SECI’s Tranche V Hybrid Auction for 1200 MW Goes At Rs 2.53/Unit

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In results that most industry watchers will consider more than good enough, SECI has managed to attract winning bids at Rs 2.53/unit from Tata Power, NTPC and AMP Energy at Rs 2.53 each for it 1200 MW Hybrid auction.

The winning bids, while higher than the last Hybrid auction which attracted bids at Rs 2.34 in the Tranche IV auction last year, still seems very good, when seen in the context of the uncertainties that have dogged both Solar and Wind supply chains in recent months.

In terms of allocated quantities, while Tata Power gets 600 MW, NTPC Renewables has won 450 MW, AMP Energy 120 MW, and finally SJVN, which bid for 200 MW at Rs 2.54, only 30 MW under the bucket filling method.

Under the terms of the tender, the rated installed capacity of both solar or wind has to be at least 33% of project capacity.

Interestingly, if we take Rs 2.60 as a cut off, there was still unfulfilled demand of a further 1400 MW plus, from the unsuccessful bidders who bid at Rs 2.54 and beyond. Among the notable misses was Renew Power which had bid at Rs 2.88, while Adani Renewable Energy missed out with its bid at Rs 2.55/unit.

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Even as bids have still come in at a competitive level, the trend seems to have shifted in favour of higher bids if one considers the last 3 hybrid auctions, which were all at prices below these levels. It also indicates that auctions by state level entities are likely to see prices closer to Rs 2.75, as they get active on meeting targets and building capacity too.

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