Model Regulations on Forecasting and Scheduling - 2015
Analysis of Model
Regulation –2015 RPO Map Green News REC Project Stats REC Trade Report Regulatory Updates
www.reconnectenergy.com Page 1
38%
REC Market
Share
PAN
India
Presence
2.5 GW
Projects under
management
Managing REC
Projects in
16
States
Analysis of Model Regulations on Forecasting
and Scheduling of Wind and Solar Generating
Stations at State level
Forum of Regulators have recently come up with model
regulation for forecasting and scheduling and deviation
settlement mechanism. The primary objective is two
fold: a) facilitate large-scale grid integration of solar and
wind generating stations, and b) maintaining grid stabil-
ity and security.
Highlights of the model regulation are below:
All solar and wind generators connected to State
grid have to provide day-ahead and week-ahead
schedule
Revisions can be made on a one-and-half hourly ba-
sis.
Payment for generation shall be as per actual gen-
eration (this is different from the inter-state regula-
tion, where payment is on the basis of scheduled
generation).
The deviation slab has been narrowed for upcoming
projects (i.e., +/-10%) but has been kept as (+/-)15%
for existing generators at Intra-state level
Penalty is calculated at fixed amounts per unit (whereas,
for Intra-state it is calculated as a percentage to PPA
rate)
RPO accounting can continue as per existing arrange-
ment, and needs no change.
Applicability of Regulations
All wind and solar generators connected to the State grid
are covered:
Regardless of date of commissioning,
Including those connected via pooling stations
Selling power within or outside the state.
Forecasting and scheduling will be required
by all wind and solar project.
Deviations will be calculated on the basis of
total available capacity
Penalty is a fixed amount beyond the error
range (10% in case of new projects, 15% in
case of old projects)
Settlement will be done through the
“Qualified Coordinating Agency” or QCA
REC Trader
& Forecasting
Company of
the Year 2015
Analysis of Model Regulations on Forecasting and Scheduling - 2015
Analysis of Model
Regulation –2015 RPO Map Green News REC Project Stats REC Trade Report Regulatory Updates
www.reconnectenergy.com Page 2
38%
REC Market
Share
PAN
India
Presence
2.5 GW
Projects under
management
Managing REC
Projects in
16
States
Detailed Mechanism defined for Deviation Settlement
Deviation calculation both for Inter-state and Intra-state has been kept as:
*Available Capacity would ideally be the Installed Capacity, unless any of the turbines are on outage. Similarly for solar
panels. :
In case of Intra-State transmission, Penalty Mechanism for up-coming generators:
In case of Intra-State transmission, Penalty Mechanism for existing generators:
Way Forward: The states are likely to adopt these regulations and release the same as draft regulations. After the
commenting and hearing process, these regulations are likely to come into effect. This may take 3-5 months in most
states.
The detailed Regulation can be accessed here.
New Regulation 2015
Error (%) = 100 X (Scheduled Generation – Actual Generation)
Available Capacity*
REC Trader
& Forecasting
Company of
the Year 2015
Regulatory Updates
Analysis of Model
Regulation –2015 RPO Map Green News REC Project Stats REC Trade Report Regulatory Updates
www.reconnectenergy.com Page 3
India’s largest REC Trading Company Clickpower.in: India’s first Green Energy Marketplace
APERC: Determination of Pooled Cost of Power Pur-
chase for FY: 2014-15 to be considered for FY: 2015-
2016
The Andhra Pradesh Electricity Regulatory Commission
came up with its order on 7th November, 2015 on determi-
nation of Pooled Cost of Power Purchase for Financial year
2014-15 to be considered for financial year 2015-16 under
the Renewable Power Purchase Obligation.
The Andhra Pradesh DICOMS filed a petition for computa-
tion of Pooled Cost of Power Purchase of the financial year
2014-15 to be considered for the financial year 2015-16,
which was admitted and registered by the Commission.
The commission later invited comments and response from
various stakeholders in respect to the petition and after ex-
amining the date furnished by APDISCOMS, the commis-
sion declared the Pooled Cost of Power Purchase for finan-
cial year 2014-15 to be considered for financial year 2015-
16 as Rs.3.44 / kWh.
The difference between the Provisional Pooled Cost of
Power Purchase at Rs.3.38/kWh
(of financial year 2013-14 considered for financial year
2014-15) and the Pooled Cost now determined by this
Order shall be paid to the developers in six equal
monthly installments commencing from the billing
month of November 2015.
The main order can be accessed here.
Draft National Policy on Geo-Thermal Energy
The Government of India and Ministry of New and Renew-
able Energy came up with its first Draft National policy on
Geo- thermal energy on 24th November, 2015. The Policy
guidelines are issued by the Ministry of New and Renew-
able Energy, which controls the non-conventional energy
development and production in India. These guidelines will
be followed by all the agencies and departments associ-
ated with exploration and utilization of the geothermal re-
sources and will come into effect with the date of issu-
ance/notification.
Following are some of the features of the National policy:
Geothermal energy is a natural heat resource stored in
the interior of the earth which requires transportation
to surface for utilization
Vision: To make a substantial contribution to India’s
long-term energy supply and reduce the national
greenhouse gas emissions by developing a sustain-
able, safe, secure, socially and environmentally re-
sponsible geothermal energy industry.
State FY 12-
13
FY13-
14
FY14-
15
FY15-
16
Andhra
Pradesh
Rs
3.28/
kWh
Rs
3.38/
kWh
Rs
3.44/
kWh
Rs
3.44/
kWh
Regulatory Updates
Analysis of Model
Regulation –2015 RPO Map Green News REC Project Stats REC Trade Report Regulatory Updates
www.reconnectenergy.com Page 4
India’s largest REC Trading Company Clickpower.in: India’s first Green Energy Marketplace
To create new employment opportunities and leading
to environmentally sustainable development by the
means of deployment of 1,000 MW (thermal) and 20
MW (electrical) Geothermal Energy Capacity in the
initial phase till 2022 and 10,000 MW (thermal) &
1000 MW (electrical) by 2030.
Total six most promising geothermal sites for the de-
velopment of geothermal energy were identified.
These are, in decreasing order of potential:
Tattapani in Chhattisgarh
Puga in Jammu & Kashmir
Cambay Graben in Gujarat
Manikaran in Himachal Pradesh
Surajkund in Jharkhand
Chhumathang in Jammu & Kashmir.
The geo thermal energy development involves two
phases: Exploration and Production. The MNRE may
provide following incentives to the geothermal pros-
pect exploration and development:
Geothermal prospect / energy may be declared
as a priority for energy development.
The incentives for geothermal energy develop-
ment may be granted at par with the solar energy.
MNRE may provide subsidy/ financial grant up to
50% cost of the exploration (Deep drilling)
and once the reservoir is established then 30% grant
will be given on the rest balance amount for commer-
cial power production..
MNRE may facilitate through State Government /
SNA for the evacuation of power to nearest input
station, etc.
Soft loans may be made available at concessional
interest rate as applicable in other RE technologies
through Indian Renewable Energy Development
Agency (IREDA) for supporting exploration activity.
The import of machinery / equipments for explo-
ration and power production may be exempted
from customs duty and import duty.
Generation based incentives in line with solar/
wind energy programme may be considered.
The Agency is entitled to carbon credits acquired
through the geothermal heat utilization / electric-
ity generation.
Government is planning to encourage the demonstration
projects at the first stage to assess the technical viability
of the project before going to the commercial models
and with the introduction of this policy India could ex-
plore the geo thermal energy and contribute to the Prime
Minister’s Vision on 24x7- Power For All.
The Government has invited comments from various
stakeholders on the same till 10th December, 2015.
The Draft National Policy can be accessed here.
Regulatory Updates
Analysis of Model
Regulation –2015 RPO Map Green News REC Project Stats REC Trade Report Regulatory Updates
www.reconnectenergy.com Page 5
India’s largest REC Trading Company Clickpower.in: India’s first Green Energy Marketplace
Maharashtra Electricity Regulatory Commission
(Terms and Conditions for Determination of Re-
newable Energy Tariff) Regulations, 2015
Maharashtra came up with its Regulation on Terms and
Conditions for Determination of Renewable Energy Tariff),
2015 on 25TH November 2015. These Regulations which
will come into force from the date of its publication in the
Official Gazette.
The main features of the regulation are given in the
points below:
These Regulations shall apply to those new RE Pro-
jects which are commissioned in the State of Ma-
harashtra for the generation and sale of electricity to
Distribution Licensees in the State.
Provided that, where a RE Project opts for the Renew-
able Energy Certificate (‘REC’) mechanism specified in
the MERC (Renewable Purchase Obligation Regula-
tions, 2010, its pricing mechanism shall be governed
by the provisions of those Regulations or as may be
specified in future.
The tariff and other terms and conditions applicable
to existing RE Projects shall be governed by the provi-
sions of the RE Tariff Orders issued by the Commis-
sion from time to time.
Distribution Licensees shall furnish the following
quarterly information to State Nodal Agency,
within a month of the close of the preceding quar-
ter,
a) Details of source-wise RE capacity addition in
MW;
b) Details of purchase of RE in MUs; and
c) A statement of Energy Purchase Agreements
(EPAs) entered into under these Regulations, in
addition to any other information that the
Commission may stipulate from time to time.
The Normative Operating and Maintenance ex-
penses for the base year of the Review Period for
the purpose of tariff determination shall be as fol-
lows:
The MERC regulation can be accessed here.
Sr.
No.
Project Size O&M Expenses
(Rs lakh/MW
1 > 1 MW and up to and
including 5 MW
3.60% of the
Capital Cost.
2 > 5 MW and up to and
including 25 MW
2.80% of the
Capital Cost.
Clickpower.in Market Update
Analysis of Model
Regulation –2015 RPO Map Green News REC Project Stats REC Trade Report Regulatory Updates
India’s largest REC Trading Company
Telangana Sell: 25 MW
Buy: 32.6 MW
Price: Rs. 5.85/Unit*
Sell: 62.6 MW
Buy: 135.81 MW
Price: Rs. 6.5/Unit*
Sell: 92.91MW
Buy: 293.19 MW
Price: Rs. 5.5/Unit*
Sell: 8 MW
Buy: 3.994 MW
Price: Rs. 6/Unit*
Sell: 198.2 MW
Buy: 207.773 MW
Price: Rs. 6/Unit*
* Lowest Price as on 02.10.2015
AP Sell: 17 MW
Buy: 28.95 MW
Price: Rs. 6/Unit*
Clickpower.in: India’s first Green Energy Marketplace
Clickpower.in: India’s First Green Energy Marketplace
is now open for Consumers and Generators to register and ex-
plore. It is currently open for 6 states, with currently registered
volumes and price shown below for respective states. Feel free
to register till the offer of free registration is open. Explore and
discover the best deals of power online.
Call: +91 8088732732 for more details and assistance.
www.reconnectenergy.com Page 7
Clickpower,in In News: Bangalore Mirror
REC Trade Report - November 2015
Analysis of Model
Regulation –2015 RPO Map Green News REC Project Stats REC Trade Report
Regulatory
Updates
www.reconnectenergy.com Page 8
India’s largest REC Trading Company
Non Solar RECs
Clearing ratio in exchange were at 1.44% and 1.90% in IEX and PXIL respectively for Non Solar REC’s. A total
of 2,31,542 RECs were traded in this trading session (in October 2,11,442 RECs were traded). Clearing ratio at PXIL
reduced marginally but picked up on IEX, as compared to last month .
For past trading history - CLICK HERE
Clickpower.in: India’s first Green Energy Marketplace
For more details please visit our blog-post here.
13,327,582 13829226 13981615
712372 399981 517140
183599 211442 231545 -
2,000,000
4,000,000
6,000,000
8,000,000
10,000,000
12,000,000
14,000,000
16,000,000
Sep-15 Oct-15 Nov-15
Non-Solar RECs
Available Issued Redemmed
1.68%
0.94%
1.44%
0.77%
2.24%
1.87%
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
Sep-15 Oct-15 Nov-15
Non-Solar Clearing %
IEX PXIL
REC Trade Report - November 2015
Analysis of Model
Regulation –2015 RPO Map Green News REC Project Stats REC Trade Report
Regulatory
Updates
www.reconnectenergy.com Page 9
India’s largest REC Trading Company
Solar RECs
Clearing ratio stood at 2.07% and 4.97% in IEX and PXIL
respectively, compared to 0.54% and 0.33% last month. A total of 87,767 REC’s were sold in this session, 6.33 times
compared to October.
Clickpower.in: India’s first Green Energy Marketplace
For past trading history - CLICK HERE
For more details please visit our blog-post here.
2,598,847 2755571
2863909
170,744 122264
9593110,020 13851 87767
-
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
Sep-15 Oct-15 Nov-15
Solar RECs
Available Issued Redemmed
0.45%
0.54%
2.08%
0.18%
0.33%
4.97%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
Sep-15 Oct-15 Nov-15
Solar Clearing %
IEX PXIL
REC Trade Report - November 2015
Analysis of Model
Regulation –2015 RPO Map Green News REC Project Stats REC Trade Report
Regulatory
Updates
www.reconnectenergy.com Page 9
India’s largest REC Trading Company
Trading volumes are expected to increase significantly going forward, as most obligated entities are now gearing up
to fulfill their obligation considering that only 4 trading sessions are remaining in the current FY . Overall the market
showed clear signs of recovery, and is expected to grow further in the closing months of the FY. The graph below
depicts the increase in the solar and non solar REC traded from FY 14-15 (April to November) to FY 15-16 (April to
November)
Clickpower.in: India’s first Green Energy Marketplace
For more details please visit our blog-post here.
0
200000
400000
600000
800000
1000000
1200000
1400000
1600000
FY 14-15 (April-November) FY15-16(April-November)
NS REC TRADED
S REC TRADED
+119%
+1756%
*Also includes impacts of vintage multiplier
REC Project Status - As on 30th November, 2015
Analysis of Model
Regulation –2015 RPO Map Green News REC Project Stats REC Trade Report Regulatory Updates
www.reconnectenergy.com Page 10
Registered Capacity
4719 MW
India’s largest REC Trading Company
Projects Registered
Source wise
All figures
in MW
Biomass
700
Solar PV
588
Wind
2213 Bio-fuel
Cogeneration
920
Clickpower.in: India’s first Green Energy Marketplace
Small Hydro
291
Projects Registered State wise (MW)
2 26
11743 73
370
738
84 83
350
203
1,035
155
18
137
23
1,165
33 35 24 50
200
400
600
800
1000
1200
1400
Reg. Capacity (MW)
Green News - National & International
Analysis of Model
Regulation –2015 RPO Map Green News REC Project Stats REC Trade Report Regulatory Updates
India’s largest REC Trading Company
www.reconnectenergy.com Page 11
Thermal Energy Partners Secures PPA for First of Four Caribbean Geothermal Projects Engineers
Austin, Texas-based Thermal Energy Partners (TEP) recently signed a power purchase agreement (PPA) worth ap-
proximately $800 million for the first of four planned geothermal projects in the Caribbean. Acting through subsidi-
ary Nevis Renewable Energy International, TEP and the Nevis Electric Company, in conjunction with
the Nevis Island Administration, signed a long-term agreement for 25 years of energy supply con-
nected to a geothermal project on the island of Nevis.
Source : RENEWABLE ENERGY WORLD
China’s Investment in Renewable Energy Surpasses Europe, U.S. Combined
Global carbon dioxide emissions have been rising consistently year after year, but decreased for the first time in
2014, according to Fatih Birol, executive director and chief economist of the International Energy Agency. Birol spoke
highly of China’s contribution to addressing climate change: “Without China, the world would not have been able to
make such achievements in the area of clean energy.” Over the past five years, 40 percent of all
newly added renewable energy power was generated by China, while the country’s investment in
clean and renewable energy exceeded the combined total invested by Europe and the U.S.
Source : RENEWABLE ENERGY WORLD
India unveils global solar alliance of 120 countries at Paris climate summit
India’s prime minister has launched an international solar alliance of over 120 countries with the French president,
François Hollande, at the Paris COP21 climate summit. Narendra Modi told a press conference that as fossil fuels put
the planet in peril, hopes for future prosperity in the developing world now rest on bold initiatives. “Solar technology
is evolving, costs are coming down and grid connectivity is improving,” he said. “The dream of universal access to
clean energy is becoming more real. This will be the foundation of the new economy of the new century.”
Source : THE GUARDIAN
Solar Town Completes 10 Commercial Solar Installations in India Under Zero-Down Lease
Chennai, India-based solar rooftop installer Solar Town Energy Solutions recently said it has installed solar rooftop
systems with energy storagecapabilities at an initial 10 branches of RBL Bank, a private sector bank in India with
more than 180 locations. While Prime Minister Narendra Modi has outlined a vision for increasing India’s renewable
energy capacity from 30 GW to 175 GW, including an increase in solar power generation from 20 GW to 100 GW,
Source : THE TIMES of INDIA
Read More
Read More
Read More
Clickpower.in: India’s first Green Energy Marketplace
Read More
India’s RPO Map
Analysis of Model
Regulation –2015 RPO Map Green News REC Project Stats REC Trade Report Regulatory Updates
www.reconnectenergy.com Page 12
* BESCOM,MESCOM, CESC - 10 % + 0.25%, HESCOM, GESCOM, Hukkeri Society - 7 % + 0.25%.
Status of Regulation - Final for all states except -
Draft for Haryana and Telangana, Tripura & TN ( Draft Amendments of targets )
RPO on OA Users? - Yes for all states except West Bengal.
Karnataka (5.00% RPO) - Yes (> 5MW).
RPO on CPP? - Yes for all states except West Bengal.
Gujarat, Odisha, Haryana, Bihar, Jharkhand, Tripura, Karnataka (5.00% RPO) - Yes (> 5MW).
RPO Penalty? - Yes (RECmax) for all the states.
West Bengal - Not Specified.
States
2015-16 RPO
Obligation
(Non Solar)
2015-16 RPO
Obligation
( Solar)
Andhra Pradesh 4.75 % 0.25 %
Assam 6.75 % 0.25 %
Arunachal Pradesh 6.80 % 0.20 %
Bihar 325 % 1.25 % Chhattisgarh 6.25 % 1.0 %
Delhi 7.30 % 0.30 %
Gujarat 7.5 % 1.5 %
Haryana 3.12 % 0.38%
Himachal Pradesh 11.00 % 0.25 %
J&K 6.0 % 1.50 %
Jharkhand 3.00 % 1.00 %
Karnataka 10.00 % * 0.25 % *
Kerala 4.58% 0.25%
Madhya Pradesh 6.00 % 1.00 %
Maharashtra 8.50 % 0.50 %
Meghalaya 1.09 % 0.41 %
Odisha 6.70 % 0.30 %
Punjab 3.9% 1.0%
Rajasthan 8.20 % 2.0 %
Tamil Nadu 10.00 % 1.0%
Tripura 9.90 % 1.10%
Uttarakhand 8.00 % 0.10 %
Uttar Pradesh 5.00 % 1.00 %
West Bengal 4.80 % 0.20 %
Goa & UTs 2.70 % 0.85 %
Manipur 4.75 % 0.25 %
Mizoram 14.75 % 0.25 %
Nagaland 7.75 % 0.25 %
India’s largest REC Trading Company Clickpower.in: India’s first Green Energy Marketplace
About REConnect
Analysis of Model
Regulation –2015 RPO Map Green News REC Project Stats REC Trade Report Regulatory Updates
www.reconnectenergy.com Page 13
REConnect Energy is India’s leading renewable energy trading company. We provide end-to-end services
for projects in the Renewable Energy Certificate mechanism – from contract structuring, advisory to mone-
tization of RECs. We also work with power consumers to manage Renewable Purchase Obligation (RPO)
liabilities, and develop and execute their energy sourcing strategy. We are a knowledge focused company
that prides itself in providing premium services to our clients backed by in-depth research and analysis.
Our other prime area of focus is, facilitating Private PPAs (OTC) by bringing RE Generators and HT Con-
sumers onto a single platform called Clickpower.in, which we have developed specifically for this pur-
pose. It is India’s First Green Energy Marketplace.
REConnect is run by an experienced and professional team. The team consists of members with relevant
experience of working at IEX, L&T, JP Morgan, Arthur Andersen and Gensol. Key members of the team are
alumnus of IIT Bombay, Columbia University (an Ivy League university) and IIT Kharagpur.
For more details of services provided and profile of the management team, please visit our website.
India’s largest REC Trading Company Clickpower.in: India’s first Green Energy Marketplace
Contact Details
Bangalore:
Vishal Pandya
No. 2, Victor Mansion , 2nd floor, Kodi-
halli, Old Airport Road, HAL 2nd Stage
(PO), Bangalore—560008
O : 080 - 6547 3383 / 84
F : 080 - 30723571
New Delhi:
Vibhav Nuwal
C– 503, 5th Floor, Nirvana courtyard,
Nirvana Country, Sector 50,
Gurgaon 122018.
O : 0124 - 4103216
F : 080 - 30723571
Chennai:
Venkat Mutharasu (+919940177993)
# 18/1 (88), 2nd Floor, Aarya Gowda
Road, West Mambalam,
Chennai - 600 033.
Hyderabad:
Divya (+91 9441944866)
Solar Market:
Vibhav Nuwal
Mumbai:
Ram Kumar ( +919930359992 )
1013, 10th Floor,
Micro (Haware) Infotech Park,
Plot no. 16, Sector-30A, Vashi,
Navi Mumbai- 400705,
Maharashtra, India.
Renewable Purchase Obligation (RPO):
Chetan Singh Adhikari ( +91 9910772666)
Forecasting and Scheduling (F&S)
Siddhartha P. (+91 9916994349)
Follow us on:
Disclaimer:
All the information presented in this newsletter is from publicly available sources. REConnect does not warrant the accuracy and completeness of information available and therefore will not be liable for any loss incurred. The content provided here is for the general informational purposes only. REConnect shall not be responsible for damages resulting from the use of any information in this newsletter. Readers are advised to make appropriate analysis and take appropriate advise before acting on the contents of this newsletter.
Call: +91 088732732
W: www.clickpower.in