In Detail : Electricity prices on the Indian Energy Exchange’s real-time market recently plunged close to zero, creating ripples across the power sector. This sharp decline was driven by a sudden surge in renewable energy generation, especially from solar and wind sources, coinciding with weaker-than-expected demand during off-peak hours. The imbalance between supply and demand created downward pressure on prices.

Industry experts note that while such low prices may seem unusual, they reflect the growing influence of renewable energy in India’s power mix. With increasing solar and wind capacity feeding the grid, periods of oversupply are becoming more common. This trend underscores both the benefits and challenges of transitioning toward clean energy.

The dip in prices also reveals structural gaps in demand management. Industrial demand was lower than usual due to muted consumption trends, while households required less electricity because of favorable weather conditions. This mismatch made it difficult for distribution companies to absorb all the available supply.

Analysts highlight that near-zero prices, while beneficial to buyers in the short term, can pose risks for generators and investors. Power producers may find it harder to secure steady revenue streams, especially renewable developers relying on predictable tariffs. This could impact future investment flows into the sector.

However, experts argue that such price fluctuations emphasize the urgency of enhancing grid flexibility. Energy storage systems, including large-scale batteries, pumped hydro, and other balancing technologies, can help stabilize prices. By storing excess renewable energy during peak generation, they can release it during demand spikes, improving efficiency.

The government has already announced measures to strengthen grid infrastructure and encourage storage adoption. Initiatives like viability gap funding for battery projects and time-of-day tariffs are expected to address such imbalances. These steps can make the grid more resilient while ensuring fair returns for producers.

Market observers believe that the real-time price crash signals a changing landscape in India’s electricity sector. As renewable penetration grows, price volatility will likely become more frequent, requiring better forecasting tools, flexible contracts, and dynamic pricing models to manage the variability.

For consumers, especially industries and state utilities, low prices provide temporary relief in power costs. However, experts warn against overreliance on such fluctuations, stressing the importance of long-term planning to sustain affordable yet reliable power. Without corrective measures, frequent volatility could create uncertainty for all stakeholders.

In the bigger picture, the recent plunge is a reminder of both the opportunities and challenges of India’s clean energy transition. While renewables are driving affordability and decarbonization, the nation must simultaneously invest in storage, grid modernization, and regulatory reforms. These will be key to ensuring that the energy market remains both stable and sustainable.

In Detail : Electricity futures are set to bring transformative changes to India’s power sector, offering distribution companies (discoms) and power producers a powerful tool to manage price volatility. With trading expected to begin on both the National Stock Exchange (NSE) and the Multi Commodity Exchange (MCX), the new instruments will allow participants to hedge electricity prices and plan procurement more effectively.

These futures contracts, which are cash-settled and benchmarked to spot market prices, will help discoms better manage their financial risk. By locking in prices for future electricity delivery, discoms can avoid sudden cost spikes in short-term markets, allowing for more stable budgeting and operational planning.

For power producers, electricity futures provide a predictable revenue stream even during periods of low spot prices. This price certainty can improve financial health and incentivize long-term investment in generation capacity, particularly for clean energy projects that are capital-intensive and sensitive to pricing risks.

Industry experts also see electricity futures as key to encouraging new technologies like battery energy storage and demand-response systems. By providing forward price signals, these tools support investment in capacity that can respond to peak demand periods, helping balance supply and demand more efficiently across the grid.

The introduction of futures contracts aligns India with global electricity markets in the U.S., Europe, and China, where derivatives play a central role in ensuring transparency, liquidity, and price discovery. It also marks a shift from traditional power purchase agreements (PPAs) toward more flexible, market-driven mechanisms.

Although initial trading volumes may be modest as participants familiarize themselves with the new instruments, experts believe electricity futures will ultimately enhance grid stability, attract institutional investors, and strengthen India’s energy transition. Over time, the market is expected to expand with the introduction of quarterly, annual, and contract-for-difference products.

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In Detail : The Multi Commodity Exchange (MCX) has received the green light from the Securities and Exchange Board of India (SEBI) to introduce electricity derivatives. This marks a historic milestone in the evolution of India’s energy market, offering a regulated platform for power-related financial instruments.

These derivatives will serve as risk management tools for power producers, distribution companies, and major consumers. By hedging against price fluctuations, they can ensure more stability and efficiency in their operations, especially in a market subject to seasonal and demand-based volatility.

This move also aligns with the broader policy goals of deepening energy markets and making them more competitive and transparent. As India moves toward a more sustainable and market-based power ecosystem, instruments like electricity derivatives will play a pivotal role in managing financial exposure.

MCX Managing Director and CEO Praveena Rai stated that the new contracts would provide a reliable, transparent mechanism for price risk management. She emphasized that this launch complements India’s shift toward renewables and its ambition of becoming a developed economy under the “Viksit Bharat” vision.

The development resolves a long-standing regulatory debate over jurisdiction. It has now been clarified that SEBI will regulate cash-settled electricity derivatives, ensuring legal certainty and smoother functioning of the market.

MCX, which already commands a 98% market share in commodity futures by value, will announce product specifications and launch dates soon. This step solidifies its position as an innovator in India’s commodity markets, with electricity derivatives expected to significantly improve price discovery and risk mitigation across the energy sector.

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Power Market trades 9165 MU volume in October’ 21 achieving 36% YoY growth

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• POWER MARKET SEES 8,997 MU VOLUME IN SEPT’21 ACHIEVING 59% YOY GROWTH.

• Q2 FY’22 SEES 25,857 MU VOLUME ACROSS MARKET SEGMENTS WITH 57 % YOY GROWTH.

• IEX LAUNCHES VALUE ADDED SERVICES FOR RENEWABLE ENERGY GENERATORS

The Indian Energy Exchange traded 8,997 MU electricity volume and achieved 59% YoY growth in September’21. According to the power demand data published by the National Load Dispatch Center, the national peak demand in September’21 saw 2% YoY increase, with the highest ever peak demand at 180.7 GW, while energy consumption at 114.5 BU was flat during the month.

Cumulatively, for the second quarter of the fiscal year 2022, the Exchange Market achieved a significant growth in volume. The electricity market achieved 25,857 MU volume during the second quarter resulting in 57% YoY growth across market segments.

IEX is delighted to launch Value Added Services (VAS) for the Renewable Energy generators furthering its customer centric initiatives. These services can be availed through the IEX website (www.iexindia.com). The Renewable Generators keen to avail the services such as Generation Forecasting, Qualified Co-ordinating Agency (QCA) and Analytics solutions etc. can reach out to the best-in-class service providers empaneled by IEX, at the competitive prices.

We are pleased to onboard Climate Connect as our first empaneled service provider and look forward to welcoming other service providers who are keen to associate with us in this this exciting journey.

DAY- AHEAD, TERM- AHEAD & REAL- TIME ELECTRICITY MARKET

The day-ahead market traded 6,418 MU volume in September’21 with the average monthly price at Rs 4.4 per unit. For the second quarter of the year 2022, the day-ahead market on the Exchange, traded 17,305 MU and registered 26% YoY growth. The distribution utilities have been increasingly preferring day-ahead market to meet their short-term supply requirements in a competitive and flexible manner.

The term-ahead market comprising intra-day, contingency, daily & weekly contracts traded 193 MU during the month recording 81% YoY growth. Cumulatively, for the second quarter, the term-ahead market traded a total of 1,571 MU and registered a spectacular 438% YoY growth.

The real-time electricity market traded 1,843 MU volume and saw a significant 162% YoY growth. In the second quarter, the market achieved a cumulative trade of 5,298 MU registering a robust 125% YoY growth. The consistent growth of real-time electricity market is an indication of growing reliance of the distribution utilities and industries to achieve power demand-supply balancing in real time in the most efficient manner.

GREEN MARKET

The green term-ahead market achieved 543 MU volume seeing a splendid 555% YoY growth. For the second quarter, the market registered a cumulative trade of 1,682 MU. The market has seen a considerable increase in the participant base as more and more utilities and C&I consumers participate in the market to meet their energy and RPO requirements in an integrated, flexible and competitive manner.

RENEWABLE ENERGY CERTIFICATES

The REC trading session which was scheduled on 29 September’21 did not take place due to a stay order from Appellate Tribunal for Electricity (APTEL), in response to the petitions filed by a few Renewable Energy Associations. The matter is still pending in APTEL and final decision is being awaited.

ENERGY SAVING CERTIFICATES

IEX is expected to soon commence trade in the Energy Saving Certificates (ESCerts) under Perform, Achieve & Trade Cycle-II (PAT-II) scheme apropos the notification by the Bureau of Energy Efficiency (BEE), Ministry of Power. PAT-II aims at achieving an overall energy savings of 8.87 MTOE and covers 621 Designated Consumers spanning across 11 energy intensive industry sectors.

The Exchange has already commenced registrations and also conducting the awareness dissemination webinars.

ABOUT IEX

IEX is India’s premier energy exchange providing a nationwide, automated trading platform for physical delivery of electricity, renewable power, renewable energy certificates and energy saving certificates. The exchange platform enables efficient price discovery and increases the accessibility and transparency of the power market in India while also enhancing the speed and efficiency of trade execution.

The Exchange is ISO Certified for quality management, Information security management and environment management since August 2016. The Exchange is a publicly listed company with NSE and BSE since October 2017 and is approved and regulated by Central Electricity Regulatory Commission since 27 June 2008.

The national peak demand at 196 GW saw an increase of 17 per cent while energy consumption at 129.51 BU also grew 17 per cent.

New Delhi : Indian Energy Exchange (IEX) said on Wednesday the electricity market achieved a new milestone with a record all-time high monthly volume of 9,538 million units in August, achieving 74 per cent year-on-year growth.

The national peak demand at 196 GW saw an increase of 17 per cent while energy consumption at 129.51 BU also grew 17 per cent.

On one hand, growth in the economic and industrial activities led to the increase in demand for power. On the other hand, supply side constraints like high cost of imported coal and LNG as well as lower wind power generation led to increase in electricity prices discovered on the exchange.

The market, however, continued to work uninterrupted facilitating the distribution utilities and industries in addressing the increased power demand in the most flexible, competitive, transparent and efficient manner, said IEX.

The day-ahead market traded 6,649 MU volume during August with average price of electricity at Rs 5.06 per unit, marking 48 per cent growth.

The term-ahead market comprising intra-day, contingency, daily and weekly contracts traded 617 MU during the month and recorded 401 per cent growth.

The real-time electricity market continued to see exceptional performance with monthly volumes of 1,859 MU, seeing a significant 116 per cent growth. The average monthly price of the market was Rs 4.64 per unit.

The green market segment traded 412.94 MU volume comprising 146.85 MU under solar segment and 266.09 MU under non-solar segment.

The market saw Rs 3.56 per unit as average price in solar and Rs 4.85 per unit in non-solar segments with overall average price being Rs 4.21 per unit.

There were 43 market participants during August which included distribution utilities from West Bengal, Bihar, Haryana, Telangana, Karnataka, Uttar Pradesh, Goa, Maharashtra, Punjab, Dadra and Nagar Haveli, Daman and Diu, Assam and Tamil Nadu among others.

Source : ANI

Power Market Trade Volume.

In the last financial year 2020-21, Exchange culminates with the highest ever yearly electricity volume of 73,941 million units (MU) achieving 37% YoY growth. ….…. for more click here https://bit.ly/isearcheqjunereport21

Total real-time power market sale volume from June 2020 to June 2021 was recorded at 14,104 million units while it was 60,384 million units for Day Ahead Market

New Delhi : Sales volume of real-time power market (RTM), which allows consumers to buy power just one hour before delivery, jumped over three-fold to 1,726 million units in June compared to the year-ago month at Indian Energy Exchange (IEX).

The RTM was launched last year on June 1, and had witnessed sales of 515 MU in the first month of operation at IEX, according to the data available on the exchange.

Total RTM sale volume from June 2020 to June 2021 was recorded at 14,104 million units while it was 60,384 million units for Day Ahead Market (DAM).

According to the IEX data, the average monthly price of the RTM remained lower than that of the day ahead market (DAM) or at same level (of DAM) during the period from June 2020 to June 2021 except in December 2020.

In December 2020, the average monthly clearing price of RTM was Rs 2.9 per unit while it was Rs 2.8 per unit for DAM.

In the month of July 2020, the average monthly clearing price of RTM, as well as DAM, remained at the same level of Rs 2.5 per unit.

Similarly, it was Rs 2.7 per unit for DAM as well as RTM in the months of October and November last year.

The overall average market clearing price of power in RTM was lower at Rs 2.83 per unit from June 2020 to June 2021 compared to 2.97 per unit in DAM. Thus, the RTM proved to be an attractive market for consumers as well as sellers.

The RTM enables consumers, including distribution companies (discoms) and captive users, to buy power on exchanges just an hour before delivery.

The real-time market is an endeavour to make the power market dynamic by enabling trade in electricity through half-hourly auctions. There are 48 auction sessions during the day with delivery of power within one hour of closure of the bid session.

Rohit Bajaj, Senior Vice President and Head-Business Development, IEX told , “The Real-time electricity market has proved to be a very dynamic market segment at the IEX platform. The response from market participants has been exceptional ever since its launch.”

In fact, the average power price discovered in RTM is as competitive and in tandem with DAM which is an indication of the fact that the market is liquid enough and has attained a maturity like DAM within a span of one year, he added.

All this has been possible due to the support that the market has provided to the distribution utilities and industrial customers in balancing their demand-supply variations at a short notice of one hour, he explained.

Most recently, due to the greater flexibility that it provides in procurement, the real-time market extended critical support to the cyclone Tauktae affected states during the cyclonic disturbances.

Moreover, the market also has an important role to play in seamless renewable integration by managing renewable energy intermittency in an efficient manner, he stated.

As more and more participants turn to the real-time market, it will play a pivotal role in ensuring greater efficiency, accelerated green energy adoption and of course, deepening of the energy markets, he opined.

Source : PTI

]]> https://www.eqmagpro.com/brightnight-enters-indias-power-market/ Thu, 24 Jun 2021 10:22:53 +0000 https://www.eqmagpro.com/?p=241914

BrightNight experts with proven success to deliver hybrid renewable power

INLET BEACH, Fla : Today, BrightNight announced its entrance into India’s energy market with two key hires based in New Delhi. Sajay KV has joined as India CEO and Naveen Khandelwal has joined as India COO and CFO.

Combined, BrightNight’s new India management team members have contributed to the delivery of 10 GW of renewable projects across India, and raised more than $2.5 billion in capital for energy projects.

Sajay and Naveen bring a wealth of experience in wind, solar, and storage technology which will serve the company well as they develop, operate, and maintain dispatchable renewable power projects across the country.

BrightNight is excited to bring its advanced solutions to India’s renewable energy market, which is projected to grow from 100GW to 450GW by 2030.

BrightNight Founder and CEO, Martin Hermann emphasized that the company views India as “a critical market with the opportunity to be a global energy decarbonization leader” adding that the firm is “excited to be a regional partner with a large team based in New Delhi.”

While India has seen an impressive investment in standard renewable energy infrastructure, BrightNight will provide power off-takers with next generation hybrid, peak and firm power solutions that will outpace standard project dispatchability, reliability, and safety. BrightNight solutions will be critical for the country’s continued journey towards a renewable energy future.

As standard renewable energy solutions continue to energize, intermittent supply combined with growing demand will pose a threat to reliability and be increasingly challenging to manage.

In contrast, BrightNight renewable power solutions will provide operators with industry-leading dispatchability and energy management tools so clients can confidently decarbonize without compromising reliability.

Sajay KV, BrightNight India CEO has energized more than 7 GW of renewable assets across India and Sri Lanka as an IPP|OEM|EPC leader. Additionally, Sajay has originated and developed a broad portfolio of wind assets, including wind + solar hybrid and wind repowering projects.

Sajay has led energy business and product strategy, project origination and development, data resourcing, manufacturing, and largescale EPC and asset management. Sajay has also led the inception of new solar and wind business units for P&L across India, generating more than $1.5B USD in revenue.

Naveen Khandelwal, BrightNight India COO & CFO has been a leader in Indian energy markets for more than 18 years. Naveen was a founding member of two large and reputed Indian renewable energy IPPs with GW-size wind and solar portfolios.

Naveen has worked extensively in the areas of corporate development, corporate finance, techno-commercials, growth strategy, capital allocation, and general management. Naveen has also led capital raises for more than $2.5B USD over the last 10 years, across equity and debt, for renewable energy platforms.

About BrightNight

BrightNight is one of the first renewable power provider with expertise and solutions designed to help clients decarbonize without compromising reliability, profitability, or security.

Our large-scale, hybrid, renewable power projects arm clients with industry-leading dispatchability and energy management tools that overcome the challenges presented by intermittent renewable supply, demand, and extreme weather. BrightNight solutions are paving the way to a decarbonized future across the U.S. and the Asia Pacific (APAC).

]]> https://www.eqmagpro.com/power-market-beats-pandemic-april-trade-up-90-2-per-cent-yoy/ Fri, 07 May 2021 05:28:15 +0000 https://www.eqmagpro.com/?p=235185

According to the power demand data published by the National Load Dispatch Centre, the national peak power demand was at 183 GW while the peak demand and power consumption registered close to 40 per cent YoY growth on a weak base.

New Delhi: Continuing its exceptional performance during the last fiscal, the electricity market at the Indian Energy Exchange entered the new fiscal year 2022 with 7707 MU volume in April 2021, achieving a 90.2 per cent YoY growth.

According to the power demand data published by the National Load Dispatch Centre, the national peak power demand was at 183 GW while the peak demand and power consumption registered close to 40 per cent YoY growth on a weak base.

While the growing electricity consumption has been one of the key factors behind the consistent performance of the Exchange, its robust value proposition in terms of the most competitive prices, flexible, and efficient procurement positions it as the most preferred destination for power procurement for both the distribution utilities as well as the industrial consumers.

The day-ahead market traded 5,699 MU volume in April, achieving a significant 54 per cent YoY growth. The average monthly price at Rs 3.70 per unit witnessed 53 per cent increase over Rs 2.42 in the corresponding period in 2020.

The increase in price was primarily due to increase in demand and sharp slump in electricity prices in April 2020 due to a stringent nationwide lockdown. The day-ahead market saw ample availability of power with sell-bids at 1.48X of the cleared volume during the month.

The term-ahead market comprising intra-day, contingency, daily & weekly contracts traded 349 MU during the month.

The real-time market saw highest ever monthly volume of 1473 MU in April’21 achieving 4.2 per cent MoM growth. It also recorded the highest single day volume of 68.36 MU on April 3. With sell-side bids at 1.8X of cleared volume, the market continued to have ample availability of power.

The growing volume in the real-time electricity market shows its acceptance by distribution utilities and industrial consumers as the go-to platform for addressing the real-time electricity demand-supply balance in the most competitive and efficient manner with the delivery of power at just 1-hour notice.

The green term-ahead market traded 186 MU volume during April’21 comprising 78 MU in the solar segment and 108 MU in the non-solar segment, achieving a significant 262 per cent MoM growth.

A total of 34 participants participated during the month with distribution utilities from Haryana, Bihar, Uttar Pradesh, West Bengal, Maharashtra, Karnataka, and Telangana among others as the key participants. The market has been enabling distribution utilities, industrial consumers, and green generators to trade in renewable energy in the most competitive and viable way.

During the month, IEX commenced the Cross Border Electricity Trade (CBET) on its platform marking a significant milestone in its endeavour to build an integrated South Asian regional power market. As a first-of-its kind initiative, the new market segment allows the Exchange market to expand its reach beyond India to the South Asia region, thus supporting the growth of energy ecosystem in the region in an efficient and sustainable manner.

Nepal was the first country to trade in the day-ahead market on the Exchange on April 17 April. The other South Asian countries like Bhutan and Bangladesh are expected to join the platform soon, and the market is likely to grow at a fast pace in the coming months.

Source: IANS

The day-ahead market traded 5,699 MU volume, achieving 54 per cent growth. The average monthly price at Rs 3.70 per unit witnessed 53 per cent increase over Rs 2.42 in the corresponding period in 2020.

New Delhi: Indian Energy Exchange (IEX) said on Thursday that the electricity market entered the new fiscal year 2022 with 7,707 million units volume April, achieving 90.2 per cent year-on-year growth on the platform.

The day-ahead market traded 5,699 MU volume, achieving 54 per cent growth. The average monthly price at Rs 3.70 per unit witnessed 53 per cent increase over Rs 2.42 in the corresponding period in 2020.

The increase in price was primarily due to increase in demand and a sharp slump in electricity prices in April last year due to a stringent nationwide lockdown, IEX said in a statement.

The term-ahead market comprising intra-day, contingency, daily and weekly contracts traded 349 MU during the month.

The real-time market saw the highest ever monthly volume of 1,473 MU in April achieving 4.2 per cent month-on-month growth. It also recorded the highest single day volume of 68.36 MU on April 3.

IEX said the growing volume in real-time electricity market shows its acceptance by distribution utilities and industrial consumers as the go-to platform for addressing real-time electricity demand-supply balance in the most competitive and efficient manner with the delivery of power at just one-hour notice.

The green term-ahead market traded 186 MU volume during April comprising 78 MU in the solar segment and 108 MU in the non-solar segment, achieving a 262 per cent month-on-month growth.

A total of 34 participants participated with distribution utilities from Haryana, Bihar, Uttar Pradesh, West Bengal, Maharashtra, Karnataka and Telangana as key participants.

Source: ANI

CERC proposes to grant registration to Pranurja Solutions to establish and operate a power exchange

Petition for grant of registration to establish and operate a Power Exchange

Petition under Regulation 16 of the Central Electricity Regulatory Commission (Power Market) Regulations, 2010 as amended, for grant of registration to establish and operate a Power Exchange in accordance with the Central Electricity Regulatory Commission (Conduct of Business) Regulations, 1999. Pranurja Solutions Limited (PSL)

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AGL factoring in a “sustained and material reduction” in energy prices due to the slump in the wholesale power market and government plans to underwrite new power plants.

New Delhi: Australia’s AGL Energy Ltd expects to book A$2.69 billion ($2.1 billion) in charges, it said on Thursday, as the dour outlook for energy prices forced it to write down the value of its assets and previously signed wind energy contracts.

AGL shares dived 6.7% – their biggest drop in nearly six months – to A$11.06 in early trade, with AGL factoring in a “sustained and material reduction” in energy prices due to the slump in the wholesale power market and government plans to underwrite new power plants.

It decided to set aside A$1.92 billion for long-term wind offtake agreements it entered between 2006 and 2012 at prices that were much higher than the current spot and forecast prices. Of the rest, A$1.11 billion is for environmental restoration provisions, while A$532 million relates to the impairment of coal and gas generation and legacy natural gas production assets.

“We are of the view that it is hard to see a rebound in prices due to the structural change in wholesale electricity and the continued underwriting of new generation,” RBC Capital Markets analyst James Nevin said in a note.

The charges were not expected to impact the company’s full-year underlying profit, and were expected to support fiscal 2022 and 2023 profit by A$50 million to A$80 million, AGL said. Thursday also saw Origin Energy lower its energy markets core earnings forecast to between A$1 billion and A$1.14 billion, from A$1.15 billion to A$1.30 billion, citing the pandemic’s hit on demand, milder summer conditions and rising gas costs.

Shares in the gas and power retailer plunged by their most since Aug. 20 last year, falling 6.9% to A$4.62.

Source: energy.economictimes.indiatimes

]]> https://www.eqmagpro.com/submission-of-press-release-on-power-market-update-december-2019/ https://www.eqmagpro.com/submission-of-press-release-on-power-market-update-december-2019/#respond Sat, 04 Jan 2020 10:00:33 +0000 https://www.eqmagpro.com/?p=182276

Submission of Press Release on Power Market Update December 2019.

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• India’s levelised cost of electricity (LCOE) using solar photovoltaic has fallen to $38 per megawatt-hour (MWh) this year, 14 percent cheaper than coal-fired power that has traditionally been the cheapest source of power generation, WoodMac said.
• LCOE comprises the cost of generating a megawatt-hour (MWh) of electricity, the upfront capital and development cost and the cost of equity and debt finance and operating and maintenance fees.
• Solar LCOE has fallen 42 percent in the past three years and will reach $48/MWh in 2020, beating out all fossil fuel competitors, WoodMac added.

India’s levelised cost of electricity (LCOE) using solar photovoltaic has fallen to $38 per megawatt-hour (MWh) this year, 14 percent cheaper than coal-fired power that has traditionally been the cheapest source of power generation, WoodMac said.

LCOE comprises the cost of generating a megawatt-hour (MWh) of electricity, the upfront capital and development cost and the cost of equity and debt finance and operating and maintenance fees.

“India is the second-largest power market in Asia Pacific with installed power capacity of 421 gigawatts (GW). Solar capacity is expected to reach 38 GW this year,” WoodMac research director Alex Whitworth said.

“High-quality solar resources, market scale and competition have pushed solar costs down to half the level seen in many other Asia Pacific countries.”

India wants to have 175 GW of renewable-based installed power capacity by 2022.

Australia, which ranks second in terms of low renewable costs, will see solar power to be cost-competitive against coal next year, the consultancy said.

Solar LCOE has fallen 42 percent in the past three years and will reach $48/MWh in 2020, beating out all fossil fuel competitors, WoodMac added.

Source : Reuters