The principal REC Regulations, 2022 govern issuance and usage of Renewable Energy Certificates for renewable energy generation and compliance with renewable purchase obligations. This amendment updates definitions, modifies timelines and eligibility for issuance of RECs, revises certificate multiplier framework, and introduces provisions for Virtual Power Purchase Agreements (VPPA).

• New definitions inserted for Designated Consumer, Renewable Consumption Obligation (RCO), and Virtual Power Purchase Agreement (VPPA).
• Eligibility expanded to include certain renewable captive generating plants with self-consumption not meeting captive criteria.
• Timeline for REC issuance restricted to within 3 months from State Commission certification; delayed applications not permitted.
• Certificate Multiplier revised:
  • Existing projects (post 05.12.2022) assigned fixed multipliers
  • New projects governed by Appendix-1 principles
  • Multiplier validity fixed at 15 years
• New Regulation 14A introduced for VPPA:
  • RECs transferred to consumer/designated consumer
  • Can be used for RPO/RCO compliance
  • Excess RECs can be carried forward but cannot be traded
• Appendix-1 substituted: multiplier determined based on Tariff, Technology, and Capacity factors with prescribed weightages and technology-wise multipliers.