REGULATORY ISSUES IN WIND ENERGY SECTOR
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1 REGULATORY ISSUES IN WIND ENERGY SECTOR April 26, 2017 AMIT KAPUR Senir Partner
2 I. THE CHALLENGES & THE OPPORTUNITY 2
3 Challenging State f the RPO Market 1 Nn-cmpliance & Nn-enfrcement Only 6 f 24 sampled states (Arunachal Pradesh, HP, Karnataka, Meghalaya, Mizram and TN) met their RPOs (FY 2011 t 2014). Trend f RPO nn-cmpliance (as a %) fr fur states : RPOs fr states 3
4 Unused RECs Challenging State f the RPO Market 2 Nn-cmpliance & Nn-enfrcement Glut f RECs yet targets remain unmet. CERC rder dt : 1.85 Cr RECs languish at pwer exchange Nn-slar RECs : 1.37 Cr Slar RECs : 0.48 Cr Nn-impsitin f penalties setting wrng incentives Situatin wrsened by nt punishing nn-cmpliance N penalties in 17 underperfrming states. Where penalty impsed (Uttarakhand, Madhya Pradesh) is mere tkenism. Nn-cmpliant entities NOT directed t purchase RE/ RECs. Enfrcement diluted by frequent deferring f RPOs. 4
5 Opprtunity 1 Plicy Certainty and Single-windw Cmpliance Lng-term Certainty & Predictability is lacking: RISK Maharashtra: RE plicy f 2008 changed in : Target t cmmissin 2000 MW wind pwer 2015: Target t cmmissin 1500 MW wind pwer. Unclear whether this is nly new prjects r thse already being develped Andhra Pradesh Slar Plicy 2012: Granted incentives fr 7 years, i.e., until : Curtailed the availability perid t Single-windw Clearance: needed T ensure state level speedy prject apprvals. Once bid, PPA be signed Once installed, RE pwer be must run in reality 5
6 Opprtunity 2 Captive Plants and Ending Subsidies Rules fr captive pwer plants Need certainty n prpsed amendments t the Electricity Rules, Balanced phase ut f Subsidies Subsidies be phased ut prgressively fr mature technlgies based n a lng term radmap withut impairing investments. Pricing Externalities Create framewrk t price f externalities assciated with RE. Damage t human health frm fssil fuels be priced in tariff t pay fr green energy csts. Cst f fssil fuel-fired pwer rises by USD 0.01 t 0.13/kWh, depending n the cuntry and technlgy (assuming USD 20-80/tnne f CO 2 ) (Surce: IRENA (2015)) 6
7 Opprtunity 3 Slar Farms, WTG Manufacturing, Externalities Prjects be bid and awarded after:- Clearly demarcated land cnsider avid delays and cnflicts (Surce: Mercm) Suitable access rads are available t secure timely cnstructin (Surce: Mercm) Dmestic WTG Manufacturing capacity NIWE: 20 dmestic WTG manufacturers. MNRE must create stable framewrk t enhance Indian WTG capacity Make India an exprt hub and incubatr f new technlgies Dmestic Cntent Requirement n WTG will bst dmestic manufacturing 7
8 II. IMPROVING CREDITWORTHINESS: ADDRESSING RISK ENHANCING FINANCE 8
9 Investment Needed Credit Enhancement & Hedging Securing lw-cst, lng-term dmestic debt: need $160bn need t achieve 175 GW target (excluding ancillary infrastructure) Credit Enhancement and Hedging (Surce: Scrll/ Reuters (2015)) Gvernment/ internatinal agencies may issue guarantees against develpment risks (ff-take, plicy, credit, currency, etc.): bst lenders cnfidence in prject viability. Fund be set up at the Central and/r State level t: Offer credit enhancement (r lan guarantees) ReNew Pwer s green bnds wrth 451 Crre. India Infrastructure Finance Cmpany partly guaranteed 28%; ADB 50% Prvide lans n favurable terms Address/ ffset the csts f hedging internatinal debt. 9
10 Status f Unutilized Natinal Clean Energy Fund Year Amunt f Cal Cess Cllected Amunt Credited t NCEF Amunt f NCEF used t finance Prjects , , , , , , , , , , , Ttal Ministry-wise Allcatin All figures are in Rupees Crre (Surce: Ministry f Finance) 10
11 De-risking Develpment Discm Wes Discms in the Dldrums: Credit risk re. payments frm financially stressed Discms Maharashtra, Rajasthan & Madhya Pradesh defaulting since 2015 : we wind develpers Rs Crre. Disrupts IRR and dissuades lenders/investrs Need t strengthen UDAY utcmes. Regulatr frced t act: Multiple petitins by WEGs re. recurring MSEDCL nn-payment led MERC in rder dated t bserve MSEDCL s financial wes are extraneus t cntractual bligatins. MSEDCL must pay dues (and delay surcharge) t WEGs within 30 days, failing which interest wuld be payable n the due amunts. 11
12 De-risking Develpment Cnstrained Evacuatin Infrastructure Peculiarities f lw CUF / availability and unpredictable wind, requiring higher redundancies in netwrk Cnstraint in cnnecting renewable energy t lad centres 2015 : 63 f 118 sanctined prjects in AP stalled due t evacuatin New mdels fr evacuatin be develped and peratinalised (duly accunting fr the cncerns/ needs f utilities and develpers) 12
13 III. SUGGESTED REGULATORY INTERVENTIONS 13
14 Rle Envisined fr RPOs and RECs 1 Behaviural Change: CARROT & STICK Make REC purchase a Cnditinality f Funding under UDAY Scheme Establish a rbust Rating System fr bligated entities with Design similar t BEE's star ratings Rating based n RPO cmpliance + buying RECs. Cmpliance data f bligated entities re. peridic reprting Hsted n a updated and publicly accessible database. Specific agency may be tasked with maintenance f the data. Nn-submissin erdes ranking + persistent defaulters punished by fines. 14
15 Rle Envisined fr RPOs and RECs 2 Outstanding REC Stck Pricing f frbearance/flr prices be flexible + market-driven. Alternatively, scrap frbearance/flr price system. REC prices be determined slely by market frces n mandatry cap r flr Avid perverse incentive t purchase cheaper RECs ver RE CERC discntinued vintage multiplier fr RECs starting frm since: Such market risks are t be brne by investrs. If allwed, it wuld lead t further stranding f inventry f RECs MNRE may sanctin a scheme t purchase utstanding RECs at favurable prices t avid their becming NPAs. 15
16 THANK YOU 16
17 RPOs Prescribed by SERCs Gujarat, Maharashtra, Rajasthan and Chhattisgarh Back t main slide State Gujarat Maharashtra Rajasthan Chhattisgarh Year Renewable Purchase Obligatin (%) Slar Other RE Ttal
18 Natinal Clean Energy Fund Ministry- & Scheme-wise Allcatin fr BE Scheme-wise Allcatin Back t main slide All figures are in Rupees Crre (Surce: Ministry f Finance) 18
19 Natinal Clean Energy Fund Ministry- & Scheme-wise Allcatin fr BE All figures are in Rupees Crre (Surce: Ministry f Finance) Back t main slide 19
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