Reverse auctions for energy projects may be eliminated by the govt

Union Minister of New and Renewable Energy Raj Kumar Singh has asked the government to return to closed bidding as reverse auctions hurt businesses due to low prices revealed in the process.

According to the NDA administration headed by Narendra Modi, the reverse auction process for wind and solar projects should no longer be used. In a reverse auction, sellers place bids based on the prices they are willing to accept for their products and services.

India now has a capacity of 59,303 GW of solar energy and an installed capacity of 41,205 GW of wind energy.

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