Reverse auctions for energy projects may be eliminated by the govt

Raj Kumar Singh, Union Minister for New and Renewable Energy, has asked the government to return to closed bidding since reverse auctions hurt businesses because of the low prices that were revealed throughout the process. The reverse auction process for wind and solar power projects may no longer be used, according to the Narendra Modi-led NDA administration. In a reverse auction, vendors place bids based on the prices they are ready to accept for their products and services. India now has a 59.303 GW solar energy capacity and a 41.205 GW installed wind energy capacity. Also read: RECPDCL transfers SPV for development of Transmission Project Assam cabinet nod for Rs 190 cr power purchase subsidy