“Thermal-mimic” FDRE RTC (firm and dispatchable renewable energy, round-the-clock) power is now available in India at Rs 5.25/kWh ($55/MWh) – flat for 25 years!!
Solar Energy Corporation of India Limited’s FDRE RTC results were just announced.
Key specifications: 90% during peak hours, 50% during solar-hours, and 70% during non-peak, non-solar hours – every single day, enforced at every 15-minute interval. Exactly how a thermal plant would operate.
This is a big deal for two reasons:
- Incredibly competitive price – among the lowest in the world.
- But the more interesting part is that the price is flat and inflation-proof!
The chart shows actual average generation cost for every new coal plant commissioned in India since 2015 β about 39 GW. That fleet’s average cost has gone from roughly Rs 4.2/kWh ($45/MWh) in 2016 to Rs 5.3/kWh ($56/MWh) in 2025, with some newer plants costing significantly above that number.
If that trend continues at even a tapering rate after 2035, new coal would average about Rs 8.6/kWh ($90/MWh) by 2050.
The green line is the Thermal-mimic clean power at Rs 5.25/kWh, and it doesn’t move. Fixed in nominal Rupees for 25 years!!
That means clean firm power is already brushing up against coal prices, before accounting for fuel price volatility or carbon risk.
The question isn’t whether clean power can be firm and competitive. It’s both.β