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Time of India
4 days ago
- Business
- Time of India
India adds 1.1 GW solar open access capacity in Q1 2025, down 48% from previous quarter
New Delhi: India added 1.1 gigawatts (GW) of solar open access capacity in the first quarter (Q1) of calendar year (CY) 2025, a decline of nearly 48 per cent from 2.1 GW recorded in the preceding quarter (Q4 2024), according to the Q1 2025 edition of Mercom India's Solar Open Access Market Report. Year-on-year, installations were down by 47 per cent compared to over 2 GW in Q1 2024. The report attributed the slowdown to module shortages caused by the year-end commissioning rush driven by the close of the financial year, a lack of transmission infrastructure, delays in the connectivity approval process, and uncertainty around the Inter-State Transmission System (ISTS) waiver. "The open access solar market is beset by new challenges but the demand for clean energy has not only increased but expanded to encompass solar, wind, and energy storage. Many states are joining the green energy open access route owing to the demand their businesses operating in the state. But ISTS charges waiver would be integral to greater adoption by industries keen on wheeling power from renewable energy resource rich states," said Priya Sanjay, Managing Director at Mercom India. Solar open access projects accounted for 19.8 per cent of the total large-scale solar installations in Q1 2025. Of the open access projects installed during the quarter, 67.4 per cent were standalone solar, 32 per cent were wind-solar hybrid projects, and 0.6 per cent were floating solar installations. Maharashtra led in quarterly solar open access capacity additions, contributing nearly 29 per cent of the installations. The top five states accounted for over 89 per cent of total installations during the quarter. As of March 2025, India's cumulative installed solar open access capacity stood at 21.5 GW. Karnataka remained the leading state in terms of cumulative capacity, accounting for around 24 per cent of total installations. Maharashtra and Tamil Nadu followed, contributing nearly 17 per cent and over 12 per cent respectively. The pipeline of solar open access projects under development or in pre-construction stages was over 31 GW as of March 2025. The top five states comprised nearly 87 per cent of these pipeline projects. In Q4 2024, Adani Green was the leading seller in the Green Day-Ahead Market (G-DAM), accounting for over 41 per cent of the electricity sold. Maharashtra was the top procurer, accounting for 17 per cent of the electricity purchased through G-DAM. The cleared volume of Renewable Energy Certificates (RECs) traded on the Indian Energy Exchange (IEX) rose by 155 per cent quarter-over-quarter (QoQ), while trading in the Green Term Ahead Market (G-TAM) increased by around 72 per cent QoQ. The Q1 2025 Solar Open Access report also offers detailed insights into retail electricity tariffs, power purchase agreement (PPA) prices, and open access-related charges and costs across 15 states.
Time of India
4 days ago
- Business
- Time of India
IEX logs 10,946 MU traded volume in May; REC trades up 65% YoY
New Delhi: Indian Energy Exchange ( IEX ) recorded a total electricity traded volume of 10,946 million units (MU) in May 2025, reflecting a 14 per cent increase over the same month last year. The Renewable Energy Certificates (REC) market reported 17.43 lakh units traded, registering a 65 per cent year-on-year increase. Government data for May 2025 pegged total energy consumption at 148.7 billion units (BUs), down 4 per cent year-on-year. The decline in demand was attributed to unseasonal rains and early monsoon, which led to lower temperatures. Increased generation from hydro, wind, and thermal sources enhanced supply liquidity, resulting in reduced Market Clearing Prices. In the Day-Ahead Market (DAM), the Market Clearing Price fell 22 per cent year-on-year to Rs 4.12 per unit, while the Real-Time Market (RTM) price dropped 28 per cent to Rs 3.43 per unit in May 2025. Lower prices facilitated cost-effective procurement of power by discoms and commercial and industrial (C&I) consumers. The Day-Ahead Market traded 3,510 MU in May 2025, compared to 4,371 MU in May 2024, a decline of 20 per cent year-on-year. The Real-Time Market (RTM) recorded its highest-ever monthly volume at 4,770 MU, up 42 per cent from 3,352 MU in May 2024. The Day-Ahead Contingency and Term-Ahead Market (TAM), comprising contingency, daily, weekly, and monthly contracts up to three months, traded 1,684 MU in May 2025, up from 1,221 MU in May 2024, marking a 38 per cent increase. The Green Market , including Green Day-Ahead Market (G-DAM) and Green Term-Ahead Market (G-TAM), reported a total traded volume of 915 MU in May 2025, up 47 per cent from 622 MU in May 2024. The weighted average price in G-DAM stood at Rs 3.59 per unit. In the REC market, a total of 17.43 lakh certificates were traded in sessions held on May 14 and May 28 at clearing prices of Rs 345 and Rs 349 per REC, respectively. The next REC trading sessions are scheduled for June 11 and June 25.
