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Abstract: Well designed Renewable Energy (RE) policies and their effective regulation is the key to promote RE generation in the world. Renewable Energy Certificate (REC) mechanism is a market-based policy instrument which facilitates Renewable (Energy) Purchase Obligations (RPOs) in order to increase RE generation in a country. The recently conceived and implemented REC mechanism in India attempts to involve various stakeholders in an economically efficient manner and has been effective in its first year of operation. The paper commences with the background and the genesis of REC mechanism in India. It characterises the REC trading mechanism and analyses the performance of the REC market for the FY 2011–12. Comparing the financial viability for sale of RE by project developers in certain key states, the paper shows that REC mechanism is more profitable than entering into a Power Purchase Agreement (PPA) for sale of RE at Preferential Tariff (Feed-in-Tariffs). Thus, the REC market which has attained a size of 2.3 billion INR in its first year of existence is forecasted to grow manifold in the future and the paper attempts to forecast the market size in near term. Further analysis of the REC market reveals that although there are inherent advantages of the REC mechanism over other methods of promoting growth of RE, the market is currently subject to various distortions and the paper suggests few steps for correcting these distortions by appropriate market re-design. The paper concludes that the REC market mechanism has gained momentum and can effectively promote RE generation in an economically efficient manner, with benefits to all stakeholders, provided it is strictly implemented and continuous corrections are given in the right direction by the market regulator. [Copyright &y& Elsevier]

Renewable energy can play a strategic role in India in meeting the country’s growing energy demands, as well as combating climate change. Policymakers have recognized this potential and over the last decade have intensified their efforts towards creating a conducive regulatory and policy framework. Policy instruments such as renewable obligations, feed-in-tariffs and generation based incentives have specially aided the transformation towards large scale generation, enabling higher efficiency and lower costs of generation. However, financing has emerged as a significant barrier for sustaining the momentum gained in recent years. Given this background this paper provides an overview on the evolution of large scale generation and the consequent changes in financing requirements. It further reviews the emerging trends and barriers in the financing landscape and analyses the impact of policy performance in this context. Finally, it considers the design of a national renewable finance framework complete with targeted finance push instruments that can complement existing demand pull policies in facilitating investment. [ABSTRACT FROM AUTHOR]

Abstract: Biomass based energy generation is one of the major focus areas of renewable energy programs in India. The strength of India's biomass resources mostly lies in the agricultural sector. A large quantity of crop residue biomass is generated in India. However, crop residue biomasses are distributed resources with variation in spatio-temporal availability and its characteristics. Competing uses of residues also vary geographically. Therefore, local biomass databases are important for decentralized bioenergy programs. However, in India, state wise crop level biomass database is limited. The present paper assessed crop residue biomass and subsequently bioenergy potential in all the 28 states of India using crop statistics and standard procedure. A total of 39 residues from 26 crops cultivated in India are considered for the study. Overall, India produces 686MT gross crop residue biomass on annual basis, of which 234MT (34% of gross) are estimated as surplus for bioenergy generation. At state level, Uttar Pradesh produces the highest amount of crop residue amongst all the 28 states. Amongst all the crops, sugarcane produces the highest amount of surplus residue followed by rice. The estimated annual bioenergy potential from the surplus crop residue biomass is 4.15EJ, equivalent to 17% of India's total primary energy consumption. There exists variation from 679MJ (West Bengal) to 16,840MJ (Punjab) of per capita crop residue bioenergy potential amongst the states of India. The information generated in this study is expected to be useful for decentralized crop residue based energy planning by the states of India which in turn would positively influence the overall renewable energy growth in India. [Copyright &y& Elsevier]