Daily News Wrap-Up: CERC Approves High Price Bilateral Market Segment on PXIL
Indian Oil floats consultancy tender for renewable projects across India
September 25, 2023
The Central Electricity Regulatory Commission recently approved Power Exchange India’s (PXIL) proposal to introduce high price bilateral market segment. The Commission also approved PXIL’s proposal to introduce the High Price Term-Ahead Market (HP-TAM) and contingency contracts. The central regulator directed GRID-INDIA to submit a report on the experience and performance of HP-TAM and HP-contingency contracts within three months from the date of introduction of these contracts.
Indian Oil Corporation has invited bids to appoint a technical consultant for project management consultancy services to set up renewable energy projects at various locations across India. The last date to submit the bids is September 29, 2023. Bids will be opened on October 3. Bidders are not required to pay any earnest money deposit. The contract will be valid for three years from the issuance of the letter of award.
Power transmission company Sterlite Power has acquired Beawar Transmission, a special purpose vehicle (SPV) held by REC Power Development and Consultancy, a wholly-owned subsidiary of REC, in Rajasthan. Sterlite Power secured this project through the tariff-based competitive bidding process in August 2023. The Beawar Transmission SPV is the conduit through which Sterlite Power will execute the green energy corridor project, on the build, own, operate, transfer model, spanning a contractual period of 35 years.
Renewable energy company Enfinity Global has announced the acquisition of 546 MW of solar assets under development in Colorado, United States, from Australia-based electric utility CS Energy. The acquisition encompasses three solar projects in Colorado, a region with a mandate to achieve 100% renewable energy by 2050. The company said this portfolio complements Enfinity’s existing development presence in the Western Electricity Coordinating Council region and will seamlessly integrate into the company’s in-house development processes and team.
Europe’s power industry has called for ramping up investments in aging grid infrastructure by 84% every year until 2050. The grid infrastructure is ill-suited for accommodating decentralized renewables, electric vehicles and smart grids, Eurelectric, which represents the interests of the European electricity industry, said. In its Power Barometer 2023 report, Eurelectric highlighted the importance of investing in grid infrastructure upgrades to achieve renewable energy objectives.