The Principal Regulations, 2022 govern Renewable Energy Certificates (RECs) for renewable energy generation applicable to generating stations, captive generators, distribution licenses and open access consumers. This amendment introduces additional definitions, modifies eligibility and timelines for issuance, revises certificate multiplier provisions, and provides framework for Virtual Power Purchase Agreements (VPPA).

1. Regulation 2 (Definitions) – Inserted
   “(g-i) ‘Designated Consumer’…”
   “(o-i) ‘Renewable Consumption Obligation’ or ‘RCO’…”
   “(u-i) ‘Virtual Power Purchase Agreement’ or ‘VPPA’…”
2. Regulation 4(3) – Amended
   Inserted:
   “including renewable energy generating plant not fulfilling the conditions of captive generating plant… but having self-consumption,”
3. Regulation 10(3) – Substituted
   Application for Certificates to be made within three months from State Commission certification; delayed applications not allowed.
4. Regulation 12 – Substituted (Certificate Multiplier)
   • Pre-amendment projects: multipliers prescribed (Solar/Wind–1; Hydro–1.5; MSW/Cogen–2; Biomass–2.5)
   • Post-amendment projects: as per Appendix-1
   • Validity: 15 years from commissioning
   • Thereafter: 1 Certificate per MWh
5. Regulation 14A – Inserted (VPPA)
   • Certificates transferred to consumer/designated consumer
   • Usable for RPO/RCO compliance
   • Excess can be carried forward but not sold
   • Certificates extinguished after use
6. Appendix-1 – Substituted
   Multiplier based on Tariff Range (40%), Technology Maturity (30%), Capacity Credit (30%) with revised REC multipliers for technologies.