Tamil Nadu Green Energy Corporation applies for intra-State electricity trading licence
TNGECL was formed with the aim to streamline the development and implementation of green energy projects, such as wind, hydro, and solar power, by creating a single-window clearance system for developers, as per a petition filed with the Tamil Nadu Electricity Regulatory Commission (TNERC).
One of the key objectives of TNGECL is to increase the share of renewable energy in Tamil Nadu's energy mix to 50% by 2030, aligning with the renewable purchase obligation (RPO) trajectory. This ambitious target is part of the broader goal to reduce the State's carbon footprint and promote sustainable development, it added.
With an ambition to lead the renewable energy transition from the front, TNGECL intends to enter as a power procurement intermediary, thereby diversifying its portfolio, as per the petition. It will act thereby purchase power from the renewable power developer (RPD) and sell it to the Tamil Nadu Power Distribution Corporation Limited (TNPDCL), the release added.
The Tamil Nadu Electricity Regulatory Commission (Licensing) Regulations, 2005 (as amended up to December 31, 2009), outlined various categories based on trade volume for entities applying for a trading licence. TNGECL plans to apply for a Category-G licence to trade electricity exceeding 500 million units (MU) annually, as per the petition.
TNGECL aims to incentivise the RPD by ensuring early payments before due dates. This initiative will set up a payment security mechanism, thereby relieving the TNPDCL from the obligation of timely payments, it said. It will engage in power trading through medium- and long-term contracts with simultaneous power purchase agreements (PPA) and power sale agreement (PSA) with the RPD and TNPDCL respectively, the petition said.
TNGECL will procure power from the RPD at the discovered tariff. Its power trading business process is designed to attract private investment in the renewable energy sector by ensuring financial security, while simultaneously assisting the State to manage demand and achieve its targets. It plans to commence trading with 1,000 MUs and progressively increase the traded units year-on-year. The traded units are projected to grow at a compound annual growth rate (CAGR) of 18.92%.
The TNERC said it was prima facie satisfied that TNGECL had qualified for the licence and had invited comments on the proposal. It is set to hear the proposal further on August 5 for a final disposal.
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