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PTC India Ltd, India’s largest power trading company, will act as the trading partner for sale and purchase of power from wind power projects selected through the government’s first-ever auction of wind power projects of 1,000 Megawatt capacity. PTC will be the nodal entity for supplying power to utilities after entering into a power purchase agreement (PPA) with successful bidders.
With the just concluded wind power auction fixing the tariff at Rs 3.46 per unit for 25 years, the stage is now set for wind power to emerge as a credible renewable power source in the country, PTC said in a statement. The auction will allow non-windy states to get wind based power from states that are rich in wind resources.
The competitively discovered price at Rs 3.46 per unit is an outcome of expected optimization in project cost, machines efficiency and payment counter party risk. The projects are expected to be commissioned in eighteen months. Solar Energy Corporation (SECI), which conducted the auction, is expected to allow 1,050 MW at the cut-off price and issue Letter of Interest (LoI).
“We are the nodal trading partner for renewable resources based power generation, which is the energy for the future. We expect the share of renewables in overall power generation to steadily rise in the coming years as more and more solar and wind projects start producing power. The competitively priced wind power will encourage consumers to switch to cleaner sources of energy,” said Deepak Amitabh, Chairman and Managing Director, PTC India.
The Ministry of New and Renewable Energy (MNRE) had formulated the scheme for procurement of power from large wind power projects in June 2016 to enable non-windy States to meet their non-solar Renewable Purchase Obligations (RPOs) by buying wind power connected to inter-state transmission grid, thereby enlarging the wind power market.
Unlike conventional power, where fuel charges escalate each year, the discovered tariff in the wind auction is constant throughout the life of the projects, around 25 years. Looking at the attractive tariffs, a few state utilities have expressed interest in purchasing wind power under this scheme.
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