Indian industry has demonstrated its resounding commitment to energy efficiency and traded over 1 lakh energy efficiency certificates (ESCerts) in the first month of trading.
Power Minister R K Singh had launched EScert trading on the Indian Energy Exchange (IEX) and the Power Exchange India Limited (PXIL) on September 26, 2017.
Traded only on Tuesdays through closed double-sided uniform price auction, 1,17,425 certificates have been exchanged at an average bid price of Rs 990 in the auctions over the past month, a Bureau of Energy Efficiency (BEE) statement said.
Indian industry has generated Rs 11.62 crore of additional revenue during the first month of trading energy saving certificates.
Energy Saving Certificates, or ESCerts, are issued by Ministry of Power to designated industries that surpass the energy saving targets set by the Bureau of Energy Efficiency under the Perform, Achieve and Trade scheme (PAT).
The trading of ESCerts enables eligible, designated industries that do not achieve their energy efficiency targets to comply with energy consumption norms and standards, while enabling overachieving designated industries that surpass their energy savings targets to monetise the energy savings achieved through their operations.
The units that are unable to meet targets either through their own actions or through purchase of EScerts are liable to financial penalty under the Act.
Based on BEEs recommendations and following a verification of energy savings achieved, the Ministry of Power has issued over 38 lakh ESCerts to 306 designated customers via the PATNet portal till date. Along with this, 110 designated customers have been entitled to purchase 14.25 lakh ESCerts.
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