The Central Government has planned to secure the unpredictability of power supply contracts of Punjab, Andhra Pradesh and Gujarat governments, by laying down rules of recovery of costs due to change in the law.
With the surging energy crisis, most countries including India are pushing their renewable sector to the limit. Investors have been sceptical because of the changing stock scenarios and laws.
There have been many challenges posed to the renewable sector, in terms of land acquisition, payment delay, regulatory norms, connectivity issues and others.
To ensure the smooth regulation of the clean sector, the Indian Electricity Grid will be applied. In case of a shortage of supply from a power plant, financial compensation will be provided by the owner of it. There will also be a relaxation for the renewable energy producer to be allowed to sell power to recover the cost. There is an expected $1 trillion investment in the renewable energy sector by 2030.
Bigger changes, however, take time to fulfil, the government's statement said. And such delays can affect the status of that industry or sector. Owing to the lower price of solar panels the Punjab government has asked for a revision of its solar power tariffs. The above rules of Timely recovery of costs and Promotion of production of energy by addressing Must-run fall under the Electricity Act 2003 by the Power Ministry.
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