Daily News Wrap-Up: Draft Renewable Energy Tariff Regulations 2024

NTPC Tenders Land and Transmission Package for 2 GW Solar Projects

February 26, 2024


The Central Electricity Regulatory Commission has formulated the draft regulations to determine the tariff for renewable energy projects in 2024. These regulations are applicable to situations where the Commission needs to determine the tariff for a grid-connected generating station or a unit thereof commissioned during the control period and relying on renewable energy sources. The Central Electricity Regulatory Commission (Terms and Conditions for Tariff Determination from Renewable Energy Sources) Regulations, 2024, will be effective starting from April 1, 2024, to March 31, 2027.

NTPC Renewable Energy has invited bids for a land and power evacuation package to develop 2 GW interstate transmission system (ISTS)-connected solar power projects in Barmer, Rajasthan. The last date to submit the bids is March 28, 2024. Bids will be opened on the same day. Bidders must secure five acres of land per MW, either government or private, situated close to the Barmer ISTS substation. This land should be acquired on a freehold or leasehold basis, with the lease extending for at least 29 years and 11 months. Government land proportion should not exceed 10% of the total land area secured for the project.

The Ministry of Power has mandated that the technical feasibility study for the installation of all rooftop solar photovoltaic systems must be completed within fifteen days, and the outcome of it is to be shared with the applicant. Failing to meet the deadline, the system will be presumed technically feasible and approved. The Ministry notified the amendments as its latest rules under the Electricity (Rights of Consumers) Amendment Rules, 2024. The new rules also exempt rooftop solar systems up to 10 kW from technical feasibility study requirements, considering they have completed all other due processes. The distribution licensee will be responsible for carrying out any corresponding enhancement of the consumers’ sanctioned load for such systems.

The Central Electricity Regulatory Commission (CERC) has ordered a comprehensive audit of all three power exchanges in the next six months and the elimination of manual entries of bids and cancellation/modification of bids outside of trading hours, citing multiple violations. In a suo motu order, the CERC said its staff will conduct an audit of the processes and software of all three power exchanges with the help of suitable agencies to ensure the provisions of Power Market Regulations 2021 are followed.

Renewable energy developer Serentica Renewables is strategically employing a diverse mix of solar, wind, and energy storage technologies. The company has recently embarked on a collaborative effort centering around a standalone energy storage offtake contract. This strategic move is anticipated to position Serentica as a key player in delivering 1,500 MW of uninterrupted power, with a specific emphasis on industries highly sensitive to power disruptions. In this exclusive interview with Mercom India, Akshay Hiranandani, CEO of Serentica Renewables, delves into the company’s ambitious plans for installing 4 GW of green energy projects, their customer-centric approach, financing strategies, challenges in the green energy open access market, and insights into the future growth trajectory of this dynamic sector.

Mumbai-based renewable energy firm CleanMax Enviro Energy Solutions (CleanMax) has entered into a 25-year-long power purchase agreement with Bangalore International Airport (BIAL) to supply power from a 45.9 MW solar-wind captive power project. The project, located in Jagaluru, Karnataka, is operating under the special purpose vehicle named Clean Max BIAL Renewable Energy. It comprises 36 MW of solar power and 9.9 MW of wind power projects.

Bengaluru-based shared electric two-wheeler company Yulu has raised ₹1.6 billion ($19.25 million) in equity funding from existing investors Bajaj Auto and Magna International. The company will use these funds to scale up vehicles, operational locations, product and technology innovation, and strengthen market leadership to meet the user demand. Over the last year, the company said it has experienced a 5x growth in its revenue due to the increasing demand for shared mobility.

U.S.-based residential solar firm Sunnova Energy‘s fourth-quarter net loss ballooned by about 800% to $187.6 million from $20.9 million last year, hurt by higher interest and operating expenses. Quarterly operating expenses for the quarter soared by 474%, but lower inventory costs partially mitigated the negative impact. Interest expenses rose by 171% when compared to the same period last year.

Solar tracking solutions supplier GameChange Solar (GCS) is expanding its annual tracker manufacturing capacity in the U.S. from 24 GW to 35 GW. This increase in domestic manufacturing capacity allows GCS to incorporate over 85% domestic content in its ‘Genius Trackers.’ The company said it can now deliver solar tracker systems that contain 70% of domestic content with the potential to increase the percentage to over 85%.

Researchers at the University of Liverpool have discovered a solid material that rapidly conducts lithium ions, which are essential components in the rechargeable batteries that power electric vehicles and many electronic devices. Consisting of non-toxic earth-abundant elements, the new material has high Li-ion conductivity to replace the liquid electrolytes in current Li-ion battery technology, improving safety and energy capacity.