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MINISTRY OF POWER HAS NOTIFIED NEW RULES

MINISTRY OF POWER HAS NOTIFIED NEW RULES

Context:

Recently, the Ministry of Power has notified rules for the sustainability of the electricity sector and the promotion of clean energy to meet India’s commitment towards Climate Change.

Background:

  • Investors and other stakeholders in the electricity sector have been concerned about timely recovery due to changes in legislation, reduction of renewable energy and other related issues.

The following Regulations promulgated by the Ministry of Power under the Electricity Act, 2003 are of interest to consumers and stakeholders:

  • Electricity (Timely recovery of costs due to Change in Law) Rules, 2021.
  • Electricity (Promotion of generation from renewable sources of energy by addressing Must Run and other matters) Rules, 2021.

Key Points:

  • Timely recovery of costs due to changes in legislation is very important as investment in the energy sector is highly dependent on timely payments. Currently passing under a change in the law takes time. This has an impact on the performance of the sector and the developers are under financial pressure. These Rules will help to create a friendly investment climate in the country.
  • India has also announced international commitments to set 175 GW of RE capacity by 2022 and 450 GW by 2030. These Rules will assist in achieving the objectives of RE production. This will ensure that consumers get green and clean energy and protect a healthy environment for future generations.

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