www.iexindia.com | 01

sEPTEMBER’15 IssUE 6 | VolUME 2

N E W s A N D I N F o R M A T I o NIEX Bulletin

In thIs Issue...

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01 CERC notifies the Ancillary Services Operations Regulations, 2015

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01 CERC notifies 3rd Amendment to IEGC Regulations 2010

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02 APERC issues Draft 1st Amendment to OA Regulations

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02 GERC revises RPO for Discoms for 2012-13

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02 OERC judgment on Non-Compliance of RPO

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03 RERC issues Draft Open Access Regulations, 2015

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04 Power Market Update: August’15

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05 Integrating Renewable Energy to the Grid

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07 REC Market Update: August’15

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08 IEX Trade Info: August’15

REGUlAToRY NEWsCERC notifies the Ancillary services operations Regulations, 2015

On 13 August’15, CERC notified the “Central Electricity Regulatory Commission (Ancillary Services Operations) Regulations, 2015”. Key highlights of the Regulations are:

� The Regulations clearly define new concepts such as - Virtual Ancillary Entity, Reserves Regulation Ancillary Services (RRAS), Reserves Regulation Ancillary Services Provider (RRAS Provider), Regulation Down Service, Regulation Up Service and Un-requisitioned surplus.

� The objective of these regulations is to restore the frequency at desired level and to relieve congestion in the transmission network.

� These regulations to be applicable to the regional entities involved in the transactions facilitated through short-term or medium-term open access or long-term access in inter-State transmission of electricity.

� All Generating Stations that are regional entities and whose tariff is determined or adopted by the Commission for their full capacity shall provide RRAS.

� The Regulations also define detailed role for - Nodal Agency, RRAS, Provider and Regional Power Committees.

� The Nodal Agency shall, after obtaining prior approval of the Commission, issue the Detailed Procedure within a period of 3 months of notification of these regulations. The Detailed Procedure shall contain the guidelines regarding operational aspects of RRAS including scheduling and dispatch and any residual matter.

These regulations shall come into force with effect from such date as may be notified by Commission.

More information: www.cercind.gov.in

CERC notifies 3rd Amendment to IEGC Regulations 2010

On 7 August’15, CERC notified 3rd Amendment to IEGC Regulations, 2010 which shall come into force with effect from 1st November, 2015. A brief summary of the amendment is as follows:

� The Amendment Regulation incorporates scheduling of wind and solar generators which are regional entities.

� RLDC to include solar power generation along with wind power generation in its daily report.

02 | www.iexindia.com

� Re-scheduling of wind and solar energy generators which are regional entities, on 6 time blocks (one and half hourly) basis.

� Solar and wind UMPPs will include projects having capacity of 500 MW and above for which RLDC will co-ordinate for scheduling.

� Procedures for Scheduling and Forecasting have been defined.

� The charges payable for deviation from schedule by the wind and solar generators which are regional entities, shall be de-linked from frequency and shall be accounted for and settled in accordance with the provisions of the CERC DSM Regulations, 2014.

� Provisions with respect to Renewable Regulatory Fund (RRF) have been deleted.

More information: www.cercind.gov.in

APERC issues Draft 1st Amendment to oA Regulations

On 27 August’15, APERC issued Draft 1st Amendment to Open Access Regulations to accommodate AP’s Solar Policy 2015. Following amendments have been proposed:

� Deemed Open Access to generators if no response received from Nodal Agency within 30 days of application.

� Transmission and wheeling charges shall be exempted for power generated from solar and wind power projects for captive use/third party sale within the State.

� Distribution losses to be exempted for solar power projects injecting at 33 KV or below.

� Cross Subsidy Surcharge and Additional Surcharge to be exempted for third party sale if such solar power projects are within the State, for a period of five years from the date of commissioning.

Last date for comments is 18 September, 2015.

More information: www.aperc.gov.in

GERC revises RPo for Discoms for 2012-13

GERC vide its order dated 4 August'15, held that:

� The RPO of the distribution licensee of the State has been revised by adopting the weighted average formula in which the renewable energy available in the State and the energy procured by the distribution licensee is considered and based on it, the weighted average renewable energy determined is considered as the RPO for FY 2012-13.

Shortfall required to fulfill during FY 2015-16 (MU)

Wind RPO @ 4.15%

Solar RPO @ 1%

Other category

RPO @ 0.5%

GUVNL Nil Nil Nil

TPL – D (Ahd and Surat)

34.17 Nil 10.11

TEL 1.78 0.66 0.06

MPSEZ Utilities Pvt. Ltd.

6.08 1.46 0.14

� TPL, TEL and MPSEZ have been directed to fulfill the shortfall in their respective RPOs (as shown in above table) within a period of next 6 months. It is also made clear that procurement of this quantity of renewable energy or REC shall be in addition to the RPO specified by the Commission for current year.

More information: www.gercin.org

oERC judgment on Non-Compliance of RPo

On 17 August’15, OERC issued an order for non-compliance of RPO and its compliance Regulations, 2010 by the obligated entities and co-generating power plants in Odisha. Key highlights of the order are:

� Non –fulfillment of RPO obligation is unjustified.

� Obligated Entities (O.Es) are allowed to carry forward their RPO upto 31 Aug’15 till 31 Aug’16.

� If the obligated Entity fails to purchase renewable power, they can purchase RECs, at least 5% per month of the obligation upto 31 March’15 from August onwards uptill 31 Aug’16 and no further extension/carry forward  will be allowed.

� O.Es to submit quarterly compliance report to OREDA.

More information: www.orierc.org

www.iexindia.com | 03

RERC issues Draft open Access Regulations, 2015

RERC has issued Draft RERC (Terms and Conditions for Open Access) Regulations, 2015. Key highlights of the Draft Regulations are:

� Eligibility (additional)

− Power procurement through power exchange shall be permissible only on week ahead basis or higher denomination of days and not on day-ahead basis.

− Consumers who are connected at 33 kV or below GSS or connected on common feeder irrespective of their voltage of supply, shall be allowed open access, subject to the condition that they agree to rostering restrictions including power cut imposed by utility on the feeders serving them.

− No power cut shall be imposed by the utility on Open Access Consumers who are on independent feeders connected to 132 kV or above Grid Sub-station. Provided that in case power is drawn from utility under this situation, the utility may disconnect the feeder and shall also bill the energy drawn at double the tariff applicable to that consumer category.

� Charges for Open Access

− Transmission and Wheeling charges:

y The transmission and wheeling charges shall be payable on the basis of total contracted capacity or open access capacity utilized, whichever is higher.

y The excess capacity utilized up to 5% of capacity allocation occurring for two time blocks of 15 minutes each during a month will be ignored.

y However, the OA Consumer shall be required to pay an extra charge for the entire month equal to the same percentage of the fixed and energy charges by which percentage the excess demand has actually been caused if the number of such instances is more than two time blocks.

y If the OA Consumer is not having any contract demand with the distribution licensee of his area of supply, the excess drawal shall be governed by provision under Regulation No. 21 titled “Unscheduled Interchange Pricing”.

� Cross Subsidy Surcharge

− CSS shall be worked out in accordance with Terms and Conditions of Tariff of Distribution Licensee.

� Additional Surcharge

− The Commission shall determine the amount of additional surcharge on generic basis.

� Unscheduled Interchange Pricing

− Deviation shall be settled at higher of the applicable (CERC) deviation rates or Temporary Tariff.

− Any over-injection shall be compensated at the deviation charge rate at frequency of 50 Hz. or applicable CERC deviation charge rate whichever is less.

− Any underdrawl by an open access consumer shall not be compensated.

� Compliance and Grid Discipline

− The open access consumer shall restrict the sum of his total drawl from all sources including open access and distribution licensee up to the total sanctioned contracted demand with the distribution licensee. The consumer shall be levied fixed charge for the maximum demand recorded in the ABT meter as applicable from time to time.

− The quantum of power to be procured through open access will be uniform throughout the day.

− In the event of variation in schedule of open access of the consumer during the day, the quantum of power drawn from Discom in any time block of the day by the open access consumer shall not exceed the quantum of power drawn from the Discom in the time block when the maximum power is scheduled through open access.

− In case of inability of the consumer to do so, the extra power drawn over and above the restricted quantum during the day shall be billed at prevailing Temporary tariff corresponding to the consumer category.

− Short term open access customer shall provide the injection/drawal schedule for inter-state and intra-state transactions separately every day to the SLDC, RDPPC and the Distribution licensee by 10:00 hours of the day preceding the day of drawl/injection. No revision shall be allowed in the schedule so provided.

Last date for comments is 3 September, 2015.

More information: www.rerc.rajasthan.gov.in

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INDUsTRY NEWsPower Market Update: August’15

With average Market Clearing Price (MCP) for August’15 at ` 2.82 per unit, IEX Spot Power Market continued to be attractive for buyers – Discoms as well as Open Access Consumers. MCP remained close to last month’s MCP of ` 2.74 per unit. Average Area Clearing Price (ACP) varied between ` 2.4 per unit to ` 2.9 per unit except in Southern Region where average ACP was ` 5 per unit, up by 37% over the previous month. Congestion on the Inter-State Transmission System corridor (ISTS) remained the key reason for higher prices in the Southern Region.

Almost 2.77 BUs (Billion kWh) were traded in August, about 10% above 2.52 BUs traded in the previous month and about 11% above 2.50 BUs traded in the same month last year. Purchase bids worth 3.84 BUs while Sell bids worth 4.47 BUs were received during the month, higher by 16%. About 89 MUs were traded on a daily average basis this month.

Almost 344 MUs could not be traded due to constraints on the ISTS network, almost 9% more than 315 MUs lost in July’15.

In terms of participation, 975 participants traded in the day ahead spot market on a daily average basis in August.

Volumes

A few key power market highlights are as given below:

� Total Sell bids – 4.47 BUs

� Total buy bids – 3.84 BUs

The Northern, Western and Southern States were the Net Buyers

� Northern States bought – 1,085 MUs, 37% more over the previous month.

� Western States bought – 925 MUs, 9% less over the previous month.

� Southern States bought – 387 MUs, 30% less over the previous month.

� Eastern States bought - 326 MUs, 169% more over the previous month.

The Eastern and North-Eastern States were the Net Sellers

The table below gives a complete Buy-Sell Picture for August’15 vis-à-vis July’15:

Area Clearing Prices (ACP)

In North-East, East and West, ACP was ` 2.39 per unit, up by 9% over the previous month.

In North and Punjab, ACP was ` 2.65 per unit and 2.86 per unit, down by 17% and 12% respectively over July’15 mainly due to better transmission corridor availability.

ACP in the South was about ` 5 per unit, up by 37% over July’15 as a result of limited availability of transmission corridor towards South.

The average area prices in August vis-à-vis July are as summarised in the table below:

Transmission Congestion Analysis � East-South and West-South corridors were

congested for about 98% of the time.

� East-North and West-North corridor was congested for about 26% and 29% of the time respectively.

� Western Regional Sell volume of 0.29 BUs could not be transacted due to congestion.

� Southern Regional Buy volume of 0.50 BUs could not be transacted due to congestion.

Participation

975 participants traded in the spot market on an average daily basis. The highest participation was recorded on 22 August, 2015 when 1,031 participants traded at the Exchange.

REGION BUY (MU) SELL (MU) NETAugust'15 July'15 Change (%) August'15 July'15 Change (%)North East 44.49 32.44 37% 210.73 199.81 5% SELLEast 326.19 121.43 169% 561.98 499.11 13% SELLNorth 1085.41 795.04 37% 938.23 794.64 18% BUYWest 925.20 1014.99 -9% 819.11 599.44 37% BUYSouth 387.49 557.17 -30% 238.73 428.07 -44% BUY

* MCP (Market Clearing Price) refers to the price discovered before accounting for congestion in Inter-State transmission network.

* ACP (Area Clearing Price) refers to the bid area prices discovered after accounting for congestion in the Inter-State transmission network.

BID AREASAverage Prices (`/kWh)

Aug'15 July'15 Change(%)North-East (A1, A2) 2.39 2.20 9%

East (E1, E2) 2.39 2.20 9%

North (N1, N2) 2.65 3.20 -17%

Punjab (N3) 2.86 3.27 -12%

South (S1) 5.05 3.68 37%

South (S2) 5.05 3.69 37%

West (W1, W2, W3) 2.39 2.20 9%

MCP* 2.82 2.74 3%

www.iexindia.com | 05

MARKET INsIGHT

Integrating Renewable Energy to the Grid

CERC issued a milestone regulation, replacing earlier regulations relating to Renewable Regulatory Fund (RRF) mechanism to pave the way for inter-state transfer of variable renewable energy (VRE). These regulations are currently for Renewable Energy (RE) generators connected to Central Transmission Utility (CTU) network. Similar provisions for intra-State VRE generators can create a cohesive, seamless market for renewable Energy. The two regulations amended to integrate scheduling of renewable energy are summarized in the following sections.

Regulations for Forecasting, Scheduling and Handling Power Generated from Renewable Energy

A. Deviation Settlement Mechanism (DSM) and related matters (Second Amendment) Regulations, 2015

� Applicability: The Regulation provides the framework for scheduling and deviation settlement for power generated from renewable energy source-wind and solar. These are applicable to renewable energy generators which are regional entities. These regulations shall come into force with effect from 1st November, 2015.

� Schedule Generation: The wind or solar generators which are regional entities shall be paid as per schedule. Buyer will be credited energy equivalent to Scheduled Generation (not Actual Generation) for meeting renewable purchase obligation (RPO).

� Deviation Settlement: The green power can be seen as bundle of green attribute and electricity. Therefore, deviation in bundled green power can be handled by handling both components. This regulation provides for an apt method of handling deviations in both components.

− Deviation Settlement of Electricity: Deviations of conventional generators are handled through frequency linked DSM charge. However, VRE generators cannot be controlled to minimize deviation, therefore, DSM mechanism for VRE generators is not linked to frequency but a rate linked to its agreed rate. Further, this deviation charge is not linked to quantum of deviation (AG-SG), but to a quantity called as Absolute Error. Absolute Error is defined as absolute value of the error in the actual generation of wind or solar generators with reference to the scheduled generation and the 'Available Capacity' (AvC), as calculated using the following formula for each 15 minute time block.

Error (%) = 100 X [Actual Generation – Scheduled Generation]/(AvC)

Where, Available Capacity (AvC) is cumulative capacity rating of the wind turbines or solar inverters that are capable of generating power in a given time-block.

Under-injection: For under-generation, the deviation charges will be payable by generator based on Absolute Error in the fifteen minute time block to the regional DSM pool as given in Table 1.

Over injection: For over-generation, Deviation Charge shall be payable to the generators from the Regional DSM Pool as given in Table 2.

Table 1: Deviation Charges in case of Under-Injection

Sr. No. *Absolute Error in 15-minute time block Deviation Charges payable to Regional DSM Pool

1. < = 15% Fixed Rate (FR) for shortfall for up to 15% absolute error

2. > 15% but < = 25% (1) + 110% FR for balance beyond 15% to 25%

3. > 25% but < = 35% (2) + 120% FR for balance beyond 25% to 35%

4. > 35% (3) + 130% FR for balance beyond 35%

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Where, Fixed Rate (FR) is the PPA rate as determined by the Commission under Section 62 of the Act or adopted by the Commission under Section 63 of the Act. In case of multiple PPAs, the weighted average of the PPA rates shall be taken as the Fixed Rate.

Fixed Rate (FR) for Open access participants selling power which is not accounted for RPO compliance of the buyer, and the captive wind or solar plants shall be the Average Power Purchase Cost (APPC) rate at the National level, as may be determined by the Commission from time to time through a separate order.

− Deviation Settlement of Green Attribute: Green Attribute equivalent to difference between Actual and Scheduled Generation is done through REC. Regulations do not envisage buying and selling of RECs each week or month but allows that such RECs equivalent to deviations will be netted off for the entire pool on a monthly basis.

Shortfall in Generation in Scheduled Generation: Generator will be liable to purchase equivalent solar and non-solar Renewable Energy Certificate (REC). NLDC will utlitise funds from the pool account to balance it.

Excess Generation from Scheduled Generation: Excess generation will qualify for notional REC credit in the DSM pool account. REC credit will be carried forward for future settlement of green attribute.

B. IEGC (Third Amendment) Regulations, 2015 CERC has amended IEGC Regulations, 2010 to incorporate scheduling of regional wind and solar generators. Under

these amendments, RLDC will include power generation from projects based on wind and solar resources with capacity of 500 MW and above in its daily report. These regulations will be effective from November 1st, 2015 onwards.

� Information Dissemination Generators mandatorily must provide RLDC with power system parameters and weather related data in real time in

format prescribed by RLDC. Frequency and other details will be provided by NLDC and approved by Commission.

� Forecasting It will be done by both RE generator and RLDC. RLDC will do forecasting for maintaining grid security. RE generators

will do forecasting for schedule preparation.

� Revision of Schedule Generators will be allowed maximum 16 revisions. One revision for each time-block is allowed with 1.5 hours prior

notice.

Figure 1: Deviation Settlement Mechanism for Renewable Energy

Table 2: Deviation Charges in case of Over-Injection

Sr. No. Absolute Error in the 15-minute time block Deviation Charges payable

1. < = 15% FR for excess energy up to 15%

2. >15% but < = 25% (1) + 90% Fixed Rate for excess energy beyond 15% to 25%

3. > 25% but < = 35% (2) + 80% Fixed Rate for excess energy beyond 25% to 35%

4. > 35% (3) + 70% Fixed Rate for excess energy beyond 35%

Generator BuyerMeets RPO Compliance

Equivalent to Schedule

Deviation, Δ (AG≠SG)

Δ ElectricityComponent

Δ GreenAttribute

Generator pays/paid FR depending upon range of Absolute Error (Table 1 & 2)

Debit/credit of RECs equivalent to shortfall/excess generation in DSM Pool

AG-Actual Generation, SG-Scheduled Generation

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On an overall basis, a total of 2561 participants are registered in the REC segment at IEX. Of this, 779 are Eligible Entities (RE Generators) 1,769 are Obligated Entities (DISCOMs, Open Access Consumers & Captive Generators) and 13 are registered as Voluntary Entities.

An overview of participation in the REC Market at IEX as on 31st August, 2015:

RENEWABlE NEWs

REC Market Update: August’15

The REC trading session on 26th August, 2015 at IEX, witnessed trade of a total of 1,03,638 RECs – 77,236 N-Solar and 26,402 Solar RECs with an overall market share of 69%.

� In the non-solar segment, total buy bids of 77,236 and total sell bids of 83,55,780 were received and all the buy bids were cleared at floor price of ` 1,500 per REC.

� In the solar segment, total buy bids of 26,402 RECs and sell bids of 17,44,953 RECs were received and all buy bids were cleared at floor price of ` 3,500 per REC.

In comparison to the same month last year, market volume increased 5 fold as only 16,103 RECs were traded in August’14 as compared to 1.03 lakh RECs traded this month. Although the REC market has gained momentum in comparison to last year, the traded volumes have been sliding down over the last few months. To ensure a buoyant market, it is imperative that Obligated Entities fulfill their RPO compliance.

Participants

A total of 983 participants traded at IEX with 675 participants in non-solar segment and 308 participants in the solar segment.

6847 (26%)

1244 (5%)

18311 (69%)

Solar Buyer Mix

DiscomOpen Access Consumer

Captive UserOpen Access

Non Solar Buyer Mix

29467 (38%)47769 (62%)

Captive User

Total number of registered participants 2,557

Obligated Entity 1,763

DISCOMs 24

Open Access consumers 1,645

Captive Consumer 73

Voluntary 13

Eligible Entity (Private Generators) 781

Highest participation in a session (March'14) 1,284

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IEX TRADE INFo: AUGUsT’15

MoNTHlY PRICE sNAPsHoT

Minimum MCP Maximum MCP Average MCP

` 2.82/kWh ` 5.20/kWh` 0.90/kWh

VOLUME

Average Daily (MW)

Average Daily

Volume

89 MUs

Cumulative Cleared

Volume (MU)

Unconstrained Volume

3,113

4,184

Cleared Volume

2,769

3,721

PurchaseBids

3,842

5,164

Sell Bids

4,466

6,003

MoNTHlY VolUME sNAPsHoT 1 MU = 1 Million kWh = 1 GWh

13,091For FY'16

TotalVolume (MUs)

AREA PRICEs

Prices (`/kWh)

Area Min Max RTC* (0-24 hr)

Peak* (18-23 hr)

Non Peak* (1-17 & 24 hr)

Night* (1-6 & 24 hr)

East, North-East & West 0.70 4.84 2.39 2.84 2.25 2.23

North (N1/N2) 0.75 5.50 2.65 3.17 2.47 2.38

North (N3) 0.75 5.50 2.86 3.27 2.72 2.55

South 2.32 9.52 5.05 5.80 4.80 3.68

* Simple Average of Area Clearing Prices for specified duration of time.

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TERM AHEAD MARKET sNAPsHoT – August’15

Total Volume (MWh)

Max Price (`/kWh)

Min Price (`/kWh)Contracts

3,143 3.40 2.15Day-Ahead Contingency

- - -Weekly

15,260 5.00 1.50Intraday

- - -Daily

RP: Registered Projects, AP: Accreditated Projects

REC MARKET sNAPsHoT

Trade Session on 26 August, 2015

RECPurchase

Bids Sell Bids Cleared (REC) Price (`/REC) Participants

83,55,780 1,50077,236 675Non Solar 77,236

26,402 3,500Solar 26,402 17,44,953 308

1207

1036

738

399

137

370

155

203

83 73117 268

267

587

2312

920

699

2

Registered Projects

Source-wise RE Capacity (MW) State-wise RE Capacity (MW)

Small Hydro

Solar

Others

Wind

Bio-fuel Cogeneration

Biomass

Tamil Nadu

Karnataka

Chhattisgarh

Maharashtra

Rajasthan

Punjab

Uttar Pradesh

Andhra Pradesh

Himachal Pradesh

Gujarat

Madhya Pradesh

Others

RP: 4786 MW

Registered Projects

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PARTICIPATIoN sNAPsHoT (as on 31st August, 2015)

Total Registered Participants

3400+

Open Access Consumers

3,179

Private Generators

309

Highest Participation

1410 (22nd June‘13)

Hours

Hourly MCV (MWh) Hourly MCP (`/kWh)

Volu

me

(MW

h)

Pric

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h)

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3200.00

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3600.00

3700.00

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3900.00

4000.00

4100.00

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Average Hourly Market Clearing Volume and Price for the month

01-0

8-20

15

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Cleared Volume (MWh) MCP N1 S1 W3

Pric

e `/

kWh

Volu

me

MW

h

0

20,000

40,000

60,000

80,000

1,00,000

1,20,000

0.00

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6.00

7.00

8.00

IEX Price and Volume Trend in August 2015

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CoNGEsTIoN PRoFIlE (August 2015)

98.3% 98.3%

29.0% 26% 27%

0%0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

0.0%

% of time congestion

N3 Import W3 ExportE–NW–NS1–S2W–SE–S

Pric

e D

i�er

entia

l (`/

kWh)

01-0

8-20

15

02-0

8-20

15

03-0

8-20

15

04-0

8-20

15

05-0

8-20

15

06-0

8-20

15

07-0

8-20

15

08-0

8-20

15

09-0

8-20

15

10-0

8-20

15

11-0

8-20

15

12-0

8-20

15

13-0

8-20

15

14-0

8-20

15

15-0

8-20

15

16-0

8-20

15

17-0

8-20

15

18-0

8-20

15

19-0

8-20

15

20-0

8-20

15

21-0

8-20

15

22-0

8-20

15

23-0

8-20

15

24-0

8-20

15

25-0

8-20

15

26-0

8-20

15

27-0

8-20

15

28-0

8-20

15

29-0

8-20

15

30-0

8-20

15

31-0

8-20

15

E N

0.0000

0.2000

0.4000

0.6000

0.8000

1.0000

1.2000

1.4000

Pric

e D

i�er

entia

l (`/

kWh)

01-0

8-20

15

02-0

8-20

15

03-0

8-20

15

04-0

8-20

15

05-0

8-20

15

06-0

8-20

15

07-0

8-20

15

08-0

8-20

15

09-0

8-20

15

10-0

8-20

15

11-0

8-20

15

12-0

8-20

15

13-0

8-20

15

14-0

8-20

15

15-0

8-20

15

16-0

8-20

15

17-0

8-20

15

18-0

8-20

15

19-0

8-20

15

20-0

8-20

15

21-0

8-20

15

22-0

8-20

15

23-0

8-20

15

24-0

8-20

15

25-0

8-20

15

26-0

8-20

15

27-0

8-20

15

28-0

8-20

15

29-0

8-20

15

30-0

8-20

15

31-0

8-20

15

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

4.50

5.00South Import

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