| Redemption of Renewable Energy Certificates |
Process of Trading of REC through Power Exchanges
 The basic procedure for redemption through Power Exchange of renewable energy certificates shall include following steps:
STEP 1: Seller and Buyer place their sale and buy bid.
STEP 2: Power Exchanges (PX) send the bid volumes for each of the seller, to the Central Agency for verification of the quantity of valid RECs available with the seller.
STEP 3: Central Agency check the combined maximum bid volume in the PXs for each eligible entity against the quantity of valid RECs for that seller and provide the details of defaulters to Power Exchanges.
STEP 4: PXs work out the MCP and the MCV and send the final cleared trades to the Central Agency.
STEP 4: The certificates are extinguished by the Central Agency in the First-in-First-out order.
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Process of Trading of REC through Electricity Traders
 The basic procedure for redemption through Electricity Traders of renewable energy certificates shall include following steps:
STEP 1: The electricity traders will place seller code request and buyer code request to Central Agency.
STEP 2: The seller will block the number of REC to be traded through Trader.
STEP 3: The electricity traders will apply for trade to the Central Agency with the quantity of the Certificates to be exchanged, Seller Code, Buyer Code.
STEP 4: The seller will give consent to the trade request placed by trader.
STEP 5: After consent from seller, Central agency will execute the trade.
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