10th Capacity Building Program for Officers

of Electricity Regulatory Commissions

13--19 June 2016
13

Policy and Regulation for

Renewable Energy Certificates
(RECs)

Anoop Singh
Associate Prof.
Dept of Industrial and Management Engg.
Engg.
IIT Kanpur

Sustainable Energy Path

• Domestic Drivers
– Increasing energy demand
– Lack of fossil resources
– Increasing energy import (energy security)
– Clean energy access

• International Drivers
– Global warming & Kyoto Protocol…..
– Competitiveness

1
Sustainable Energy Policy Options
• Stimulate Green Investment
– FiT
FiT,, RPO, REC
• Address Distortions in Energy Pricing
– Encourage energy conservation
• Address Environmental Externalities
– Chimney
Chi height,
h i h fly
fl ashh use, SC technology
h l
• Enhance Energy Efficiency
– Star Labeling, PAT Scheme

Renewable Energy Resources –

Technological Challenges
• Increasing PV efficiency
• Cost effective power electronics
• Energy Storage – Fuel Cells
• High capacity offshore wind
• Grid Integration
• Generation Forecasting
• (New Business Models – Replicability
Replicability,,
Scalability Challenges)

2
Role of Technology
• Resource Identification and Mapping
– New reserves for coal, oil, gas
– Wind and solar mapping across country
• Resource Harnessing & Conversion
– Coal Mining, Coal Bed Methane
– Oil – Deep sea, Oil Shale; Natural Gas
– Electricity - Super Critical, Ultra Supercritical, IGCC
• Transmission/Transportation
– Cross boundary trade in Natural Gas – Central Asia, Gulf, Myanmar
• Distribution
– Electricity Distribution - HVDS and Smart Grid
– Oil and natural gas pipelines
– City gas distribution
• Use
– Appliance efficiency

R bl Energy
Renewable E R
Resources i
in
India

3
 Wind Energy Map of
India

Untapped Wind Potential!

• Hub Height
• Off
Off--share
• Vertical Axis

• LBNL Study projects India

India’ss onshore wind
potential to be 2,006,000 MW (3,121,000
MW) at 80 m (120 m) hub height!!!

4
So: Phadke et al. (2012), LBNL

Solar
Resources in
I di
India

5
All India Generation Capacity
(As on 31 Dec. 2013 )
250 233.9
Total Pvt. Sector 

Total Central 
lC l
200 67.0
neration Capacity (GW)

Total State 

TOTAL (ALL INDIA)
150 138.2

76.1
45.4
100

39.7
Gen

50 39.9
29.5 90.8
21.6 9.7 0.0
53.1 2.7
7.1 4.8 27.5
8.0 3.7
0 6.5
0.0
COAL   GAS &  NUCLEAR   HYDRO   RES (MNRE) TOTAL  
DIESEL
So: CEA (2013)

Grid Interactive Renewable Energy

Deployment (By Source)
35000
(as on 31.12.2012)
(as on 31.12.2013)
31 12 2013)
30000
26677

25000
Capacity (MW)

20000
18420

29989

15000
50
2015

10000

5000
3496
3763

1249
1285

2240
2513

1176
2180
96
99

0
Wind SHP Biomass Bagasse  Waste to  Solar Total
Cogen Power

(So: MNRE)

6
 Role of Policy and Regulation

Low Carbon Growth - Policy

Developments in India
• Renewable Energy
– Electricity
El i i Act A 2003 – RPO
– Renewable Energy Certificates (REC)
• Energy Efficiency
– Energy Efficiency Standards
– Appliance Rating
– CEA Notification on Use of Super Critical
Technology
– PAT under NMEEE
• National Action Plan for Climate Change
– JN National Solar Mission

7
How to make RE story a success?

• We have technology,
technology but
– Conventional resources are limited and
increasingly difficult to harness (land, env
env..
clearances)
– It is expensive
p ((….costs are coming g down))
– It is difficult to get investors to put money
into it

Need some Carrots (and small sticks)

Carrots
• Subsidies
• Feed
Feed--in Tariff (FiT
(FiT))
• Tax Breaks
Sticks!
• Obligation to buy electricity generated
from renewable energy resources,
Renewable Portfolio Obligation (RPO)

8
 Electricity Act 2003 and Policy
Framework for Renewable Energy
• State Electricity Regulatory Commissions (SERCs) to
specify a percentage of the total consumption of electricity
in the area of a distribution licensee, for purchase of
electricity from co
co--generation and renewable energy
sources (renewable portfolio obligation) (Sec. 81 (1) (e)).
• SERCs to promote co co--generation and generation of
electricity through renewable sources of energy by
providing suitable measures for connectivity with the grid
and sale of electricity to any persons (Sec. 81 (1) (e)).
• Terms and conditions for the determination of tariff to be
prescribed by the SERCs to promote co- co-generation and
generation of electricity from renewable sources of energy.
(Sec. 61 (h))

Electricity Act 2003 and Policy Framework

for Renewable Energy (Contd.)
• National Electricity Policy to be formulated by the
central government, in consultation with the state
governments for development of the power system
based on optimal utilization of resources including
renewable sources of energy.
energy. (Sec. 3 (1))
• Central Government to prepare a national policy, in
consultation
l i with i h the
h State
S Governments,
G
permitting stand alone systems (including those
based on renewable sources of energy and other
non--conventional sources of energy) for rural areas.
non
(Sec. 4)

9
 Renewable Portfolio Obligation (09-
(09-10)
percentage of total procurement of the Distribution Licensee

Mah. Orissa M.P. Gujarat Kar. Rajasthan TN U.P. A.P.

RPO 6 4 0.5 2 Min. Wind $ 10 7.5 5

(08-09) 5 3.6 (07-08)
Max.
10 Bio-mass Wind
1.43 0.5

Solar &
Oth.
Upto 75

Feed--in Tariff: absence of economic efficiency?

Feed
Maharashtra M.P. Gujarat Kar. Rajasthan TN U.P. Andhra
Pradesh

Tariff Wind – Pre 3.97 (1) 3.37 3.4 Wind – Wind Cogen. Wind &
((Rs. / 99 3.80 ((2)) ((New projects
p j – 2.86-3.38 MSW
kWh) 2.25 to 4.01 3.63 (3) Wind Commd. 2.75, for 2006-10 - 3.37 + 5 pa
(94-95 to 3.46 (4) Mills) after 23 2.90 based on yr. Base price as
2013-14) 3.3 (5-20) Feb. 2006 of com. on 1 April
Existing 3.25 + 0.06 Bioma 2004.
Wind – 99 to as per for 10 yrs; ss Mini/Micro
03 the PPA 3.79 from and Hydel 3.39- Incentive of
2.80 to 3.9 11-20 yr. Bagass 1.90 for 1st- Paise 21.5 /
(over 8 yr.) Infirm e 20th year. kWh for PLF
Inj. at Other based exceeding 55
Wind
Wi d – New
N UI ratet Renewable
R bl Cogen
C Others
Oth 2.525 (bag.
(b
3.50 in 1st of the For CoD . - 3.15 based
year; + 0.15 state 04-05 In-firm 1.42 cogen),
for 13 years 3.32 + 2 (+ 4 pa) 80
up to 2013- Incentive (biomass), 35
Non-fossil 14 for PLF. mini-hydel
fuel based
Cogen. –
3.05 + 2 pa

10
Grid Interactive RE
(as on 31.07.2014)

Any Anomalies?

11
 RPO and its Compliance Across
States (in %)
RPO Targets RPO Performance
2008- 2009- 2009-
States 2007-08 09 10 2010-11 2011-12 2007-08 2008-09 10
A dh
Andhra
Pradesh#$ 5 5 5 5 5 4.41 3.95 4.06
Bihar@ 4 5 6 NA
Delhi 1 1 1 1 --- --- ---
Gujarat 1 2 2 2.07 NA 2.55
Haryana 3 5 10 10 10 NA 0.01 5.7
Karnataka 7-10 7-10 7-10 9.83 10.80 11.04
Madhya Prad. 10 10 10 10 0.08 0.07 0.06
Maharashtra$ 4 5 6 3 35
3.35 3 36
3.36 4 25
4.25
Orissa 3 3 4 0 0 1.26
Punjab 1 1 2 3 4 0.69 0.74 1.49
Rajasthan$ 4.88 6.25 7.45 8.50 9.75 2.57 4.90 3.23
Tamil Nadu 10 10 11.65 12.08 13.79
Uttaranchal 5 5 8 9 10 1.4 1.7 2.18
Uttar Pradesh 7.5 7.5 7.5 1.26 2.98 2.97
West Bengal 0.95-3.8 2-4.8 4-6.8 7-8.3 10 NA 0-0.37 0-0.34

Discontinuity in prices in the demand

function

Feed-in-Tariff and Shortfall in RPO Compliance

12
 Jammu
and
Kashmir

Himachal
10.39 Pradesh
17.70
Punjab Chandigarh
Uttarakhand
9.18
Haryana Arunachal
9.63 Pradesh
Delhi
Sikkim

Rajasthan Uttar Pradesh Assam

10.90 Nagaland
15.00 Bihar Meghalaya
Manipur

10.44 (Capacity > 2MW) Jharkhand

Tripura
Mizoram
10.70 (Capacity up to West
Gujarat Madhya Pradesh
10.37 2MW) Bengal

10.00
Daman
and Diu Odisha
Dadra and
Nagar Haveli
17.80
11.16
Maharashtra
Bay
Andhra of
Pradesh g
Bengal
17.91
Goa
Arabian
Sea
14.50 Andaman
and
Nicobar
Islands
Puducherry
Lakshadweep Tamil Nadu
15.18
18.45

STATE-WISE FEED-IN-TARIFF
Indian Ocean FOR SOLAR PV

Wind Energy Tariff Across States

(2008--09)
(2008
Av. Tariff for Wind Energy
4.3

4.1

3.9

3.7
((Rs. / kWh)  

3.5
Madhya Pradeesh (3.97)

West Benggal (4)

3.3
4.08)
3.5)

Rajasthan (3..65)
37)

Maharsthra (3
4)

Haryana (4
Andhra Prad. (3.3

Karnataka (3.4

3.1
Gujarat (3.37)
Kerala (3.14)

2.9
TN (2.9)

2.7

2.5
1 2 3 4 5 6 7 8 9 10

13
Challenges

• Economic Efficiency of existing policies

• States have different resource endowments and
some have very limited ones (e.g. Delhi,
Chandigarh)
• How to incentivise renewable resources in
remote areas not connected with grid?

100 kW Solar PV plan in Tangtse,

Tangtse,
Ladakh

14
 A solution?

What differentiates electricity from

renewable energy sources?

• Electricity from
Conventional energy Sources

• Electricity from Renewable

energy Sources

15
What is Renewable Energy
Certificates?

= +
‘Green electricity’ ‘electricity ‘green
certificates’
• Sell ‘electricity’ and ‘green certificates’ in
different markets

A Market for Nationally Tradable

Renewable Energy Credits/Certificates
• Renewable portfolio standard with cost based
feed-in
feed- in--tariffs disregard economic efficiency
• One of the market related approach would be to
unbundle ‘Greenness’ from ‘electricity’.
• Nationally tradable renewable energy
certificates,, which could be sold separately from
certificates
‘electricity’ addresses these issues effectively.
• Separation of market for ‘energy’ and
‘renewable certificates’ promises a economic
efficiency with proper implementation.

16
 A Market for Nationally Tradable
Renewable Energy Certificates (Contd.)

• Lower cost of compliance for renewable

obligation.
• Bring new investment as investors have access
to a ‘national’ market as opposed to a
particular state.

Advantages of Renewable Energy

Certificates/Credits (RECs)
• Assist in RPO Compliance (Compliance market)
• A i t promotion
Assist ti off RE (Voluntary
(V l t k t)
market)
• Marketing ‘Green/Greener’ Electricity to Consumers
• Promote efficiency in investment and assist choice of
appropriate technology
• Provide incentives for cost reduction and benchmarks for
innovation in RE applications
• Avoiding transmission of electricity generated through
RE sources
• Assist efficient implementation of promotional policies by
the government. (esp. off-
off-grid RE based rural
electrification)

17
 Revenue Stream for Investors
CERC (Terms and Conditions for recognition and
issuance of Renewable Energy Certificate for
Renewable Energy Generation) Regulations, 2010.
• (a) Revenue from sale of ‘green electricity’ to
Discoms under a feed
feed--in
in--tariff specified by the
SERCs.
• (b) Sale of ‘Electricity’ to Discom at APPC Avg.
Pooled Purchase Cost + Sale of RECs at PXs.
• (c) RE based captive consumption, if above RPO can
be sold as RECs.

Renewable Energy Credits/

Certificates (RECs)
RECs are used for a variety of purposes including
• Disclosure,
Di l
• Marketing and
• Compliance monitoring
• These are also called as ‘green tags’ or Tradable Green
Certificates’ in Europe, Renewable Obligation
Certificates (RECs) in the UK.
UK
• Guarantee of Origin (GO) or Renewable Energy
Guarantee of Origin (REGO) is often used in the
European Union (EU) to certify that renewable
electricity was generation in a particular jurisdiction.
This is primarily being used as a disclosure mechanism.

18
 Market for RECs – International
Experience
• REC schemes are under operation across various
countries including Italy, US, Australia, Belgium etc.
• USA – Arizona, Colorado, Connecticut, Maine,
Maryland, Massachusetts, Nevada, New Jersey, New
Mexico, New York, Pennsylvania, Rhode Island,
Texas, Wisconsin

A Framework for Implementing Renewable

Energy Certificates in India
State / Compliance Central CERC/
Central Auditors Agency SERCs

Defining Certification Verification Tracking Surrendered

RECs REC

National REC Database

Individuals, REC Power Buyout

CSR, NGOs, Purchases Exchange Price

Generators under
‘REC’ Scheme
‘Grey REC RPO
REC as ‘green
Electricity
Electricity’ Purchases Target
g
Non-renewable attributes’
tt ib t ’
Generators

RE Electricity
(Feed-in-Tariff)
‘Green Electricity’
Retail Products
So: Anoop Singh, “Economics, Regulation
and Implementation Strategy for Renewable
Energy Certificates in India”, India
Infrastructure Report 2010, OUP.
Voluntary Market Compliance Market

19
Issues in Implementing RECs
• Defining RECs
• Eligibility for REC
• Category of Certificates
• Voluntary Markets
• Banking
• ‘Buyouts’
• Central Electricity Regulatory Commission (Terms
and Conditions for recognition and issuance of
Renewable Energy Certificate for Renewable Energy
Generation) Regulations, 2010.

CERC’s Framework for RECs

20
 Mechanism for RECs
Eligible Sources
• ‘Grid Connected’ small hydro, wind, solar including its integration
with combined cycle, biomass, bio-
bio-fuel cogeneration, urban or
i i l waste & suchh sources as recognized
municipal i d by
b MNRE
• Two Categories of Certificates - Solar and Non
Non--Solar
Eligible Entities
• Grid Connected RE Power Projects having no PPA at preferential
tariff with state utilities and having accreditation from a State
Agency
• Shall sell electricity at Pooled cost of Power Purchase to
distribution utility or at mutually agreed price to any other licensee
Obligated Entities
• As identified by the SERCs - distribution utilities, OA Users,
Captive Consumers

Mechanism for RECs (Contd.)

Issuing Authority
• National Load Despatch Center shall issue REC to
Generator based on the Energy Injection Report
prepared by SLDC
Trading of REC
• Transaction of REC shall take pplace at Power
Exchanges operating under the guidance of CERC
Denomination
• One REC is equivalent to 1 MWh of renewable
energy generated and injected into the Grid.

21
Mechanism for RECs (Contd.)
• REC shall be issued electronically to the Generator
• Floor and Forbearance Price determined by the
CERC from time to time
• Obligated entities with shortfall in RPO can buy REC
from PXs Exchange Platform and redeem it for RPO
compliance.
• RE Generator can apply for issuance of certificate
upto 3 months of energy injection in the grid
• REC are valid for 1 year from the date of issuance.

22
 Framework for REC
Implementation
RE Generators RPS  Obligated Entities 

1 1
Open Access Users
Electricity to Grid Electricity From Grid
Power Exchange
DISCOMS Other Obligated 
5 Entities

REC Purchase Agreement/Trading Captive Generators 

1 4 Issuance of REC 6 Redemption of RECs
Energy 
Accounting SERC
Central Agency

2
SLDC
Application to issue REC
3A

Confirmation of EA
RPO Compliance 
3B 7 7 Reporting
Compliance Monitoring
State Agency RE Generator Registration
Auditors

State Agency

18000000

16000000

14000000 Month, Year Non Solar

12000000 Month, Year Solar

10000000

8000000

6000000

4000000

2000000

0
September, 2011

September, 2012

September, 2013

September, 2014

September, 2015
July, 2011

July, 2012

July, 2013

July, 2014

July, 2015
May, 2011

November, 2011

May, 2012

November, 2012

May, 2013

November, 2013

May, 2014

November, 2014

May, 2015

November, 2015
March, 2011

March, 2012

March, 2013

March, 2014

March, 2015
January, 2012

January, 2013

January, 2014

January, 2015

23
 Non

0
10000000
12000000
14000000
16000000

2000000
4000000
6000000
8000000
0
500000
1000000
1500000
2000000
2500000
3000000
3500000

March, 2011
March, 2011
May, 2011
May, 2011
July, 2011
July, 2011
September, 2011
September, 2011
November, 2011 November, 2011
January, 2012 January, 2012
Solar RECs

RECs Issued
March, 2012 March, 2012
RECs Issued

May, 2012

Closing Balance
May, 2012

Opening Balance
Closing Balance

July, 2012 July, 2012
Opening Balance

September, 2012 September, 2012
November, 2012 November, 2012
January, 2013

Non--Solar RECs
January, 2013

RECs retained by RE Generators
March, 2013 March, 2013
RECs retained by RE Generators

May, 2013 May, 2013
July, 2013 July, 2013

RECs Redeemed through Power Exchanges
September, 2013 September, 2013
RECs Redeemed through Power Exchanges

November, 2013 November, 2013
January, 2014 January, 2014
March, 2014 March, 2014
May, 2014 May, 2014
July, 2014 July, 2014
September, 2014 September, 2014
November, 2014 November, 2014
January, 2015 January, 2015
March, 2015 March, 2015
May, 2015 May, 2015
July, 2015 July, 2015
September, 2015 September, 2015
November, 2015 November, 2015

24
CERC’s Framework for Introducing
RECs in India
• Separate
p RECs for solar and non-
non-solar RES.
• RE generators have two options – either to sell the renewable
energy at preferential tariff (feed-
(feed-in-
in-tariff) fixed by the
concerned Electricity Regulatory Commission or to sell the
electricity generation and RECs separately.
• On choosing the second option, the environmental attributes
can be exchanged in the form of REC, one REC being
equivalent of 1h of electricity generated from RES.
• ‘Electricity’ to be sold to distribution company at weighted
average power purchase cost including short-short-term power
purchase but excluding renewable power purchase cost.

CERC’s Framework for Introducing

RECs in India (Contd.)
• The REC can be traded only in the Power Exchanges
approved by CERC within the band of a floor price
and a forbearance (ceiling) price to be determined by
CERC from time to time.
• The distribution companies, Open Access consumer,
Captive Power Plants (CPPs) will have option of
purchasing
h i the h REC to meet their
h i Renewable
R bl
Purchase Obligations (RPO).
• Central level agency for registration of RE generators
participating in the scheme and for the issue of RECs
to RE generators.

25
Advantages of Tradable Renewable
Energy Certificates/Credits (RECs)
• Provide flexibilityy in meetingg RPO of discoms/SEBs
discoms/SEBs
(Compliance market
market))
• Expand participation in promotion of RE ((Voluntary
Voluntary market
market))
• Promote efficiency in investment
• Assist choice of appropriate technology
• Provide incentives for cost reduction
• Provide benchmarks for innovation in RE applications
• Avoid transmission of electricity generated through RE sources
• Assist efficient implementation of promotional policies by the
government. (esp. off-
off-grid RE based rural electrification)

A Market for Nationally Tradable

Renewable Energy Credits/Certificates
• Renewable portfolio standard with cost based
feed-in
feed- in--tariffs disregard economic efficiency
• One of the market related approach would be
to unbundle ‘Greenness’ from ‘electricity’.
• Nationally tradable renewable energy credits,
credits,
which could be sold separately from
‘electricity’ addresses these issues effectively.
• Separation of ‘energy’ and ‘renewable credit’
market promises a high degree of economic
efficiency

26
A Market for Nationally Tradable
Renewable Energy Credits (Contd.)
• Cost of compliance for renewable obligation
can be reduced through adoption of nationally
tradable renewable energy credits.
• This would also be instrumental in promoting
investment in the renewable energy in the
country.

Renewable Energy Certificates/

Credits (RECs)

• Attributes
– Denomination
– Eligibility

• Market
– Pricing
– Liquidity

27
Eligibility for RECs
• No PPA for sale of the power from the plant a feed
feed--in
in--
iff determined
tariff d i d by
b the
h SERCs.
• It is grid
grid--connected (off-
(off-grid excluded!)
• It sells power to the local distribution licensee at cost not
exceeding ‘pooled cost of power purchase’, or to other
licensees or open access customer at mutually agreed
price or through power exchange at market determined
price.
• The weighted average pooled price of long long--term and
short--term power procurement of the distribution licensee
short
in the previous year excluding those based on renewable
energy sources.

Status of REC Market

28
 So: IEX

Non--solar REC Market

Non

29
Solar REC Market

Missing RPO Compliance

30
Suggestions for future Development of
REC Market
• Fungibility of RECs & RECx multiplier
• RPO Compliance needed for market
confidence
• Need to link FiT and REC mechanisms
(Participation of disocms under FiT regime).
• ‘Buy out policies’ (penalty for RPO shortfall)
... and mutualisation
mutualisation..
• Linking PAT and REC mechanism
• Voluntary Market
• Banking (and Roll over?)
• Stand--alone systems
Stand

Thank You
www.iitk.ac.in/ime/anoops
anoops@iitk.ac.in

31
 Further Readings
• “Economics,
Economics, Regulation and Implementation Strategy
for Renewable Energy Certificates in India”, India
Infrastructure Report 2010, OUP.
• “A Market for Renewable Energy Credits in the
Indian Power Sector”, Renewable and Sustainable
gy Review jjournal
Energy journal,, Elsevier, 13 ((2009)) 643–
643–652.
• “Nationally Tradable Renewable Energy Credits for
Renewable Portfolio Obligation in the Indian Power
Sector”, SEE Conference Proceedings, Bangkok., 21 21--
23 Nov.2006.

Selected Readings
(some accessible from www.iitk.ac.in/ime/anoops
www.iitk.ac.in/ime/anoops))
• “Towards a Competitive Market for Electricity and Consumer Choice in Indian
Power Sector”, Energy Policy Vol. 38 4196-4196-4208, 2010. (Elsevier)
• “A Market for Renewable Energy Credits in the Indian Power Sector”, Renewable
andd S t i bl Energy
Sustainable E R i journal,
Review j l Elsevier,
El i 2009.2009
• “Economics, Regulation and Implementation Strategy for Renewable Energy
Certificates in India” in India Infrastructure Report 2010, Oxford Univ. Press.
• “Analysing Efficiency of Electric Distribution Utilities in India: a Data
Envelopment Analysis” (with Dilip Kumar Pandey Pandey),), IAEE International
Conference, Stockholm 19 19--23 June, 2011.
• “Modelling Economic Efficiency of Renewable Energy Policies: A Multi- Multi-State
Model
M d lF For IIndia”,
di ” Accepted
A d ffor W
World
ld Renewable
R bl Energy
E Congress,
C 17-19 O
17- Oct.
2011, Bali, Indonesia. (with Sundeep Chowdary).
Chowdary).
• “Economics of Iran
Iran--Pakistan
Pakistan--India Natural Gas Pipeline: Implications for Energy
Security in India”, Economic & Political Weekly, V. XLIII, No. 7 2008.
• “Power Sector Reform in India: Current Issues and Prospects”, Energy Policy,
Elsevier, Volume 34, Issue 16, November 2006.

32
Selected Readings (Contd.)
• “Estimating the Impact of Restructuring on Electricity Generation Efficiency:
The Case of the Indian Thermal Power Sector”, NBER Working Paper 17383,
2011 ((with
ith Maureen
M L Cropper,
L. C Al d Li
Alexander Limonov andd Kabir
K bi M lik)
lik)
Malik
Malik)
• “Analysing Efficiency of Electric Distribution Utilities in India: a Data
Envelopment Analysis” (with Dilip Kumar PandeyPandey),
), IAEE International
Conference, Stockholm 19 19--23 June, 2011.
• “Directions for Effective Regulation for Renewable Energy: An Analysis of
Renewable Energy Certificates”, India Energy Security Summit: Energy
Security for a sustainable future, 3-
3-4 March 2011, New Delhi, IPPAI.
• “At
“A a Crucial
C i l Juncture: A perspective i on development
d l off electricity
l i i andd REC C
markets in India”, 3 years of Indian Energy Exchange: Vision and Views of
Industry Leaders, 2011, Powerline / IEX, New Delhi.
• “Economics, Regulation and Implementation Strategy for Renewable Energy
Certificates in India” in India Infrastructure Report 2010,
2010, Oxford Univ. Press.

Selected Readings (Contd.)

• “A Policy for Improving Efficiency of Agriculture Pump sets in India:
Drivers, Barriers and Indicators”, Climate Strategies, UK, Working Paper
2009
• “Climate Co
Co--benefit Policies for the Indian Energy Sector: Domestic
Drivers and North
North--South Cooperation”, Climate Policy 9 (5) 529-
529-543 2009
• “Informal Markets for Electricity: Economics of lighting for Hawkers in
India”, International Journal of Energy Sector Management: Special Issue
308-323, 2009.
on India, 3(3), 308-
• “A Market for Renewable Energy Credits in the Indian Power Sector”,
Renewable and Sustainable Energy Review, Elsevier, 2009.
• “Rural Electrification in India: Economic and Institutional aspects of
Renewables”,
Renewables ”, with James Cust and Karsten Neuhoff,
Neuhoff, EPRG WP 0730,
University of Cambridge, UK., 2007

33