NEW DELHI: The Supreme Court rejected an appeal by a renewable energy association that sought a stay order on the revision of prices of renewable energy certificates (REC).

A bench headed by Justice Arun Mishra heard the matter on June 16 through an online hearing and dismissed the petition to stop the price revision by the Central Electricity Regulatory Commission (CERC), which proposed to slash the minimum price of RECs from Rs 1,000 to zero.

The Malpani Group-headed Green Energy Association (GEA) had sought a stay, arguing that their existing certificates would lose their values drastically.

The Appellate Tribunal of Electricity (APTEL) had earlier dismissed a plea by GEA against lowering of prices, following which the industry body filed an appeal with the apex court. In a previous decision, APTEL had reduced the floor price to Rs 1,000 from Rs 3,500.

The GEA was seeking 3.5 certificates for every single REC it owned, citing the more expensive price it had paid before the proposed revision. “The market has been skewed to the disadvantage of the appellants, where minimum price guarantee has been taken away and the maximum sale price has been retained but lowered,” claimed the GEA.