Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Demand for India Renewable Credits Rises to 3-Month High

June 26 (Bloomberg) -- Demand for Indian renewable-energy credits rose to a three-month high in June as state utilities sought to comply with clean-energy targets after being slapped with fines.

There were 139,184 bids to buy wind, hydropower and biomass credits, the most since March, according to data from trader REConnect Energy Solutions Pvt.

The government requires state-run electricity distributors and large industrial companies including Coal India Ltd. and Tata Power Co. to get as much as 10 percent of their energy from renewables. Those unable to get enough locally must purchase credits from clean-power plants sold over power exchanges in monthly trading sessions.

Regulators have imposed fines on distribution companies in northern Uttarakhand state and the Union Territory of Dadra and Nagar Haveli in western India, prodding the government-run utilities to buy credits to meet their obligations.

Wind, hydropower and biomass credits traded at their floor price of 1,500 rupees ($25). Solar credits, which trade separately, also cleared at their minimum of 9,300 rupees. Each credit represents 1 megawatt-hour of electricity fed into the grid.

To contact the reporter on this story: Natalie Obiko Pearson in New Delhi at npearson7@bloomberg.net

To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net Abhay Singh, Indranil Ghosh

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.