Karnataka emerges as best seller of renewable energy under Green Term Ahead Market

0

Karnataka ranks first in renewable energy rich states with 15 GW of installed baseload capacity and additional 9 GW of green capacity being implemented

Karnataka ranks first in renewable energy rich states with 15 GW of installed baseload capacity and additional 9 GW of green capacity being implemented

Karnataka’s distribution companies (discoms) have become the top seller of renewable energy under the Green Term Ahead Market (GTAM) of the Indian Energy Exchange Limited (IEX).

Power Company of Karnataka Limited (PCKL) has held a 74% sell-side market share in the IEX GTAM market since its inception, selling 2.67 billion units (BU) out of 3.6 BU on the exchange till January 2022, IEX officials said, adding that Karnataka is now also taking advantage of the recently launched Green Day Ahead (GDAM) market for the sale of its surplus renewable energy.

In an exclusive interview with The HinduRohit Bajaj, Director and Senior Vice President – Business Development, Indian Energy Exchange Limited, said Karnataka has the credentials to rank first among renewable energy rich states with 15 GW of installed capacity and additional 9 GW of green capacity being implemented.

Karnataka is a renewable energy rich state with a total installed capacity base of 15 GW and is one of the pioneers in adding renewable energy in the country and a key player in achieving the country’s renewable energy targets. renewable energies (RE). It has already surpassed its target of 11 GW by FY2022. Additionally, an additional 9 GW of renewable capacity is in the works, which is expected by 2030, he said.

“Karnataka is doing exceptionally well in terms of in-country capacity building. They have more than 15 GW, 50% of which is solar. Each state has a revolving purchase obligation (RPO). Karnataka is the only state in the country that exceeds the RPO in both solar and non-solar segments, except Andhra Pradesh. They have a surplus of solar and non-solar energy and they use the markets very efficiently,” he added.

We are a long way from the time when the state had to formulate summer emergency plans to overcome a crisis in the availability of electricity. Mr. Bajaj said that the creation of capacity on the renewable energy side and on the thermal side has greatly helped the state, ensuring sufficient availability of electricity throughout the year.

In another positive step, the State Cabinet last week approved the Karnataka Renewable Energy Policy (2022-27) which aims to develop Karnataka as a hub for renewable energy generation. The policy also plans to increase the state’s renewable energy generation capacity to 10 GW in the next five years and manufacture renewable energy-related equipment.

Karnataka has sold 2.5 billion units of electricity under the Real Time Electricity Market (RTM) since the inception of the market segment in June 2020. Speaking of the apprehension they had regarding sell-side participation when they started, Mr Bajaj said they approached Karnataka, Tamil Nadu, Andhra Pradesh and Telangana where excess green power is available.

“Karnataka was an early mover and immediately started participating in the solar and non-solar segments. Today, Karnataka is the biggest seller in the green market,” he said, however adding that the size of the market is not very big right now.

On the buyer profile, he said, besides private and state-owned discoms, major industries – such as those involved in steel production – are major contributors. “They are more inclined towards renewable energy because they can then market the product as a green product, which is more widely accepted here and abroad. Distribution companies have the RPO to fulfill,” he explained .

Share.

Comments are closed.