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					</table>Here is a collection of the most-read news stories and in-depth articles of 2023. Most of the top stories this year were from the rooftop solar segment. Other popular themes among readers included articles on auctions, policy changes, green energy trading, and module manufacturing.
<a href="https://www.mercomindia.com/ireda-loans-program-rooftop-solar-pm-kusum-consumers" target="_blank" rel="noopener">IREDA’s Loans Program for Rooftop Solar, PM-KUSUM Consumers</a>
The Indian Renewable Energy Development Agency (IREDA), in December 2023, launched its retail division with an emphasis on providing loans in the Business-to-Consumer (B2C) sector. The strategic initiative targets borrowers under the Pradhan Mantri Kisan Urja Suraksha Evam Utthan Mahabhiyan (PM-KUSUM) program, rooftop solar consumers, and other B2C segments. Shortly after the launch, IREDA approved its first loan amounting to ₹580 million (~$6.95 million) under Component B of the KUSUM program, underscoring its aim to emerge as the preferred lender in new segments, mirroring its success in other renewable energy sectors.
<a href="https://www.mercomindia.com/ministry-expedite-residential-rooftop-solar" target="_blank" rel="noopener">Electricity Rules Amendments to Expedite Residential Rooftop Solar Installations</a>
In December, the Ministry of Power proposed amendments to the Electricity (Rights of Consumers) Rules, 2023, to accelerate the residential rooftop solar installations in the country. The proposed amendments, once implemented, will direct DISCOMs to expedite the application process for the rooftop solar installations, metering setup, and feasibility study duration. Stakeholders can submit their comments by January 12, 2024. The amendments include approval for new connections and modification in existing connections, the metering process, and managing consumers as prosumers.
<a href="https://www.mercomindia.com/end-of-polycrystalline-solar-modules" target="_blank" rel="noopener">End of the Road for Polycrystalline Solar Modules?</a>
In September, Mercom reported on how the recent ‘Approved List of Models and Manufacturers’ (ALMM) rules by the Ministry of New and Renewable Energy effectively prevent polycrystalline modules from being used in government projects. This was after it set 19% as the minimum efficiency for the modules to be listed in ALMM. The minimum efficiency for modules used in utility/grid-scale power projects is 20%; for rooftop solar and solar pumping projects, it is 19.5%, and for solar lighting, 19%. Polycrystalline efficiencies have peaked at 17-18% from being listed in the ALMM going forward. However, not all stakeholders are satisfied with this decision. Several view the removal of polycrystalline modules from the Indian market as stringent and argue that the ALMM efficiency mandate was unwarranted. They believe the government could have allowed the technology to phase out gradually over time. Although the demand for polycrystalline modules has declined considerably in India, several manufacturers still produce and supply them to small-scale solar projects, especially agricultural solar pumps.
<a href="https://www.mercomindia.com/powergrid-contract-evacuate-23-5-gw" target="_blank" rel="noopener">Contract to Evacuate 23.5 GW of Renewable Power in Rajasthan and Andhra Pradesh</a>
In October, The Power Grid Corporation of India emerged as the successful bidder for the execution of the two inter-state transmission system projects – Bhadla III Transmission and Ananthapuram Kurnool Transmission from PFC Consulting, to evacuate a total of 23.5 GW of renewable energy in Rajasthan and Andhra Pradesh. The Bhadla III Transmission project is dedicated to establishing a transmission system to evacuate power from the renewable energy zone in Rajasthan (20 GW) under Phase-III Part B1. The Ananthapuram Kurnool Transmission project is focused on creating a transmission project for solar energy zones in Ananthapuram (2,500 MW) and Kurnool (1,000 MW) in Andhra Pradesh.
<a href="https://www.mercomindia.com/lower-electricity-tariff-solar-hours" target="_blank" rel="noopener">Consumers to Pay 20% Lower Electricity Tariff During Solar Hours</a>
The Ministry of Power, in June, amended the Electricity (Rights of Consumers) Rules, 2020, directing state commissions to ensure the tariff for solar hours (the duration of eight hours in a day) must be at least 20% lower than the normal tariff for all consumer categories (except agricultural consumers). The Ministry introduced provisions for Time-of-Day (ToD) tariffs and regulations around smart and prepaid meter usage for consumers. The ToD tariff refers to the differentiated tariffs for peak and non-peak hours in a day. Commercial and industrial (C&amp;I) consumers with higher consumption tend to affect the grid stability during peak hours. The new ToD tariffs are expected to play a crucial role in encouraging the C&amp;I segment to shift their demand to non-peak hours with cheaper electricity rates compared to peak hours when it would be more expensive.
<a href="https://www.mercomindia.com/low-wind-generation-brings-green-energy-trade-iex-down" target="_blank" rel="noopener">Green Energy Trade at the IEX in August 2023</a>
The Indian Energy Exchange (IEX) recorded the lowest renewable energy units traded in 2023 at 242.3 million units (MU) in August 2023, a 44.6% year-over-year (YoY) decline from 437 MU and an 11.9% drop from the 275 MU traded in July. The renewable energy trade at the IEX has witnessed a downward trend throughout 2023 as compared to the previous year, with the highest green energy units traded in March 2023 at 391 MU. The Green Day-Ahead Market and Green Term-Ahead Market segments witnessed an unprecedented surge in weighted average prices during the month, leading to lower trading volumes.
<a href="https://www.mercomindia.com/kpi-sael-nlc-india-guvnls-800-mw-solar-auction" target="_blank" rel="noopener">GUVNL’s 800 MW Solar Auction Results</a>
In July 2023, KPI Green Energy, SAEL Industries, and NLC India were declared winners of Gujarat Urja Vikas Nigam’s (GUVNL) auction to develop 800 MW of grid-connected solar power projects (Phase XX) at the Khavda Solar Park in Gujarat. The developers were given the option avail of a greenshoe option of an additional 800 MW. KPI Energy bagged 100 MW by quoting ₹2.70 (~$0.033)/kWh. SAEL Industries and NLC India won 400 MW and 300 MW by quoting ₹2.71 (~$0.033)/kWh each.
<a href="https://www.mercomindia.com/maharashtra-net-metering-cap-rooftop-5-mw" target="_blank" rel="noopener">Maharashtra Sets Net Metering Cap for Rooftop Solar Projects at 5 MW</a>
In November 2023, The Maharashtra Electricity Regulatory Commission increased the net metering cap for rooftop solar power projects to either 5 MW or the consumer’s contract demand/ sanction load, whichever is lower. Net metering in the state was earlier capped at less than 1 MW. The increase in the net metering cap comes across as an effort to encourage the adoption of commercial and industrial rooftop installations. The Commission has also allowed consumers to opt for group net metering, net billing, or behind-the-meter connection. The amendments are a part of the latest Maharashtra Electricity Regulatory Commission (Grid Interactive Rooftop Renewable Energy Generating Systems) (First Amendment) Regulations, 2023.
<a href="https://www.mercomindia.com/reliance-renew-tata-power-winners-pli-11" target="_blank" rel="noopener">Auction Results of Performance-Linked Incentive Program for Solar Modules Tranche II</a>
In March, the Solar Energy Corporation of India (SECI) declared the winners who would be eligible to receive a total of ₹139.4 billion (~$1.69 billion) under Tranche II of the performance-linked incentive (PLI) program to manufacture 39.6 GW of solar modules. Some eligible companies include Shirdi Sai, First Solar, Reliance, ReNew, and Tata Power. The MNRE approved incentives amounting to ₹195 billion (~$2.36 billion) for Tranche II. Out of this, ₹120 billion (~$1.45 billion) had been set aside for vertical integration of manufacturing polysilicon, ingots, wafers, solar cells, and solar modules.
<a href="https://www.mercomindia.com/sael-renew-eden-jakson-winners-secis-solar-auction" target="_blank" rel="noopener">SECI’s 2 GW Solar Auction Results</a>
In July, SAEL, ReNew, Eden Renewables, Jakson, Shiva Corporation, and Avaada Energy were declared winners in SECI’s auction to set up 2 GW interstate transmission system-connected solar projects (Tranche XI) in India. SAEL and ReNew bagged 600 MW each, quoting ₹2.60 (~$0.032)/kWh. Eden won 300 MW by quoting ₹2.60 (~$0.032)/kWh, and Jakson secured 200 MW by quoting ₹2.60 (~$0.032)/kWh. Shiva Corporation quoted ₹2.60 (~$0.032)/kWh for 100 MW. Avaada was the only bidder to quote ₹2.61 (~$0.032)/kWh and bagged 200 MW out of the quoted capacity of 500 MW.

Mercom India’s Most Read News Stories from 2023

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					</table>The Indian Energy Exchange (<a href="https://www.iexindia.com/" target="_blank" rel="noopener">IEX</a>) traded 189 million units (MU) of green energy during November 2023, a 46.61% year-over-year (YoY) drop from 354 MU.
Green energy trade has continued to slide throughout 2023, given the considerable drop in renewable generation due to seasonality and increased power demand across the country.
IEX  cited the government data published in November 2023, stating the country&#8217;s energy consumption reached 120 billion units, representing an 8.5% increase YoY.
The Green Day-Ahead Market (GDAM) segment recorded trading of 182 MU, a 36.81% YoY drop. The segment saw participation from 182 market participants, achieving a weighted average price of ₹5.05 (~$0.061)/kWh.
The Green Term-Ahead Market (GTAM) achieved 7 MU volume with only non-solar power traded at an average monthly price of ₹6.22 (~$0.075)/kWh. Trading in the GTAM segment was down 89.3% YoY from 66 MU.
The Exchange recorded 9,136 MU of overall volume traded during November, including 755,000 Renewable Energy Certificates (REC), a 17.5% YoY increase. The total electricity trade volume stood at 8,371 MU, surging by 13% YoY.
Prices on the Exchange witnessed a downward trend, with the average monthly prices reaching their lowest levels this financial year, offering distribution companies and industrial consumers an opportunity to optimize their power costs.
Renewable Energy Certificates
A total of 755,000 RECs, equivalent to 755 MU, were traded during the two sessions held on November 8 and November 23. The REC volume was up 103% YoY from 217,000 RECs.
The REC clearing price for both the sessions stood at ₹375 (~$4.50)/REC.
The next trading sessions at the IEX are scheduled for December 13 and December 27.
Energy Saving Certificates 
The Energy Saving Certificates (ESCert) trading for PAT Cycle-II concluded on October 30, 2023, with 544 Designated Consumers and 40 successful trading sessions. In all, 1.32 million ESCerts were traded on the IEX.
Electricity Market: Day-Ahead, Term-Ahead, and Real-Time Market
The Day-Ahead Market (DAM) segment saw 5,144 MU volume traded during the month, a YoY increase from 5,087 MU.
The market clearing price at the segment was ₹3.98 (~$0.048)/kWh, a decline of 13% YoY. The price decline was attributed to factors such as lower demand due to the festive season, temperature drop, and much-improved sell-side liquidity on the platform.
The Real-Time Electricity (RTM) market segment recorded a 68% jump from November 2023 to 2,359 MU from 1,407 MU in November 2022.
The Day-Ahead Contingency and Term-Ahead Market (TAM), comprising contingency, daily/weekly, and monthly contracts for up to three months, traded 679 MU during the month, a 24% YoY increase.
Mercom recently <a href="https://www.mercomindia.com/green-energy-trading-takes-hit-2023" target="_blank" rel="noopener">reported</a> on the factors influencing the drop in green energy trade in 2023 at the IEX. Seasonality, floods, and inconsistent renewable energy generation were a few of the many reasons identified to be behind the drop in renewable energy trade. The increasing power demand and the drop in renewable generation have forced entities to trade mostly on the conventional electricity market, in turn reducing the buy bids in the green market segments.
The renewable energy units <a href="https://www.mercomindia.com/iex-lowest-green-trade-188-mu-october" target="_blank" rel="noopener">traded</a> at the IEX in October 2023 dropped to 188 MU, the lowest recorded in 2023, a 53.35% YoY and 18.26% month-on-month drop.

Green Energy Trade at IEX Continues to Dip, 189 MU Traded in November

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