Power Exchange of India (PXIL) has recorded a 64% increase in sale of Renewable Energy Certificates (RECs) in India.

The Indian Energy Index (IEX) recorded a trade of ₹14.91 lakh (£16,008) RECs in February 2020, owing to high demand – under the Renewable Purchase Obligation, bulk purchasers like distribution companies, open access consumers and capacitive users are required to buy certain proportions of Renewable Energy Certificates.

RECs are a type of market-based instrument that promote renewable sources of energy and development of electricity market – each REC is created when one megawatt hour of electricity is generated from an eligible renewable energy resource.