PTC India has received an interest of supply of 3,500 MW of renewable energy (RE) from a total of 14 of the top RE producers against its expression of interest for procurement of 1,000 MW
This renewable energy is being procured for onward sale through market-linked RE products, a release by PTC India said.
This is first of its kind development in Indian power market wherein a trading licensee intended to purchase renewable power for onward sale through market linked products. This will lead to significant changes in the present electricity market structure and speed up the renewable energy generation, the release noted.
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Prominent names
Most of the big domestic private players including Tata Power Renewable Energy, Torrent Power, ReNew Power etc. participated in the process. Besides, many internationally renowned companies like Enel Green, Engie Power, etc. have also shown interest in the EoI process.
Developers have offered quantum ranging from 100 MW to 500 MW. Since, this is a hybrid based procurement (Solar + Wind energy) many developers have also offered high capacity utilization factor (CUF) which means more renewable energy available for sale in the market. The projects are mainly located in Rajasthan, Gujarat, MP and Karnataka. Developers have offered to commission the project with in a period of 18-24 months.
The offers received from the developers are currently under evaluation and PTC is likely to take a call on the above procurement in 3-4 weeks.
RE sales through exchanges
Commenting on the development, Dr. Rajib K Mishra, CMD (addl. Charge), PTC India Ltd., said “This is unique market-linked product being initiated by PTC to encourage renewable energy sale in the exchanges or through any other options without putting any burden or commitment on state discoms. This will shape-up the future of renewable energy market and will contribute for the growth of the sector. At PTC we will continue with market benchmarking initiatives that will further benefit not just the discoms and consumers but also the renewable power producers thereby ensuring long term sustainability of the RE market in India.”
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