Government weighs cancelling reverse auction for renewable power offers

According to data from the ministry of power, India has installed wind and solar capacities of 41.205 GW and 59.303 GW, respectively

The Central government is contemplating ending the reverse auction method of project bidding for wind and solar energy projects, reported Livemint. According to Raj Kumar Singh, the union minister for new and renewable energy, the wind energy industry has asked the government to return to closed bidding since reverse auctions hurt businesses because of the low prices revealed through the process.
 

In the reverse auction procedure, once the bids are opened and the lowest price is determined, there is a further auction for even lower bids. The mechanism of reverse auctions has been heavily utilised in the renewable energy sector