Daily News Wrap-Up: Solar Power Generation in India Up 19% YoY in Q3 2023

REC subsidiary invites bids to evacuate 5.5 GW of renewable power in Rajasthan

November 17, 2023


India generated approximately 27 billion units of solar power in the third quarter of the calendar year 2023, up 19% year-over-year , according to the data published by the Central Electricity Authority. The country’s solar power generation fell 12.1% quarter-over-quarter  after hitting a record high in Q2, as the seasonal monsoons dampened generation. Rajasthan, Karnataka, and Tamil Nadu recorded the highest solar power generation quarter-over-quarter, with 9.5 BU, 3.4 BU, and 3.1 BU, respectively.

REC Power Development and Consultancy issued a tender to select a transmission service provider to establish an Inter-State Transmission System for evacuating 5.5 GW power from the Rajasthan Renewable Energy Zone Phase IV. The last date for the submission of bids is December 1, 2023.  Bids will be opened the same day.The project must be completed within 24 months.The selected bidder must furnish a performance bank guarantee of ₹890 million (~$10.6 million) within ten days from the issuance of the Letter of Intent.

Haryana Electricity Regulatory Commission provided a series of clarifications on the difficulties in implementing certain sections of the HERC (Green Energy Open Access) Regulations, 2023. It was responding to a petition filed by Uttar Haryana Bijli Vitran Nigam. The Commission stated that while reliability charges will not apply for open access consumers, imbalance charge is applicable and will be governed by the DSM Regulations or Open Access Regulations. The Commission also clarified that the exemption of transmission and wheeling charges on captive solar plants commissioned on or before February 13, 2019, provided under HERC RE Regulations 2021, will continue to be made applicable.

The UK government announced an increase in the maximum price for offshore wind projects to ensure the effectiveness of the Contracts for Difference program. The maximum strike price for offshore wind projects has been increased by 66% to £73 (~$90)/MWh. Floating offshore wind projects will also increase by 52% to £176 (~$218)/MWh. The maximum price for solar projects will go up by 30% to £61 (~$75)/MWh. These adjustments are set to take effect in the upcoming CfD Allocation Round 6 scheduled for 2024.

The U.S. Department of Energy announced funding of $3.5 billion to boost domestic production of advanced batteries and battery materials. The initiative aims to create and upgrade facilities critical for supporting the future of clean energy industries, including renewable energy and electric vehicles (EVs). Administered by the DOE’s Office of Manufacturing and Energy Supply Chains, the investment reflects the U.S.’s commitment to achieving a net-zero emissions economy by 2050, with EVs constituting half of all new light-duty vehicle sales by 2030.

Norway-based polysilicon manufacturer REC Silicon reported a revenue of $34.8 million in the third quarter of 2023, a 5% YoY decrease from $36.7 million, as polysilicon prices continued to decline during the period. The average polysilicon prices witnessed a 3.6% decrease in Q3 from the previous quarter. Earnings before interest, taxes, depreciation, and amortization came in at a loss of $17.8 million, an increase from a loss of $13.8 million in the previous quarter. Total polysilicon sales volume, including by-products, was 199 MT during the quarter, dropping from 426 MT in Q3 2022.