Renewable energy certificates (REC) for power generated from wind, biomass, biofuel, and small hydro plants are stacking up in the absence of takers, eroding a key incentive for renewable electricity.
Out of 8.5 lakh such certificates offered for sale in December, barely 1.73 lakh found buyers at a price of Rs 1,500 each, which is about 45 per cent lower than a year ago.
According to data provided by the Indian Energy Exchange, the number of certificates being offered for sale is steadily increasing since April, when it was about one lakh. However, buy bids have been hovering at two lakh and below every month, except for June when it touched 3.3 lakh. During November as many as 9.2 lakh RECs were offered for sale - the highest so far. Only about 55,000 were sold during the same month.
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