Raj Kumar Singh, Minister of State (I/C) for Power and New & Renewable Energy, launched trading of Energy Saving Certificates (ESCerts) under the Perform, Achieve & Trade (PAT) scheme. This will pave way for designated industries, under the PAT scheme, to buy and sale ESCerts at the two energy exchanges, i.e. Indian Energy Exchange (IEX) and Power Exchange India Limited (PXIL).
Under the PAT scheme, ESCerts are issued by the Ministry of Power when a Designated Consumer (DC) achieves and surpasses the target. These ESCerts can be sold to DCs that fail to achieve their targets to comply with energy consumption norms and standards. Singh said, “With this launch, we are much closer to incentivising DCs for their energy saving initiatives. This will facilitate designated consumers to achieve their legal obligation under the Energy Conservation Act, 2001 and motivate them with necessary market-based incentives to exceed the targets set for them.”
The Ministry has issued ESCerts to DCs of PAT Cycle I on February 16, 2017 on assuming of their performance about energy savings, based on the recommendations of Bureau of Energy Efficiency (BEE). Approximately 38.25 lakhs ESCerts were issued to 306 DCs while 110 DCs have been entitled to purchase approximately 14.25 lakhs ESCerts
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