Renewable Auctions Surge, Tariffs Drop 50 Percent in a Decade

India conducted 24 reverse auctions for renewable energy (RE) projects in 2024-25 (till December 31, 2024), marking an increase from 16 auctions in 2023-24, according to data sourced from Renewable Energy Implementing Agencies (REIAs) including Solar Energy Corporation of India (SECI), NTPC Ltd., NHPC Ltd., and SJVN Ltd.

The findings were presented in the Rajya Sabha by Pralhad Joshi, Minister of New and Renewable Energy and Consumer Affairs, Food & Public Distribution, in response to a question raised by Sumitra Balmik.

He further informed that the tariff discovered for different RE projects under reverse auctions has declined further, standing at INR 2.48–4.99 per unit in 2024-25, compared to INR 2.52–5.60 per unit in 2023-24. Over the past decade, renewable tariffs have seen a sharp 50 percent reduction, dropping from INR 5.50 to 9.50 per unit in 2013-14.