A Study to Analyze Factors Impacting Solar Energy Auction Prices
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Thesis and Dissertation
AI Summary
This dissertation examines the factors that influence solar energy auction prices in India. The study begins with an introduction to the importance of solar energy as a renewable resource and the role of auctions in India's energy market. It investigates the background of solar energy, the rationale for the study, and the research problem, aim, objectives, and questions. A comprehensive literature review explores solar energy production, auctions, and the various factors affecting auction prices, including financial considerations, investor confidence, energy demand, resource availability, and alternative energy sources. The research methodology chapter details the research philosophy, approach, design, data collection methods, and analysis techniques used. The findings are presented through descriptive and inferential analyses, including correlations and regressions. The discussion chapter analyzes the findings in relation to existing literature, while the conclusion summarizes the key findings, links them to the research objectives, and provides recommendations for future research and policy implications. The study highlights the significance of factors such as solar energy demand, availability of resources, and alternative energy sources in determining auction prices, offering valuable insights for the Solar Energy Corporation of India (SECI) and policymakers to enhance solar energy production.
Running head: SOLAR ENERGY AUCTION PRICES IN INDIA
A STUDY TO ANALYZE THE FACTORS THAT IMPACT SOLAR ENERGY
AUCTION PRICES IN INDIA
Name of the Student:
Name of the University:
Author’s Note:
A STUDY TO ANALYZE THE FACTORS THAT IMPACT SOLAR ENERGY
AUCTION PRICES IN INDIA
Name of the Student:
Name of the University:
Author’s Note:
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1SOLAR ENERGY AUCTION PRICES IN INDIA
ABSTRACT
Solar energy in the present times had emerged as one of the most important sources of renewable
energies and it is seen that within the framework of the nation of India it is widely being used for
the purpose of meeting the ever-surging energy demands of the people of the concerned nation.
Furthermore, another important reason for the usage of solar energy is the fact that it offers the
opportunity to energy board of India to overcome the limitations or the damage caused by the
usage of conventional sources of energy which are usually produced from fossil fuels.
The Indian government over the years had found it really difficult to effectively manage the
production of solar energy and thus in the present times had resorted to the usage of the solar
energy auctions wherein they simply offer the contracts for the production of solar energy to the
private companies, investors and others. However, as the results of this study indicate there are
various factors which affect the solar energy auction prices in the nation of India. Some of the
most important ones in this relation are the availability of the resources needed for the
production of solar energy, solar energy market demand, availability of the alternative sources of
energy and others.
The researcher during the conduct of the study found that a strong relation exists between the
factors of solar energy demand and the alternative sources of energy and also between the factors
of alternative sources of energy and availability of resources. Thus, it becomes important for the
national government of India and also its official energy board to take into account these three
factors for determining the solar energy auction prices since they are the ones which are likely to
affect the solar energy auction prices.
ABSTRACT
Solar energy in the present times had emerged as one of the most important sources of renewable
energies and it is seen that within the framework of the nation of India it is widely being used for
the purpose of meeting the ever-surging energy demands of the people of the concerned nation.
Furthermore, another important reason for the usage of solar energy is the fact that it offers the
opportunity to energy board of India to overcome the limitations or the damage caused by the
usage of conventional sources of energy which are usually produced from fossil fuels.
The Indian government over the years had found it really difficult to effectively manage the
production of solar energy and thus in the present times had resorted to the usage of the solar
energy auctions wherein they simply offer the contracts for the production of solar energy to the
private companies, investors and others. However, as the results of this study indicate there are
various factors which affect the solar energy auction prices in the nation of India. Some of the
most important ones in this relation are the availability of the resources needed for the
production of solar energy, solar energy market demand, availability of the alternative sources of
energy and others.
The researcher during the conduct of the study found that a strong relation exists between the
factors of solar energy demand and the alternative sources of energy and also between the factors
of alternative sources of energy and availability of resources. Thus, it becomes important for the
national government of India and also its official energy board to take into account these three
factors for determining the solar energy auction prices since they are the ones which are likely to
affect the solar energy auction prices.
2SOLAR ENERGY AUCTION PRICES IN INDIA
ACKNOWLEDGEMENT
I would take this opportunity to thank my Professor, Mr. ………….for offer me to the
opportunity to complete my dissertation on the topic “A study to analyze the factors which affect
the solar energy auction prices in India”. Furthermore, I would also thank my Supervisor for the
constant support that I received from him during the completion of this dissertation.
Lastly, I would also like to thank my family members and friends for the support that they have
offered to me and without whom I would not have been able to complete this study.
Thank You,
------------------------------------------------------
(Name of the Researcher)
ACKNOWLEDGEMENT
I would take this opportunity to thank my Professor, Mr. ………….for offer me to the
opportunity to complete my dissertation on the topic “A study to analyze the factors which affect
the solar energy auction prices in India”. Furthermore, I would also thank my Supervisor for the
constant support that I received from him during the completion of this dissertation.
Lastly, I would also like to thank my family members and friends for the support that they have
offered to me and without whom I would not have been able to complete this study.
Thank You,
------------------------------------------------------
(Name of the Researcher)
3SOLAR ENERGY AUCTION PRICES IN INDIA
Table of Contents
Chapter 1: INTRODUCTION.........................................................................................................8
1.1 Introduction.......................................................................................................................8
1.2 Background of the Study...................................................................................................8
1.3 Rationale of the Study...........................................................................................................9
1.4 Research Problem..................................................................................................................9
1.5 Research Aim.......................................................................................................................10
1.6 Research Objectives.............................................................................................................10
1.7 Research Questions..............................................................................................................10
1.8 Research Hypotheses...........................................................................................................10
1.9 Significance of the Study.....................................................................................................11
1.10 Structure of the Study........................................................................................................11
1.11 Summary............................................................................................................................12
Chapter 2: LITERATURE REVIEW............................................................................................13
2.1 Introduction..........................................................................................................................13
2.2 Overview of Solar Energy...................................................................................................13
2.3 Concept of Solar Energy Production...................................................................................14
2.4 Reasons for the increase in the demand of Solar Energy....................................................16
2.5 Concept of Solar Energy Auctions......................................................................................18
2.6 Factors contributing to Solar Energy Auctions...................................................................19
2.6.1 Increased Production....................................................................................................19
2.6.2 Lack of Governmental Accountability.........................................................................19
2.6.3 Requirement of advanced Technological Resources....................................................20
2.6.4 Market Development....................................................................................................20
2.7 Factors affecting Solar Energy Auction Prices....................................................................21
Table of Contents
Chapter 1: INTRODUCTION.........................................................................................................8
1.1 Introduction.......................................................................................................................8
1.2 Background of the Study...................................................................................................8
1.3 Rationale of the Study...........................................................................................................9
1.4 Research Problem..................................................................................................................9
1.5 Research Aim.......................................................................................................................10
1.6 Research Objectives.............................................................................................................10
1.7 Research Questions..............................................................................................................10
1.8 Research Hypotheses...........................................................................................................10
1.9 Significance of the Study.....................................................................................................11
1.10 Structure of the Study........................................................................................................11
1.11 Summary............................................................................................................................12
Chapter 2: LITERATURE REVIEW............................................................................................13
2.1 Introduction..........................................................................................................................13
2.2 Overview of Solar Energy...................................................................................................13
2.3 Concept of Solar Energy Production...................................................................................14
2.4 Reasons for the increase in the demand of Solar Energy....................................................16
2.5 Concept of Solar Energy Auctions......................................................................................18
2.6 Factors contributing to Solar Energy Auctions...................................................................19
2.6.1 Increased Production....................................................................................................19
2.6.2 Lack of Governmental Accountability.........................................................................19
2.6.3 Requirement of advanced Technological Resources....................................................20
2.6.4 Market Development....................................................................................................20
2.7 Factors affecting Solar Energy Auction Prices....................................................................21
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4SOLAR ENERGY AUCTION PRICES IN INDIA
2.7.1 Financial Factors...........................................................................................................21
2.7.2 Confidence of the Investors..........................................................................................22
2.7.3 Solar Energy Demand...................................................................................................22
2.7.4 Availability of Resources.............................................................................................23
2.7.5 Availability of alternate sources of energy...................................................................23
2.8 Impact of Solar Energy Auction Prices on Solar Energy Auctions and its production.......24
2.9 Future growth prospects of Solar Energy Production..........................................................25
2.10 Literature Gap....................................................................................................................25
2.11 Summary............................................................................................................................25
Chapter 3: RESEARCH METHODOLOGY.................................................................................27
3.1 Introduction..........................................................................................................................27
3.2 Research Philosophy............................................................................................................27
3.2.1 Justification for the Selected Research Philosophy......................................................28
3.3 Research Approach..............................................................................................................28
3.3.1 Justification for the Selected Research Approach........................................................28
3.4 Research Design..................................................................................................................28
3.4.1 Justification for the Selected Research Design.............................................................29
3.5 Data Collection Method.......................................................................................................29
3.5.1 Justification for the Selected Data Collection Method.................................................30
3.6 Data Analysis Method.........................................................................................................30
3.6.1 Justification for the Selected Data Analysis Method....................................................30
3.7 Ethical Considerations.........................................................................................................30
3.8 Limitations of the Study......................................................................................................31
3.9 Summary..............................................................................................................................31
Chapter 4: FINDINGS...................................................................................................................32
2.7.1 Financial Factors...........................................................................................................21
2.7.2 Confidence of the Investors..........................................................................................22
2.7.3 Solar Energy Demand...................................................................................................22
2.7.4 Availability of Resources.............................................................................................23
2.7.5 Availability of alternate sources of energy...................................................................23
2.8 Impact of Solar Energy Auction Prices on Solar Energy Auctions and its production.......24
2.9 Future growth prospects of Solar Energy Production..........................................................25
2.10 Literature Gap....................................................................................................................25
2.11 Summary............................................................................................................................25
Chapter 3: RESEARCH METHODOLOGY.................................................................................27
3.1 Introduction..........................................................................................................................27
3.2 Research Philosophy............................................................................................................27
3.2.1 Justification for the Selected Research Philosophy......................................................28
3.3 Research Approach..............................................................................................................28
3.3.1 Justification for the Selected Research Approach........................................................28
3.4 Research Design..................................................................................................................28
3.4.1 Justification for the Selected Research Design.............................................................29
3.5 Data Collection Method.......................................................................................................29
3.5.1 Justification for the Selected Data Collection Method.................................................30
3.6 Data Analysis Method.........................................................................................................30
3.6.1 Justification for the Selected Data Analysis Method....................................................30
3.7 Ethical Considerations.........................................................................................................30
3.8 Limitations of the Study......................................................................................................31
3.9 Summary..............................................................................................................................31
Chapter 4: FINDINGS...................................................................................................................32
5SOLAR ENERGY AUCTION PRICES IN INDIA
4.1 Introduction..........................................................................................................................32
4.2 Analysis of the Primary Data...............................................................................................32
4.2.1 Descriptive Analysis.....................................................................................................32
4.2.2 Inferential Analysis.......................................................................................................34
4.2.2.1 Correlation.................................................................................................................34
4.2.2.2 Regression..................................................................................................................36
4.3 Summary..............................................................................................................................38
Chapter 5: DISCUSSION..............................................................................................................40
5.1 Introduction..........................................................................................................................40
5.2 Discussion of the Findings...................................................................................................40
5.3 Summary..............................................................................................................................44
Chapter 6: CONCLUSION AND RECOMMENDATIONS........................................................46
6.1 Conclusion...........................................................................................................................46
6.2 Linking with Objectives......................................................................................................46
6.3 Recommendations................................................................................................................48
6.4 Future Scope........................................................................................................................48
References......................................................................................................................................50
Appendix 1.....................................................................................................................................57
4.1 Introduction..........................................................................................................................32
4.2 Analysis of the Primary Data...............................................................................................32
4.2.1 Descriptive Analysis.....................................................................................................32
4.2.2 Inferential Analysis.......................................................................................................34
4.2.2.1 Correlation.................................................................................................................34
4.2.2.2 Regression..................................................................................................................36
4.3 Summary..............................................................................................................................38
Chapter 5: DISCUSSION..............................................................................................................40
5.1 Introduction..........................................................................................................................40
5.2 Discussion of the Findings...................................................................................................40
5.3 Summary..............................................................................................................................44
Chapter 6: CONCLUSION AND RECOMMENDATIONS........................................................46
6.1 Conclusion...........................................................................................................................46
6.2 Linking with Objectives......................................................................................................46
6.3 Recommendations................................................................................................................48
6.4 Future Scope........................................................................................................................48
References......................................................................................................................................50
Appendix 1.....................................................................................................................................57
6SOLAR ENERGY AUCTION PRICES IN INDIA
LIST OF FIGURES
Figure 1: Proposed Structure of the Study.....................................................................................10
Figure 2: Solar Energy produced by the different nations of the world as of 2016......................14
Figure 3: Total Global Energy Consumption as of 2016...............................................................15
Figure 4: Solar Energy Produced by the different nations over the years.....................................16
Figure 5: Increase in financial investment made by the companies for the production of solar
energy and other renewable energy...............................................................................................21
Figure 6: Descriptive Analysis......................................................................................................32
LIST OF FIGURES
Figure 1: Proposed Structure of the Study.....................................................................................10
Figure 2: Solar Energy produced by the different nations of the world as of 2016......................14
Figure 3: Total Global Energy Consumption as of 2016...............................................................15
Figure 4: Solar Energy Produced by the different nations over the years.....................................16
Figure 5: Increase in financial investment made by the companies for the production of solar
energy and other renewable energy...............................................................................................21
Figure 6: Descriptive Analysis......................................................................................................32
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7SOLAR ENERGY AUCTION PRICES IN INDIA
LIST OF TABLES
Table 1: Model Summary..............................................................................................................38
Table 2: ANOVA Table.................................................................................................................39
Table 3: Hypothesis Table.............................................................................................................39
LIST OF TABLES
Table 1: Model Summary..............................................................................................................38
Table 2: ANOVA Table.................................................................................................................39
Table 3: Hypothesis Table.............................................................................................................39
8SOLAR ENERGY AUCTION PRICES IN INDIA
Chapter 1: INTRODUCTION
1.1 Introduction
The researcher elucidates the research aim, research problem, research objectives, research
questions and other important facets on which the entire study would be modeled on in this
chapter. In addition to these, the researcher had also highlighted the structure which would be
followed for the conduct of the study along with the significance of the study as well.
1.2 Background of the Study
Burke et al. (2019) have noted that one of the most important wicked problems that the world
is presently facing is the problem of climate change and the excessive usage of the different
kinds of fossil fuels and other non-renewable sources of energy have directly contributed
towards this problem. As discussed by Sampaio and González (2017), the different countries of
the world in order to overcome the problem of climate or for that matter mitigate the adverse
effects of the same are resorting to the usage of solar energy and other forms of renewable
sources of energy. However, the major problem arises on the score of the fact that the generation
of solar energy and other forms of renewable sources of energy requires a substantial amount of
capital and also advanced technological resources which the majority of the nations of the world
do not possess (Shrimali et al. 2017).
More importantly, along with the increase in the generation of the solar energy the demand
for the same had surged up in an exponential manner (Moon and Jung 2017). For example,
within the particular scenario of the nation of India it had been seen that solar energy production
within the concerned nation is expected to increase up to 100 GW by the year 2022 (Bose and
Sarkar 2019). However, the demand for the same within the nation for the year 2017-2018 was
164 GW and by the end of the year 2022 it is expected to increase by 235 GW (Seci.co.in 2019).
The result of this is that the Indian government had taken the help of the process of auctioning to
help the different energy producing corporations of the concerned nation with the resources
which are needed for manufacture or the generation of solar energy and other forms of renewable
(Chandrasekaran 2019). Furthermore, it had been seen that the solar energy auctions are also
intended to help the policy makers for the formulation of the required policies or regulations
which are likely to help the contractors to meet the solar energy demands of the energy
Chapter 1: INTRODUCTION
1.1 Introduction
The researcher elucidates the research aim, research problem, research objectives, research
questions and other important facets on which the entire study would be modeled on in this
chapter. In addition to these, the researcher had also highlighted the structure which would be
followed for the conduct of the study along with the significance of the study as well.
1.2 Background of the Study
Burke et al. (2019) have noted that one of the most important wicked problems that the world
is presently facing is the problem of climate change and the excessive usage of the different
kinds of fossil fuels and other non-renewable sources of energy have directly contributed
towards this problem. As discussed by Sampaio and González (2017), the different countries of
the world in order to overcome the problem of climate or for that matter mitigate the adverse
effects of the same are resorting to the usage of solar energy and other forms of renewable
sources of energy. However, the major problem arises on the score of the fact that the generation
of solar energy and other forms of renewable sources of energy requires a substantial amount of
capital and also advanced technological resources which the majority of the nations of the world
do not possess (Shrimali et al. 2017).
More importantly, along with the increase in the generation of the solar energy the demand
for the same had surged up in an exponential manner (Moon and Jung 2017). For example,
within the particular scenario of the nation of India it had been seen that solar energy production
within the concerned nation is expected to increase up to 100 GW by the year 2022 (Bose and
Sarkar 2019). However, the demand for the same within the nation for the year 2017-2018 was
164 GW and by the end of the year 2022 it is expected to increase by 235 GW (Seci.co.in 2019).
The result of this is that the Indian government had taken the help of the process of auctioning to
help the different energy producing corporations of the concerned nation with the resources
which are needed for manufacture or the generation of solar energy and other forms of renewable
(Chandrasekaran 2019). Furthermore, it had been seen that the solar energy auctions are also
intended to help the policy makers for the formulation of the required policies or regulations
which are likely to help the contractors to meet the solar energy demands of the energy
9SOLAR ENERGY AUCTION PRICES IN INDIA
consumers of India (Del Río 2017). More importantly, there are various factors like the
governmental regulations or the initiatives, the funding issues, confidence level of the investors,
options related to other sources of energy, operational expenses, capital costs, technological
resources needed for the generation of solar energy and others which affect the auctioning
process of solar energy and its price within the nation of India (Deshmukh et al. 2019). It is in
the light of these aspects that the researcher had decided to conduct the research so as to analyze
the most important factors which affect the solar energy auctions in the nation of India.
1.3 Rationale of the Study
The issue which the researcher had selected for the purpose of analysis in this study is the
factors which affect the solar energy auction prices within the nation of India considering the
present growth as well as the future prospects of solar energy in Indian market. This is an
important issue considering the fact that the “Solar Energy Corporation of India (SECI)” had
been struggling in the present times to produce adequate amount of solar energy in the face of
the ever-increasing demand for solar energy within the concerned nation (Chandrasekaran 2019).
Thus, it become important for SECI to take into account the factors which affect the solar
auction prices so as to help the different contractors within the concerned nation to generate or
produce adequate amount of solar energy that will enable it to meet customer demands while
taking into account the environmental perspective as well. Presently, this had become an
important issue because of the drop in the solar energy production of the nation under discussion
here in the year 2018 in comparison to the year 2017. Thus, the researcher through an analysis of
the most important factors which affect the solar energy auction prices within the nation of India
will suggest SECI the factors that it needs to take into account related to the solar energy auction
prices for the enhancement of its solar energy production.
1.4 Research Problem
The solar energy auctions within the nation of India are controlled or for that matter
regulated by the “Solar Energy Corporation of India (SECI)”, the official board entrusted with
the generation and supply of solar energy within the nation of India (Thapar, Sharma and Verma
2018). Ji, Hu and Tang (2018) have noted that the primary objective of this board is to enhance
the production of solar energy within the nation of India and also to provide the necessary tools
or the resources to the different contractors within the concerned nation so as to facilitate the
consumers of India (Del Río 2017). More importantly, there are various factors like the
governmental regulations or the initiatives, the funding issues, confidence level of the investors,
options related to other sources of energy, operational expenses, capital costs, technological
resources needed for the generation of solar energy and others which affect the auctioning
process of solar energy and its price within the nation of India (Deshmukh et al. 2019). It is in
the light of these aspects that the researcher had decided to conduct the research so as to analyze
the most important factors which affect the solar energy auctions in the nation of India.
1.3 Rationale of the Study
The issue which the researcher had selected for the purpose of analysis in this study is the
factors which affect the solar energy auction prices within the nation of India considering the
present growth as well as the future prospects of solar energy in Indian market. This is an
important issue considering the fact that the “Solar Energy Corporation of India (SECI)” had
been struggling in the present times to produce adequate amount of solar energy in the face of
the ever-increasing demand for solar energy within the concerned nation (Chandrasekaran 2019).
Thus, it become important for SECI to take into account the factors which affect the solar
auction prices so as to help the different contractors within the concerned nation to generate or
produce adequate amount of solar energy that will enable it to meet customer demands while
taking into account the environmental perspective as well. Presently, this had become an
important issue because of the drop in the solar energy production of the nation under discussion
here in the year 2018 in comparison to the year 2017. Thus, the researcher through an analysis of
the most important factors which affect the solar energy auction prices within the nation of India
will suggest SECI the factors that it needs to take into account related to the solar energy auction
prices for the enhancement of its solar energy production.
1.4 Research Problem
The solar energy auctions within the nation of India are controlled or for that matter
regulated by the “Solar Energy Corporation of India (SECI)”, the official board entrusted with
the generation and supply of solar energy within the nation of India (Thapar, Sharma and Verma
2018). Ji, Hu and Tang (2018) have noted that the primary objective of this board is to enhance
the production of solar energy within the nation of India and also to provide the necessary tools
or the resources to the different contractors within the concerned nation so as to facilitate the
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10SOLAR ENERGY AUCTION PRICES IN INDIA
generation of solar energy. As a report of the SECI, the board is presently auctioning “1.2
Gigawatts of Solar PV at 3.66¢/kWh” and 7 development projects were formulated in the 2018
for the generation of 1.9 gigawatts of solar energy (Seci.co.in 2019). In this relation, it needs to
be said that the solar energy production of India for 2017-2018 was 10,400 mw whereas for the
year 2018-2019 it declined to 9,100 mw and thus in order to compensate for this reduction in the
production of solar energy SECI had come forward with the 7 projects which are expected to
produce a minimum of 6,500 mw of solar energy (Chandrasekaran 2019). It is in the light of this
particular problem of decline in the solar energy productivity that the researcher intends to
undertake an analysis of the major factors which affect the solar energy auctions within the
nation of India.
1.5 Research Aim
The aim of this study is to analyze the factors that impact solar energy auction prices in
India considering the present growth and prospects of solar energy in Indian market.
1.6 Research Objectives
The research objectives that the researcher had formulated for the conduct of this study
are listed below-
1. To identify the current growth and prospects of solar energy in the Indian market
2. To analyze the importance of auctions for solar energy within the Indian market
3. To investigate the factors that impact solar energy auction prices in India
1.7 Research Questions
The research questions that the researcher had formulated for the conduct of this study are
listed below-
1. What are the current growth and prospects of solar energy in the Indian market?
2. What is the role and importance of auctions for solar energy within the Indian market?
3. How the different factors impact the solar energy auction prices in India?
1.8 Research Hypotheses
H1-The solar energy auction prices affect the solar energy auctions in the nation of India
H0- The solar energy auction prices do not affect the solar energy auctions in the nation of India
generation of solar energy. As a report of the SECI, the board is presently auctioning “1.2
Gigawatts of Solar PV at 3.66¢/kWh” and 7 development projects were formulated in the 2018
for the generation of 1.9 gigawatts of solar energy (Seci.co.in 2019). In this relation, it needs to
be said that the solar energy production of India for 2017-2018 was 10,400 mw whereas for the
year 2018-2019 it declined to 9,100 mw and thus in order to compensate for this reduction in the
production of solar energy SECI had come forward with the 7 projects which are expected to
produce a minimum of 6,500 mw of solar energy (Chandrasekaran 2019). It is in the light of this
particular problem of decline in the solar energy productivity that the researcher intends to
undertake an analysis of the major factors which affect the solar energy auctions within the
nation of India.
1.5 Research Aim
The aim of this study is to analyze the factors that impact solar energy auction prices in
India considering the present growth and prospects of solar energy in Indian market.
1.6 Research Objectives
The research objectives that the researcher had formulated for the conduct of this study
are listed below-
1. To identify the current growth and prospects of solar energy in the Indian market
2. To analyze the importance of auctions for solar energy within the Indian market
3. To investigate the factors that impact solar energy auction prices in India
1.7 Research Questions
The research questions that the researcher had formulated for the conduct of this study are
listed below-
1. What are the current growth and prospects of solar energy in the Indian market?
2. What is the role and importance of auctions for solar energy within the Indian market?
3. How the different factors impact the solar energy auction prices in India?
1.8 Research Hypotheses
H1-The solar energy auction prices affect the solar energy auctions in the nation of India
H0- The solar energy auction prices do not affect the solar energy auctions in the nation of India
11SOLAR ENERGY AUCTION PRICES IN INDIA
1.9 Significance of the Study
The significance of the study lies in the fact it will enable the SECI to identify the most
important factors which affect the solar energy auction prices in the nation of India. This in turn
would enable the SECI to identify the major resource requirements, financial conditions, current
resources and others needed by the different contractors which manufacture solar energy in the
nation and thereby help them to increase their solar energy productivity. This will enable the
SECI to meet the solar energy demands of the energy consumers and also to overcome the
decline in the solar energy production experienced in the concerned nation in the year 2018.
1.10 Structure of the Study
The proposed structure that the researcher intends to follow for the completion of this
study is being outlined by the below given figure-
Figure 1: Proposed Structure of the Study
Source: (Created by the Author)
The researcher following the precepts of conducting academic research had divided the
entire dissertation into seven chapters each of which will deal with the different facets of the
research. For example, the first chapter will introduce the research aim, research questions,
research objectives and other aspects on which the entire study will be modeled on. In the second
C h a p te r 1 : In tro d u c tio n
C h a p te r 2 : L ite ra tu re R e v ie w
C h a p te r 3 : R e s e a rc h M e th o d o lo g y
C h a p te r 4 : F in d in g s
C h a p te r 5 : D is c u s s io n
C h a p te r 6 : C o n c lu sio n a n d R e c o m m e n d a tio n s
1.9 Significance of the Study
The significance of the study lies in the fact it will enable the SECI to identify the most
important factors which affect the solar energy auction prices in the nation of India. This in turn
would enable the SECI to identify the major resource requirements, financial conditions, current
resources and others needed by the different contractors which manufacture solar energy in the
nation and thereby help them to increase their solar energy productivity. This will enable the
SECI to meet the solar energy demands of the energy consumers and also to overcome the
decline in the solar energy production experienced in the concerned nation in the year 2018.
1.10 Structure of the Study
The proposed structure that the researcher intends to follow for the completion of this
study is being outlined by the below given figure-
Figure 1: Proposed Structure of the Study
Source: (Created by the Author)
The researcher following the precepts of conducting academic research had divided the
entire dissertation into seven chapters each of which will deal with the different facets of the
research. For example, the first chapter will introduce the research aim, research questions,
research objectives and other aspects on which the entire study will be modeled on. In the second
C h a p te r 1 : In tro d u c tio n
C h a p te r 2 : L ite ra tu re R e v ie w
C h a p te r 3 : R e s e a rc h M e th o d o lo g y
C h a p te r 4 : F in d in g s
C h a p te r 5 : D is c u s s io n
C h a p te r 6 : C o n c lu sio n a n d R e c o m m e n d a tio n s
12SOLAR ENERGY AUCTION PRICES IN INDIA
chapter “Literature Review”, a review of the past literature related to the topic of the factors
which impact the solar energy auction prices had been undertaken. In the chapter “Research
Methodology”, the research elucidates the research approach, research design, research
philosophy, data collection method (usage of the tool of survey for collecting primary data from
50 suppliers, contractors and investors of solar energy in India), data analysis method
(quantitative data analysis method) and others. An analysis of the primary data had been
conducted in the “Findings” chapter whereas a discussion of the same had been undertaken in the
“Discussion” chapter. Lastly, in the “Conclusion and Recommendations” chapter, the researcher
had summarized the major findings of the study.
1.11 Summary
To sum up, the researcher in the above discussion had highlighted the different important
facets of the research like research questions, research aim, research objectives, research problem
and others on the basis of which the entire study would be conducted. This chapter would be
followed by the chapter “Literature Review” in which the researcher will undertake a critical
review of the past literature related to the topic of the factors which affect solar energy auction
prices.
chapter “Literature Review”, a review of the past literature related to the topic of the factors
which impact the solar energy auction prices had been undertaken. In the chapter “Research
Methodology”, the research elucidates the research approach, research design, research
philosophy, data collection method (usage of the tool of survey for collecting primary data from
50 suppliers, contractors and investors of solar energy in India), data analysis method
(quantitative data analysis method) and others. An analysis of the primary data had been
conducted in the “Findings” chapter whereas a discussion of the same had been undertaken in the
“Discussion” chapter. Lastly, in the “Conclusion and Recommendations” chapter, the researcher
had summarized the major findings of the study.
1.11 Summary
To sum up, the researcher in the above discussion had highlighted the different important
facets of the research like research questions, research aim, research objectives, research problem
and others on the basis of which the entire study would be conducted. This chapter would be
followed by the chapter “Literature Review” in which the researcher will undertake a critical
review of the past literature related to the topic of the factors which affect solar energy auction
prices.
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13SOLAR ENERGY AUCTION PRICES IN INDIA
Chapter 2: LITERATURE REVIEW
2.1 Introduction
The researcher had undertaken a discussion of the theoretical frameworks, concepts,
models and others related to the topic of solar energy auction prices and the factors which affect
the same in this chapter. This will help the researcher to shed more light on the topic which had
been selected for research and also the theoretical ideas which the researcher had presented in
chapter will enable the researcher to undertake a critical discussion of the findings obtained from
the analysis of the primary data collected from the participants who participated in the survey.
2.2 Overview of Solar Energy
Chu, Cui and Liu (2017) are of the viewpoint that the primary source of the solar energy
is the heat or for that matter the light radiated from the sun and this source of energy is being
used for the production of energy. As discussed by Del Río (2017), the heat generated by the
rays of the sun is being captured by the solar panels and this captured heat is being converted
through the usage of advanced technology into energy which can be utilized for diverse
purposes. In this relation, Ji, Hu and Tang (2018) have noted that one of the most important
aspects of the entity of solar energy is the fact that it is completely renewable in nature and no
substantial amount of pollution is being caused during the production of the same. However, at
the same time it needs to be said that the companies need to invest or for that matter incur a
higher amount of capital for the production of solar because of the advanced technological and
other kinds of resources that are needed for the production of the same (Gowrisankaran,
Reynolds and Samano 2016). In this relation, it needs to be said that the companies are required
to make a one-time investment for the purchase of solar panels, solar cells and other raw
materials needed for the production of solar energy and after that they do not need to make any
substantial investments because of the natural source of solar rays or heat (Inhoffen, Siemroth
and Zahn 2019).
More importantly, according to Luckow et al. (2015), the lesser or for that matter the
negligible amount of pollution caused during the production as well as the usage of the solar
energy in turn compensates for the high cost incurred for the production of solar energy. This in
had propelled the customers as well as the majority of the nations of the world to resort to the
Chapter 2: LITERATURE REVIEW
2.1 Introduction
The researcher had undertaken a discussion of the theoretical frameworks, concepts,
models and others related to the topic of solar energy auction prices and the factors which affect
the same in this chapter. This will help the researcher to shed more light on the topic which had
been selected for research and also the theoretical ideas which the researcher had presented in
chapter will enable the researcher to undertake a critical discussion of the findings obtained from
the analysis of the primary data collected from the participants who participated in the survey.
2.2 Overview of Solar Energy
Chu, Cui and Liu (2017) are of the viewpoint that the primary source of the solar energy
is the heat or for that matter the light radiated from the sun and this source of energy is being
used for the production of energy. As discussed by Del Río (2017), the heat generated by the
rays of the sun is being captured by the solar panels and this captured heat is being converted
through the usage of advanced technology into energy which can be utilized for diverse
purposes. In this relation, Ji, Hu and Tang (2018) have noted that one of the most important
aspects of the entity of solar energy is the fact that it is completely renewable in nature and no
substantial amount of pollution is being caused during the production of the same. However, at
the same time it needs to be said that the companies need to invest or for that matter incur a
higher amount of capital for the production of solar because of the advanced technological and
other kinds of resources that are needed for the production of the same (Gowrisankaran,
Reynolds and Samano 2016). In this relation, it needs to be said that the companies are required
to make a one-time investment for the purchase of solar panels, solar cells and other raw
materials needed for the production of solar energy and after that they do not need to make any
substantial investments because of the natural source of solar rays or heat (Inhoffen, Siemroth
and Zahn 2019).
More importantly, according to Luckow et al. (2015), the lesser or for that matter the
negligible amount of pollution caused during the production as well as the usage of the solar
energy in turn compensates for the high cost incurred for the production of solar energy. This in
had propelled the customers as well as the majority of the nations of the world to resort to the
14SOLAR ENERGY AUCTION PRICES IN INDIA
usage of solar energy rather than the other conventional sources of energy which are produced
from different fossil fuel and generate a substantial amount of environmental pollution for the
production of the same (Geng et al. 2016). Furthermore, the energy consumers or for that matter
the customers have the option to use the solar energy in the same manner like the way they use
energy generated from other conventional sources like lightening purposes, for watching
television and others (Murray and Maniloff 2015). In addition to these, because of the renewable
nature of the solar energy and also the lesser amount of environmental pollution caused by the
same it had been seen that the majority of the households or for that matter the industries have
installed solar panels on their roof for the generation of solar energy (Nelson et al. 2016). As a
matter of fact, it had been seen that in the rural areas the individuals are increasingly resorting to
the usage of solar panels or cells for the production of electricity so as to compensate for the lack
of availability of electricity. In the light of these aspects, it can be said that the solar energy
within a very short span of time had become the recent trend within the electricity production
industry and also because of the extensive benefits offered by it the people are widely embracing
it.
2.3 Concept of Solar Energy Production
Krupa, Poudineh and Harvey (2018) are of the viewpoint that the human beings have
been trying to extract energy or for that matter electricity from solar rays or heat ever since the
dawn of human civilization however because of the lack of technological resources and
constraints they were not able to achieve the same end until the end of the 20th century. As
discussed by Welisch (2019), the large scale production of solar energy began in the latter half of
the 20th century because of the technological advancements made in the fields of electricity
production, capturing of heat for the production of electricity and other relevant fields. The
process that was followed in the 20th century for the production of solar energy was a very
rudimentary one and this in turn adversely affected both the amount of energy produced and also
the popularity of the same (Ozcan 2019). However, at the same time it needs to be said that the
companies had been to improve both the popularity and also the amount or the quality of solar
energy produced by them through the usage of recent technological developments (Cassetta et al.
2017). For example, the United Nations Development Programme in its 2000 World Energy
Assessment found that the total solar energy produced by the different nations of the world in the
usage of solar energy rather than the other conventional sources of energy which are produced
from different fossil fuel and generate a substantial amount of environmental pollution for the
production of the same (Geng et al. 2016). Furthermore, the energy consumers or for that matter
the customers have the option to use the solar energy in the same manner like the way they use
energy generated from other conventional sources like lightening purposes, for watching
television and others (Murray and Maniloff 2015). In addition to these, because of the renewable
nature of the solar energy and also the lesser amount of environmental pollution caused by the
same it had been seen that the majority of the households or for that matter the industries have
installed solar panels on their roof for the generation of solar energy (Nelson et al. 2016). As a
matter of fact, it had been seen that in the rural areas the individuals are increasingly resorting to
the usage of solar panels or cells for the production of electricity so as to compensate for the lack
of availability of electricity. In the light of these aspects, it can be said that the solar energy
within a very short span of time had become the recent trend within the electricity production
industry and also because of the extensive benefits offered by it the people are widely embracing
it.
2.3 Concept of Solar Energy Production
Krupa, Poudineh and Harvey (2018) are of the viewpoint that the human beings have
been trying to extract energy or for that matter electricity from solar rays or heat ever since the
dawn of human civilization however because of the lack of technological resources and
constraints they were not able to achieve the same end until the end of the 20th century. As
discussed by Welisch (2019), the large scale production of solar energy began in the latter half of
the 20th century because of the technological advancements made in the fields of electricity
production, capturing of heat for the production of electricity and other relevant fields. The
process that was followed in the 20th century for the production of solar energy was a very
rudimentary one and this in turn adversely affected both the amount of energy produced and also
the popularity of the same (Ozcan 2019). However, at the same time it needs to be said that the
companies had been to improve both the popularity and also the amount or the quality of solar
energy produced by them through the usage of recent technological developments (Cassetta et al.
2017). For example, the United Nations Development Programme in its 2000 World Energy
Assessment found that the total solar energy produced by the different nations of the world in the
15SOLAR ENERGY AUCTION PRICES IN INDIA
concerned year was 1,575–49,837 exajoules (EJ) which was way higher than the total energy
consumption of the world even in the year 2012, that is, 559.8 EJ (Alves et al. 2019).
As per the International Energy Agency (2011), the “development of affordable,
inexhaustible and clean solar energy technologies will have huge longer-term benefits. It will
increase countries’ energy security……they must be wisely spent and need to be widely shared”
(Dobrotkova, Surana and Audinet 2018). More importantly, Lopes et al. (2019) have noted that
the advancements in the technological field and also the benefits offered by the same had greatly
facilitated the increase in the production of solar energy in the present times. The below given
figure offers an overview of the net production of solar energy produced by the different regions
of the world-
Figure 2: Solar Energy produced by the different nations of the world as of 2016
Source: Ourworldindata.org (2019)
The above figure clearly indicates the fact that the nations USA, Canada, India, Australia,
China and others are presently the global leaders in the production of solar energy. In this
relation, it needs to be said that the growing demand for energy or electricity, the technological
advancements attained by these nations in the present times, the desire of these nations to
exponentially reduce the amount of environmental damage caused by them through the
generation or production of excessive energy and others are some of the major factors which
have influenced these nations to undertake the production of solar energy in the recent times
(Frutos-Bencze, Avdiu and Unger 2019).
concerned year was 1,575–49,837 exajoules (EJ) which was way higher than the total energy
consumption of the world even in the year 2012, that is, 559.8 EJ (Alves et al. 2019).
As per the International Energy Agency (2011), the “development of affordable,
inexhaustible and clean solar energy technologies will have huge longer-term benefits. It will
increase countries’ energy security……they must be wisely spent and need to be widely shared”
(Dobrotkova, Surana and Audinet 2018). More importantly, Lopes et al. (2019) have noted that
the advancements in the technological field and also the benefits offered by the same had greatly
facilitated the increase in the production of solar energy in the present times. The below given
figure offers an overview of the net production of solar energy produced by the different regions
of the world-
Figure 2: Solar Energy produced by the different nations of the world as of 2016
Source: Ourworldindata.org (2019)
The above figure clearly indicates the fact that the nations USA, Canada, India, Australia,
China and others are presently the global leaders in the production of solar energy. In this
relation, it needs to be said that the growing demand for energy or electricity, the technological
advancements attained by these nations in the present times, the desire of these nations to
exponentially reduce the amount of environmental damage caused by them through the
generation or production of excessive energy and others are some of the major factors which
have influenced these nations to undertake the production of solar energy in the recent times
(Frutos-Bencze, Avdiu and Unger 2019).
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16SOLAR ENERGY AUCTION PRICES IN INDIA
2.4 Reasons for the increase in the demand of Solar Energy
Kozlova and Collan (2016) have noted that one of the most important factors which have
directly contributed towards the increase in the demand for solar energy is the exponential surge
in the demand for energy coupled with the inability of the energy produced from the
conventional or for that matter the other sources of energy to meet the demand for energy. For
instance, as per Ourworldindata.org (2019), the total consumption of energy worldwide in the
year 2016 was 39,504 TWh whereas the energy consumed in the year 2013 on a global basis was
only 19,689 TWh. More importantly, it was seen that there were many regions which did not get
adequate amount of energy or for that matter had access to no sources of energy whatsoever. The
below given figure highlights the energy consumed by the different nations of the world while
listing the top energy consuming nations as well-
Figure 3: Total Global Energy Consumption as of 2016
Source: Ourworldindata.org (2019)
As discussed by Keeley and Matsumoto (2018), an important aspect which has directly
contributed towards the increase in the production of solar energy in the different nations of the
world can be attributed to the excessive amount of pollution which is being caused during the
production of energy from the fossil fuels or the other conventional sources. This becomes
especially important because of the plethora of climate issues that the world is presently facing
like climate change, global warming, melting of the polar ice and others (Long, Wang and Pan
2.4 Reasons for the increase in the demand of Solar Energy
Kozlova and Collan (2016) have noted that one of the most important factors which have
directly contributed towards the increase in the demand for solar energy is the exponential surge
in the demand for energy coupled with the inability of the energy produced from the
conventional or for that matter the other sources of energy to meet the demand for energy. For
instance, as per Ourworldindata.org (2019), the total consumption of energy worldwide in the
year 2016 was 39,504 TWh whereas the energy consumed in the year 2013 on a global basis was
only 19,689 TWh. More importantly, it was seen that there were many regions which did not get
adequate amount of energy or for that matter had access to no sources of energy whatsoever. The
below given figure highlights the energy consumed by the different nations of the world while
listing the top energy consuming nations as well-
Figure 3: Total Global Energy Consumption as of 2016
Source: Ourworldindata.org (2019)
As discussed by Keeley and Matsumoto (2018), an important aspect which has directly
contributed towards the increase in the production of solar energy in the different nations of the
world can be attributed to the excessive amount of pollution which is being caused during the
production of energy from the fossil fuels or the other conventional sources. This becomes
especially important because of the plethora of climate issues that the world is presently facing
like climate change, global warming, melting of the polar ice and others (Long, Wang and Pan
17SOLAR ENERGY AUCTION PRICES IN INDIA
2017). Thus, the different nations have been forced to resort to the usage of alternative or for that
matter renewable sources of energy for the purpose of meeting the surging energy demands that
they are facing. In addition to these, the technological advancements attained in the recent times
had also greatly facilitated the production as well as the usage of the solar energy presently
(Fang, Ren and Yu 2019). In this relation, it needs to be said that the economic theory of demand
and supply is an important one for gaining an effective understanding of the exponential increase
in the production and the consumption of the solar energy in the recent times (Abdmouleh,
Alammari and Gastli 2015). For instance, the different nations of the world as well as the energy
producers are increasingly resorting to the production of solar energy so as to cater to the
demand for the same shown by the customers or for that matter the energy consumers. More
importantly, the surge in the production of solar energy had greatly helped the different nations
of the world to meet the energy demands of the people (Perez-Mora, Alomar and Martinez-Moll
2018).
Figure 4: Solar Energy Produced by the different nations over the years
Source: Ourworldindata.org (2019)
The above figure explicitly indicates the fact that the different nations of the world like
China, USA, India, Canada and others have increased the amount of solar energy produced by
them in an exponential manner. The exponential surge in the amount of solar energy produced by
the above mentioned nations can be attributed to various reasons like the increasing demand for
2017). Thus, the different nations have been forced to resort to the usage of alternative or for that
matter renewable sources of energy for the purpose of meeting the surging energy demands that
they are facing. In addition to these, the technological advancements attained in the recent times
had also greatly facilitated the production as well as the usage of the solar energy presently
(Fang, Ren and Yu 2019). In this relation, it needs to be said that the economic theory of demand
and supply is an important one for gaining an effective understanding of the exponential increase
in the production and the consumption of the solar energy in the recent times (Abdmouleh,
Alammari and Gastli 2015). For instance, the different nations of the world as well as the energy
producers are increasingly resorting to the production of solar energy so as to cater to the
demand for the same shown by the customers or for that matter the energy consumers. More
importantly, the surge in the production of solar energy had greatly helped the different nations
of the world to meet the energy demands of the people (Perez-Mora, Alomar and Martinez-Moll
2018).
Figure 4: Solar Energy Produced by the different nations over the years
Source: Ourworldindata.org (2019)
The above figure explicitly indicates the fact that the different nations of the world like
China, USA, India, Canada and others have increased the amount of solar energy produced by
them in an exponential manner. The exponential surge in the amount of solar energy produced by
the above mentioned nations can be attributed to various reasons like the increasing demand for
18SOLAR ENERGY AUCTION PRICES IN INDIA
energy, technological advancements attained in the recent times, the ever-growing environmental
concerns and others (Lundberg 2019).
2.5 Concept of Solar Energy Auctions
Ros, Broehm and Hanser (2018) are of the viewpoint that the national government of the
different nations of the world along with the energy boards of the same over the years had
controlled as well as the regulated the production of solar energy. However, as discussed by
Toke (2015), the major problem arose because the control of the solar energy production by the
national government or for that matter the energy boards failed to produce the expected or the
required amount of energy. This in turn hinder the effective capitalization of the demand shown
by the energy consumers for the energy or electricity which had aggravated the condition in the
majority of the developing nations of the world wherein the energy produced through
conventional means had failed to meet the customer demand (Frate and Brannstrom 2017). In the
face of these aspects, the national governments of the different nations have resorted to the
method of auctions through which contracts are being offered to different companies or for that
matter the energy producers for the production of the required amount of solar energy. In this
relation, it needs to be said that the Renewable Energy Auctions in Developing Countries
(IRENA) is the primarily international regulatory body which is concerned with the process of
auctioning the solar energy production contracts in the different developing nations of the world
like Peru, China, Brazil, South Africa, Morocco and others (Irena.org 2019). More importantly, it
had been seen that the different nations of the world in the recent times have also formulated
diverse policies, stipulations, regulations and others which needs to followed during the process
of solar energy auctions. Furthermore, these policies or for that stipulations of the national
government not only guide the auctioning process of solar energy production but also the prices
which the contractors or the investors need to pay for the purpose of getting the contracts as well
(Trujillo-Baute, del Río and Mir-Artigues 2018).
As discussed by Farrell, Devine and Soroudi (2018), the major factor that had motivated
the energy department as well as the national government of the different nations of the world to
undertake the process of auctioning for the production of solar energy can be attributed to the
benefits offered by the usage of the concerned process. For instance, it had been seen that the
adequate usage of the process of auctioning had helped in the enhancement of production of
energy, technological advancements attained in the recent times, the ever-growing environmental
concerns and others (Lundberg 2019).
2.5 Concept of Solar Energy Auctions
Ros, Broehm and Hanser (2018) are of the viewpoint that the national government of the
different nations of the world along with the energy boards of the same over the years had
controlled as well as the regulated the production of solar energy. However, as discussed by
Toke (2015), the major problem arose because the control of the solar energy production by the
national government or for that matter the energy boards failed to produce the expected or the
required amount of energy. This in turn hinder the effective capitalization of the demand shown
by the energy consumers for the energy or electricity which had aggravated the condition in the
majority of the developing nations of the world wherein the energy produced through
conventional means had failed to meet the customer demand (Frate and Brannstrom 2017). In the
face of these aspects, the national governments of the different nations have resorted to the
method of auctions through which contracts are being offered to different companies or for that
matter the energy producers for the production of the required amount of solar energy. In this
relation, it needs to be said that the Renewable Energy Auctions in Developing Countries
(IRENA) is the primarily international regulatory body which is concerned with the process of
auctioning the solar energy production contracts in the different developing nations of the world
like Peru, China, Brazil, South Africa, Morocco and others (Irena.org 2019). More importantly, it
had been seen that the different nations of the world in the recent times have also formulated
diverse policies, stipulations, regulations and others which needs to followed during the process
of solar energy auctions. Furthermore, these policies or for that stipulations of the national
government not only guide the auctioning process of solar energy production but also the prices
which the contractors or the investors need to pay for the purpose of getting the contracts as well
(Trujillo-Baute, del Río and Mir-Artigues 2018).
As discussed by Farrell, Devine and Soroudi (2018), the major factor that had motivated
the energy department as well as the national government of the different nations of the world to
undertake the process of auctioning for the production of solar energy can be attributed to the
benefits offered by the usage of the concerned process. For instance, it had been seen that the
adequate usage of the process of auctioning had helped in the enhancement of production of
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19SOLAR ENERGY AUCTION PRICES IN INDIA
solar energy because of the ardent focus of the private companies on the factor of revenue or for
that matter to retrieve the investments that they are making for the production of the solar
(Mureddu et al. 2015). Furthermore, it had been seen that the reduction in the cost of
technological resources have also propelled the different private companies to take the help of
advanced technologies for the production of solar energy which in turn had improved the
quantity or the amount of solar energy produced by them (Hirth 2018). In addition to these, it is
seen that unlike the national government or the energy boards, the private companies are well-
adapted to the entity of effective management and this in turn had helped them to effectively
capitalize on the market opportunities presented by the surging demand for solar energy (Lopes
et al. 2019). In the light of these aspects, it can be said that the effective usage of the process of
auctioning had helped the national governments to enhance the amount of solar energy produced
by them and also equally benefited the private solar energy producers as well.
2.6 Factors contributing to Solar Energy Auctions
2.6.1 Increased Production
Piel et al. (2017) have noted that one of the most important factors which had given rise
to solar energy auctions can be ascribed to the opportunity to enhancement of the solar energy
production for the purpose of meeting the energy demands. As discussed by Polzin et al. (2019),
the private companies by virtue of their extensive focus on the attribute of profitability take the
help of different kinds of advanced technologies, resources and others which in had helped them
to exponential enhance the amount or for that matter the quantity of solar energy produced by
them. In this relation, it needs to be said that this is something that the energy boards as well as
the national government of the different nations of the world have failed to do over the years
(Nelson et al. 2016). Thus, it can be said that the opportunity to enhance the amount of solar
energy production is one of the most important factors that had influenced the different nations
to resort to the usage of the method of solar energy auctions.
2.6.2 Lack of Governmental Accountability
According to Del Río (2017), an important benefit that the national governments of the
different nations of the world are being able to derive through the usage of the process of solar
energy auctions is the fact that they do not have to share the accountability for the production of
the solar energy done on their part by the diverse private companies. In this relation, it needs to
solar energy because of the ardent focus of the private companies on the factor of revenue or for
that matter to retrieve the investments that they are making for the production of the solar
(Mureddu et al. 2015). Furthermore, it had been seen that the reduction in the cost of
technological resources have also propelled the different private companies to take the help of
advanced technologies for the production of solar energy which in turn had improved the
quantity or the amount of solar energy produced by them (Hirth 2018). In addition to these, it is
seen that unlike the national government or the energy boards, the private companies are well-
adapted to the entity of effective management and this in turn had helped them to effectively
capitalize on the market opportunities presented by the surging demand for solar energy (Lopes
et al. 2019). In the light of these aspects, it can be said that the effective usage of the process of
auctioning had helped the national governments to enhance the amount of solar energy produced
by them and also equally benefited the private solar energy producers as well.
2.6 Factors contributing to Solar Energy Auctions
2.6.1 Increased Production
Piel et al. (2017) have noted that one of the most important factors which had given rise
to solar energy auctions can be ascribed to the opportunity to enhancement of the solar energy
production for the purpose of meeting the energy demands. As discussed by Polzin et al. (2019),
the private companies by virtue of their extensive focus on the attribute of profitability take the
help of different kinds of advanced technologies, resources and others which in had helped them
to exponential enhance the amount or for that matter the quantity of solar energy produced by
them. In this relation, it needs to be said that this is something that the energy boards as well as
the national government of the different nations of the world have failed to do over the years
(Nelson et al. 2016). Thus, it can be said that the opportunity to enhance the amount of solar
energy production is one of the most important factors that had influenced the different nations
to resort to the usage of the method of solar energy auctions.
2.6.2 Lack of Governmental Accountability
According to Del Río (2017), an important benefit that the national governments of the
different nations of the world are being able to derive through the usage of the process of solar
energy auctions is the fact that they do not have to share the accountability for the production of
the solar energy done on their part by the diverse private companies. In this relation, it needs to
20SOLAR ENERGY AUCTION PRICES IN INDIA
be said that it is true that the national governments of the different nations of the world influence
the manner in which solar energy is being produced by the private companies or for that matter
the amount of solar energy produced by them yet at the same time it is seen that they do not take
an active interest in the same unlike the earlier times when they managed the solar energy
production themselves (Murray and Maniloff 2015). However, by offering contracts to the
private companies or for that matter the different investors the national governments of the
different nations have been able to shed completely responsibility or accountability for the same
and this in turn is another important factor which had contributed towards the increase in the
number of solar energy auctions.
2.6.3 Requirement of advanced Technological Resources
As discussed by Chu, Cui and Liu (2017), the production of solar energy requires the
usage of advanced technological resources which are not only needed for the absorption of the
solar rays or solar heat but also for the conversion of the same into energy as well. However, the
major problem arises because the energy boards or for that matter the national governments do
not have access to the technological resources which are needed for the production of solar
energy on the score of the cost involved in the procurement of the same (Ji, Hu and Tang 2018).
In the particular context of the private companies it is seen that the procurement of the advance
technological resources is not a major problem since they would be undertaking the production
of solar energy on a large scale (Krupa, Poudineh and Harvey 2018). Thus, the cost that they
would be incurring in turn would get compensated because of the profit made by them. On the
score of these aspects, it can be said that the technological resource requirement is one of the
major factors which had contributed towards the increase in the number of solar energy auctions
in the present times.
2.6.4 Market Development
The solar energy auctions are also influenced by the existing solar energy markets in the
nations or for that matter the demand shown by the customers for the solar energy or electricity
(Gowrisankaran, Reynolds and Samano 2016). For example, if the market demand for solar
energy is high then it is obvious that the national government would resort to the usage of the
method of solar energy auctions for the purpose of meeting the demands of the customers and
vice versa (Nelson et al. 2016). On the score of this aspect, it can be said that the extent to which
be said that it is true that the national governments of the different nations of the world influence
the manner in which solar energy is being produced by the private companies or for that matter
the amount of solar energy produced by them yet at the same time it is seen that they do not take
an active interest in the same unlike the earlier times when they managed the solar energy
production themselves (Murray and Maniloff 2015). However, by offering contracts to the
private companies or for that matter the different investors the national governments of the
different nations have been able to shed completely responsibility or accountability for the same
and this in turn is another important factor which had contributed towards the increase in the
number of solar energy auctions.
2.6.3 Requirement of advanced Technological Resources
As discussed by Chu, Cui and Liu (2017), the production of solar energy requires the
usage of advanced technological resources which are not only needed for the absorption of the
solar rays or solar heat but also for the conversion of the same into energy as well. However, the
major problem arises because the energy boards or for that matter the national governments do
not have access to the technological resources which are needed for the production of solar
energy on the score of the cost involved in the procurement of the same (Ji, Hu and Tang 2018).
In the particular context of the private companies it is seen that the procurement of the advance
technological resources is not a major problem since they would be undertaking the production
of solar energy on a large scale (Krupa, Poudineh and Harvey 2018). Thus, the cost that they
would be incurring in turn would get compensated because of the profit made by them. On the
score of these aspects, it can be said that the technological resource requirement is one of the
major factors which had contributed towards the increase in the number of solar energy auctions
in the present times.
2.6.4 Market Development
The solar energy auctions are also influenced by the existing solar energy markets in the
nations or for that matter the demand shown by the customers for the solar energy or electricity
(Gowrisankaran, Reynolds and Samano 2016). For example, if the market demand for solar
energy is high then it is obvious that the national government would resort to the usage of the
method of solar energy auctions for the purpose of meeting the demands of the customers and
vice versa (Nelson et al. 2016). On the score of this aspect, it can be said that the extent to which
21SOLAR ENERGY AUCTION PRICES IN INDIA
the solar energy market within a nation had been developed also contributes significantly
towards the process of solar energy auctions.
2.7 Factors affecting Solar Energy Auction Prices
Inhoffen, Siemroth and Zahn (2019) are of the viewpoint that the solar energy auctions
are greatly determined by the price or for that cost that the private companies or the investors
have to bear getting the contracts for the production of solar energy. In this relation, it needs to
be said that the solar energy auction prices are greatly regulated by the energy boards or the
national governments on the basis of the existing market conditions and other factors. Some of
the most important factors which affect the solar energy auction prices are discussed below--
2.7.1 Financial Factors
The financial factors are perhaps one of the most important factors which influence the
prices of the solar energy auctions (Luckow et al. 2015). Dobrotkova, Surana and Audinet (2018)
are of the viewpoint that the prices of the solar energy auctions are being formulated keeping into
perspective the financial resources or for that matter the costs that the private companies or the
investors would incur for the production of the solar energy. More importantly, it had been seen
that the private companies need to spend a substantial amount of capital to procure the required
technological resources, human resources and other kinds of resources that they need for the
production of the solar energy (Geng et al. 2016). The below given figure indicates the increase
in the amount of investment made by the private companies and also the investors for the
production of solar energy over the years-
the solar energy market within a nation had been developed also contributes significantly
towards the process of solar energy auctions.
2.7 Factors affecting Solar Energy Auction Prices
Inhoffen, Siemroth and Zahn (2019) are of the viewpoint that the solar energy auctions
are greatly determined by the price or for that cost that the private companies or the investors
have to bear getting the contracts for the production of solar energy. In this relation, it needs to
be said that the solar energy auction prices are greatly regulated by the energy boards or the
national governments on the basis of the existing market conditions and other factors. Some of
the most important factors which affect the solar energy auction prices are discussed below--
2.7.1 Financial Factors
The financial factors are perhaps one of the most important factors which influence the
prices of the solar energy auctions (Luckow et al. 2015). Dobrotkova, Surana and Audinet (2018)
are of the viewpoint that the prices of the solar energy auctions are being formulated keeping into
perspective the financial resources or for that matter the costs that the private companies or the
investors would incur for the production of the solar energy. More importantly, it had been seen
that the private companies need to spend a substantial amount of capital to procure the required
technological resources, human resources and other kinds of resources that they need for the
production of the solar energy (Geng et al. 2016). The below given figure indicates the increase
in the amount of investment made by the private companies and also the investors for the
production of solar energy over the years-
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22SOLAR ENERGY AUCTION PRICES IN INDIA
Figure 5: Increase in financial investment made by the companies for the production of
solar energy and other renewable energy
Source: Ourworldindata.org (2019)
Figure 5 in a succinct manner show that the investments made by the private companies
or for that matter the financial costs incurred by the private companies for the production of solar
energy had surged up in an exponential manner over the years. As discussed by Alves et al.
(2019), an important reason for this increase in the financial cost incurred by the private
companies despite the reduction in the cost of technological resources can be attributed to the
increase in the quantity or amount of solar energy that these companies are required to produce
for the purpose of meeting the energy demands. For instance, over the years it had been seen that
the energy requirements of the customers had increased in a substantial manner and thus the
private companies in order to meet the customer demands had to produce a higher amount of
solar energy which in turn had enhanced the financial resources needed by them (Welisch 2019).
Thus, it becomes important for the energy boards or the national governments to take into
account this particular aspect while fixing the solar energy auction prices.
2.7.2 Confidence of the Investors
The national government as well as the energy board of a particular nation needs to foster
trust and confidence among the investors and the private companies that they would be able to
retrieve the financial investments that they are making for the production of solar energy by way
of profit (Frutos-Bencze, Avdiu and Unger 2019). For instance, if the investors or for that matter
the private companies do not have adequate amount of confidence on the national government or
the energy boards or the growth prospects of the solar energy in the concerned nation then they
are not likely to make any substantial investment for the production of the same (Ozcan 2019). In
the light of this aspect, it can be said that it is important for the national governments or the
energy boards to fix the solar energy auction prices on the basis of the level of trust or
confidence that the investors or the private companies have on the potential of the solar energy
industry.
2.7.3 Solar Energy Demand
Fang, Ren and Yu (2019) are of the viewpoint that the energy boards or the national
governments of the different nations of the world need to fix the prices of the solar energy
Figure 5: Increase in financial investment made by the companies for the production of
solar energy and other renewable energy
Source: Ourworldindata.org (2019)
Figure 5 in a succinct manner show that the investments made by the private companies
or for that matter the financial costs incurred by the private companies for the production of solar
energy had surged up in an exponential manner over the years. As discussed by Alves et al.
(2019), an important reason for this increase in the financial cost incurred by the private
companies despite the reduction in the cost of technological resources can be attributed to the
increase in the quantity or amount of solar energy that these companies are required to produce
for the purpose of meeting the energy demands. For instance, over the years it had been seen that
the energy requirements of the customers had increased in a substantial manner and thus the
private companies in order to meet the customer demands had to produce a higher amount of
solar energy which in turn had enhanced the financial resources needed by them (Welisch 2019).
Thus, it becomes important for the energy boards or the national governments to take into
account this particular aspect while fixing the solar energy auction prices.
2.7.2 Confidence of the Investors
The national government as well as the energy board of a particular nation needs to foster
trust and confidence among the investors and the private companies that they would be able to
retrieve the financial investments that they are making for the production of solar energy by way
of profit (Frutos-Bencze, Avdiu and Unger 2019). For instance, if the investors or for that matter
the private companies do not have adequate amount of confidence on the national government or
the energy boards or the growth prospects of the solar energy in the concerned nation then they
are not likely to make any substantial investment for the production of the same (Ozcan 2019). In
the light of this aspect, it can be said that it is important for the national governments or the
energy boards to fix the solar energy auction prices on the basis of the level of trust or
confidence that the investors or the private companies have on the potential of the solar energy
industry.
2.7.3 Solar Energy Demand
Fang, Ren and Yu (2019) are of the viewpoint that the energy boards or the national
governments of the different nations of the world need to fix the prices of the solar energy
23SOLAR ENERGY AUCTION PRICES IN INDIA
auctions keeping into perspective the demand of solar energy in the market or among the
customers. For instance, it is usually seen that if there is a substantial amount of demand for solar
energy or the solar energy market had shown significant potential then the prices of the solar
energy auctions are usually high and vice versa (Toke 2015). In addition to these, the national
governments or the energy boards also take into account the capability of the other private
companies who rely on the other energy sources for catering to the energy demand of the
customers for the purpose of fixing the solar energy auction prices (Polzin et al. 2019). Thus, it
can be said that the solar energy demand in the markets or for that matter among the customers is
another important factor which substantial influences the solar energy auction prices.
2.7.4 Availability of Resources
As discussed by Trujillo-Baute, Del Río and Mir-Artigues (2018), resource availability is
an important factor which greatly influences the solar energy auction prices in the different
nations of the world. In this relation, it needs to be said that the adequate production of solar
energy requires the effective usage of different kinds of resources like technological resources,
human resources, financial resources, equipment and others (Ros, Broehm and Hanser 2018).
More importantly, it had been seen that not all the nations boasts of these resources which in turn
explains the reason why all the nations have not been able to effectively produce solar energy to
cater to the growing energy demand shown by the customers in the present (Piel et al. 2017). In
the particular context of the solar energy auction prices, it needs to be said that this greatly
depends on the ability of the national government to adequately offer these resources to the
private companies or the investors for the production of solar energy (Farrell, Devine and
Soroudi 2018). For example, if the national government is being able to offer these resources to
the private companies or the investors then the solar energy prices are usually very high since the
companies do not have to spend any substantial amount of capital for the procurement of the
same and vice versa (Lopes et al. 2019). Thus, it can be said that the availability of resources is
an important factor which substantially influences the solar energy auction prices.
2.7.5 Availability of alternate sources of energy
The solar energy auction prices are also being determined by the fact whether the
customers have option to take the help of the alternative sources of energy or not. For example,
as discussed by Frate and Brannstrom (2017), in the majority of the nations it is seen that hydro
auctions keeping into perspective the demand of solar energy in the market or among the
customers. For instance, it is usually seen that if there is a substantial amount of demand for solar
energy or the solar energy market had shown significant potential then the prices of the solar
energy auctions are usually high and vice versa (Toke 2015). In addition to these, the national
governments or the energy boards also take into account the capability of the other private
companies who rely on the other energy sources for catering to the energy demand of the
customers for the purpose of fixing the solar energy auction prices (Polzin et al. 2019). Thus, it
can be said that the solar energy demand in the markets or for that matter among the customers is
another important factor which substantial influences the solar energy auction prices.
2.7.4 Availability of Resources
As discussed by Trujillo-Baute, Del Río and Mir-Artigues (2018), resource availability is
an important factor which greatly influences the solar energy auction prices in the different
nations of the world. In this relation, it needs to be said that the adequate production of solar
energy requires the effective usage of different kinds of resources like technological resources,
human resources, financial resources, equipment and others (Ros, Broehm and Hanser 2018).
More importantly, it had been seen that not all the nations boasts of these resources which in turn
explains the reason why all the nations have not been able to effectively produce solar energy to
cater to the growing energy demand shown by the customers in the present (Piel et al. 2017). In
the particular context of the solar energy auction prices, it needs to be said that this greatly
depends on the ability of the national government to adequately offer these resources to the
private companies or the investors for the production of solar energy (Farrell, Devine and
Soroudi 2018). For example, if the national government is being able to offer these resources to
the private companies or the investors then the solar energy prices are usually very high since the
companies do not have to spend any substantial amount of capital for the procurement of the
same and vice versa (Lopes et al. 2019). Thus, it can be said that the availability of resources is
an important factor which substantially influences the solar energy auction prices.
2.7.5 Availability of alternate sources of energy
The solar energy auction prices are also being determined by the fact whether the
customers have option to take the help of the alternative sources of energy or not. For example,
as discussed by Frate and Brannstrom (2017), in the majority of the nations it is seen that hydro
24SOLAR ENERGY AUCTION PRICES IN INDIA
energy is the major source of energy and also there are other options available to the customers
like geothermal energy, wind energy, biomass energy and others. It is pertinent to note that all
these sources of energy are renewable in nature and thus the customers do not have to worry
about the environmental impact of the usage of the same as they normally have to do in the case
of the usage of the energy generated from fossil fuels (Perez-Mora, Alomar and Martinez-Moll
2018). More importantly, it is likely that if the customers have options related to energy or
electricity then it is very obvious that they would opt for the one which is lesser in cost and also
environmentally friendly in nature (Long, Wang and Pan 2017). However, it had been seen that
because of the advanced technologies that the solar energy producing companies normally use
the price of the energy offered by them is very high (Keeley and Matsumoto 2018). Thus, it is
likely that if the customers have adequate options they would not purchase solar energy at higher
price. In the light of these aspects, it can be said that the availability of the alternate sources of
energy is another important factor which affects the solar energy prices.
2.8 Impact of Solar Energy Auction Prices on Solar Energy Auctions and its production
Geng et al. (2016) are of the viewpoint that the entity the solar energy production is
directly linked to the aspect of solar energy auction prices and adequate solar energy auction
prices greatly influence the solar energy production of the solar energy producers. In this
relation, it can be said that if the national government of the different nations charge adequate or
for that matter amount of charges from the private companies or the investors then they would
not have to resort to the usage of the methods of cost-cutting, cost reduction and others
(Dobrotkova, Surana and Audinet 2018). More importantly, recent researchers have clearly
revealed the fact that the usage of these measures not only adversely affects the amount but also
the quality of the solar energy which is being produced by the private companies (Alves et al.
2019). Furthermore, adequate solar energy auction prices also encourage the private companies
to explore new technologies which are often very costly for the enhancement of the amount of
solar energy produced by them (Ji, Hu and Tang 2018). This is important since the increase in
the amount of solar energy produced by the private companies is likely to help them the nations
to meet the ever-increasing demand for energy. Thus, it can be said that the solar energy auction
prices greatly determine the production of solar energy by the private companies.
energy is the major source of energy and also there are other options available to the customers
like geothermal energy, wind energy, biomass energy and others. It is pertinent to note that all
these sources of energy are renewable in nature and thus the customers do not have to worry
about the environmental impact of the usage of the same as they normally have to do in the case
of the usage of the energy generated from fossil fuels (Perez-Mora, Alomar and Martinez-Moll
2018). More importantly, it is likely that if the customers have options related to energy or
electricity then it is very obvious that they would opt for the one which is lesser in cost and also
environmentally friendly in nature (Long, Wang and Pan 2017). However, it had been seen that
because of the advanced technologies that the solar energy producing companies normally use
the price of the energy offered by them is very high (Keeley and Matsumoto 2018). Thus, it is
likely that if the customers have adequate options they would not purchase solar energy at higher
price. In the light of these aspects, it can be said that the availability of the alternate sources of
energy is another important factor which affects the solar energy prices.
2.8 Impact of Solar Energy Auction Prices on Solar Energy Auctions and its production
Geng et al. (2016) are of the viewpoint that the entity the solar energy production is
directly linked to the aspect of solar energy auction prices and adequate solar energy auction
prices greatly influence the solar energy production of the solar energy producers. In this
relation, it can be said that if the national government of the different nations charge adequate or
for that matter amount of charges from the private companies or the investors then they would
not have to resort to the usage of the methods of cost-cutting, cost reduction and others
(Dobrotkova, Surana and Audinet 2018). More importantly, recent researchers have clearly
revealed the fact that the usage of these measures not only adversely affects the amount but also
the quality of the solar energy which is being produced by the private companies (Alves et al.
2019). Furthermore, adequate solar energy auction prices also encourage the private companies
to explore new technologies which are often very costly for the enhancement of the amount of
solar energy produced by them (Ji, Hu and Tang 2018). This is important since the increase in
the amount of solar energy produced by the private companies is likely to help them the nations
to meet the ever-increasing demand for energy. Thus, it can be said that the solar energy auction
prices greatly determine the production of solar energy by the private companies.
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25SOLAR ENERGY AUCTION PRICES IN INDIA
2.9 Future growth prospects of Solar Energy Production
The production as well as the demand for solar energy and the other renewable sources
had experienced an unexpected surge in the present times (Inhoffen, Siemroth and Zahn 2019).
Moreover, the environmental pollution or for that matter the damage caused by the renewable
sources of energies, particularly, solar energy is way lower than that of the ones produced from
the fossil fuels (Chu, Cui and Liu 2017). Furthermore, the inability of the different nations of the
world to effectively cater to the ever-increasing energy demands of the customers makes it
apparent that the market of solar energy is expected to grow in the subsequent years (Welisch
2019). More importantly, the national governments of the different nations of the world are
trying to completely replace the non-renewable sources of energy generated because of the
environmental damage caused by them with renewable sources of energy. On the score of these
aspects, it can be said that the market of the solar energy is expected in the coming years in a
substantial manner.
2.10 Literature Gap
The researcher during the conduct of the researcher found that the majority of the peer-
reviewed articles or the secondary sources of information dwell either on the factors which affect
the production of solar energy or the factors which have given rise to the consumption of the
same. More importantly, the researcher found a substantial number of articles which deal with
the concept of energy auctions and auction prices however the discussion in these articles have
been undertaken from the perspective of all the renewable energy sources. As a matter of fact,
the researcher was able to locate only a handful of articles which explicitly deal with the topic of
the factors which affect the solar energy auction prices. On the score of these aspects, it can be
said that this study by trying to analyze this particular unexplored area of research would be an
important one which the future researchers would be able to use as a framework for conducting
further researching the topic under discussion here.
2.11 Summary
To sum up, the researcher in this chapter had highlighted the important theoretical
concepts regarding the factors which affect the solar energy auction prices. These arguments or
theoretical concepts will enable the researcher to effectively undertake a critical discussion of the
2.9 Future growth prospects of Solar Energy Production
The production as well as the demand for solar energy and the other renewable sources
had experienced an unexpected surge in the present times (Inhoffen, Siemroth and Zahn 2019).
Moreover, the environmental pollution or for that matter the damage caused by the renewable
sources of energies, particularly, solar energy is way lower than that of the ones produced from
the fossil fuels (Chu, Cui and Liu 2017). Furthermore, the inability of the different nations of the
world to effectively cater to the ever-increasing energy demands of the customers makes it
apparent that the market of solar energy is expected to grow in the subsequent years (Welisch
2019). More importantly, the national governments of the different nations of the world are
trying to completely replace the non-renewable sources of energy generated because of the
environmental damage caused by them with renewable sources of energy. On the score of these
aspects, it can be said that the market of the solar energy is expected in the coming years in a
substantial manner.
2.10 Literature Gap
The researcher during the conduct of the researcher found that the majority of the peer-
reviewed articles or the secondary sources of information dwell either on the factors which affect
the production of solar energy or the factors which have given rise to the consumption of the
same. More importantly, the researcher found a substantial number of articles which deal with
the concept of energy auctions and auction prices however the discussion in these articles have
been undertaken from the perspective of all the renewable energy sources. As a matter of fact,
the researcher was able to locate only a handful of articles which explicitly deal with the topic of
the factors which affect the solar energy auction prices. On the score of these aspects, it can be
said that this study by trying to analyze this particular unexplored area of research would be an
important one which the future researchers would be able to use as a framework for conducting
further researching the topic under discussion here.
2.11 Summary
To sum up, the researcher in this chapter had highlighted the important theoretical
concepts regarding the factors which affect the solar energy auction prices. These arguments or
theoretical concepts will enable the researcher to effectively undertake a critical discussion of the
26SOLAR ENERGY AUCTION PRICES IN INDIA
findings which would be derived through the analysis of the primary data obtained from the
survey.
findings which would be derived through the analysis of the primary data obtained from the
survey.
27SOLAR ENERGY AUCTION PRICES IN INDIA
Chapter 3: RESEARCH METHODOLOGY
3.1 Introduction
The researcher in this chapter had elucidated the methodological framework which had
been used for the completion of this study. Furthermore, the researcher had also offered adequate
justification for the selection of the diverse entities of the research methodology. As opined by
Tobin (2015), research methodology connotes the systematic or the organized approach which is
being used by the researchers for the completion of academic study. Carey and Asbury (2016)
have noted that the researchers are required to take into account the different attributes of
research methodology, namely, research philosophy, research approach, research design, data
collection method, research strategy and others. More importantly, the researchers need to select
the different attributes of research methodology as per the requirements of the study or for that
matter the nature of the study that they are conducting (Prasad 2017).
3.2 Research Philosophy
Greenfield and Greener (2016) have noted that the entity of research philosophy denotes
the amelioration of the beliefs, traditions, values and others that influence or dictate the manner
or the style in which the researchers conduct research. The researchers have the option to select
from the different research philosophies like positivism research philosophy, realism research
philosophy and interpretivism research philosophy (Gregory 2019). According to Brannen
(2017), the researchers using the positivism research philosophy normally use different kinds of
facts, figures, observations, statistics, opinions and others for testing the validity or the accuracy
of the hypotheses or the assumptions that they had made in the study. Thus, it needs to be said
that the researchers opting for the usage of this research philosophy need to formulate adequate
research hypotheses or assumptions at the beginning of the research for the effective conduct of
the same. On the other hand, as stated by Daniel (2018), the interpretivism research philosophy is
the one wherein the researchers are required to distinguish the social factors from the human
behaviors and thus the researchers taking the help of this particular research philosophy normally
take the help of the tools of interviews, surveys and others. The realism research philosophy is a
combination of both the interpretivism research philosophy and the positivism research
philosophy (Barnham 2015).
Chapter 3: RESEARCH METHODOLOGY
3.1 Introduction
The researcher in this chapter had elucidated the methodological framework which had
been used for the completion of this study. Furthermore, the researcher had also offered adequate
justification for the selection of the diverse entities of the research methodology. As opined by
Tobin (2015), research methodology connotes the systematic or the organized approach which is
being used by the researchers for the completion of academic study. Carey and Asbury (2016)
have noted that the researchers are required to take into account the different attributes of
research methodology, namely, research philosophy, research approach, research design, data
collection method, research strategy and others. More importantly, the researchers need to select
the different attributes of research methodology as per the requirements of the study or for that
matter the nature of the study that they are conducting (Prasad 2017).
3.2 Research Philosophy
Greenfield and Greener (2016) have noted that the entity of research philosophy denotes
the amelioration of the beliefs, traditions, values and others that influence or dictate the manner
or the style in which the researchers conduct research. The researchers have the option to select
from the different research philosophies like positivism research philosophy, realism research
philosophy and interpretivism research philosophy (Gregory 2019). According to Brannen
(2017), the researchers using the positivism research philosophy normally use different kinds of
facts, figures, observations, statistics, opinions and others for testing the validity or the accuracy
of the hypotheses or the assumptions that they had made in the study. Thus, it needs to be said
that the researchers opting for the usage of this research philosophy need to formulate adequate
research hypotheses or assumptions at the beginning of the research for the effective conduct of
the same. On the other hand, as stated by Daniel (2018), the interpretivism research philosophy is
the one wherein the researchers are required to distinguish the social factors from the human
behaviors and thus the researchers taking the help of this particular research philosophy normally
take the help of the tools of interviews, surveys and others. The realism research philosophy is a
combination of both the interpretivism research philosophy and the positivism research
philosophy (Barnham 2015).
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28SOLAR ENERGY AUCTION PRICES IN INDIA
3.2.1 Justification for the Selected Research Philosophy
The positivism research philosophy was used by the researcher in this study for testing
the validity or the credibility of the research hypotheses or the assumptions made in the study.
This research philosophy was selected by the researcher since it offered the opportunity to the
researcher to take the help of different facts, statistics, observations, opinions and others for the
analysis of the research hypotheses or assumptions made in the study.
3.3 Research Approach
The inductive research approach and the deductive research approach are the two
research approaches normally used by the researchers (Krippendorff 2018). Corbin, Strauss and
Strauss (2015) are of the viewpoint that the deductive research approach is the one wherein the
researchers need to use different theories, models, frameworks and others so as to effectively
analyze the topic that had been chosen for discussion in the study. More importantly, different
hypotheses, assumptions and others are being formulated by the researchers using this approach
and the validity or the accuracy of these hypotheses or assumptions are analyzed on the basis of
the theoretical models, frameworks and others (Pruzan 2016). The researchers opting for the
usage of inductive approach need to take the help of adequate analytical tools for the analysis of
the primary data or the secondary data that they have collected so as to analyze the validity of the
assumptions that they have made or for the hypotheses that they have formulated (Gabriel 2015).
3.3.1 Justification for the Selected Research Approach
Deductive research approach was used by the researcher for the completion of this study.
The usage of this research approach helped the researchers to analyze the validity or for that
matter the accuracy of the assumptions or the hypotheses made in the study through the usage of
different theoretical concepts, models, frameworks and others.
3.4 Research Design
Descriptive research design, exploratory research design and explanatory research design
are the three types of research designs which are normally being used by the researchers (Koro-
Ljungberg 2015). Daniel, Kumar and Omar (2018) are of the viewpoint that one of the most
popular research designs because of the opportunity that it offers to the researchers to attain the
required coherence within the study. For example, the researchers using this research design
need to correlate or for that matter link the research objectives that they expostulated in the first
3.2.1 Justification for the Selected Research Philosophy
The positivism research philosophy was used by the researcher in this study for testing
the validity or the credibility of the research hypotheses or the assumptions made in the study.
This research philosophy was selected by the researcher since it offered the opportunity to the
researcher to take the help of different facts, statistics, observations, opinions and others for the
analysis of the research hypotheses or assumptions made in the study.
3.3 Research Approach
The inductive research approach and the deductive research approach are the two
research approaches normally used by the researchers (Krippendorff 2018). Corbin, Strauss and
Strauss (2015) are of the viewpoint that the deductive research approach is the one wherein the
researchers need to use different theories, models, frameworks and others so as to effectively
analyze the topic that had been chosen for discussion in the study. More importantly, different
hypotheses, assumptions and others are being formulated by the researchers using this approach
and the validity or the accuracy of these hypotheses or assumptions are analyzed on the basis of
the theoretical models, frameworks and others (Pruzan 2016). The researchers opting for the
usage of inductive approach need to take the help of adequate analytical tools for the analysis of
the primary data or the secondary data that they have collected so as to analyze the validity of the
assumptions that they have made or for the hypotheses that they have formulated (Gabriel 2015).
3.3.1 Justification for the Selected Research Approach
Deductive research approach was used by the researcher for the completion of this study.
The usage of this research approach helped the researchers to analyze the validity or for that
matter the accuracy of the assumptions or the hypotheses made in the study through the usage of
different theoretical concepts, models, frameworks and others.
3.4 Research Design
Descriptive research design, exploratory research design and explanatory research design
are the three types of research designs which are normally being used by the researchers (Koro-
Ljungberg 2015). Daniel, Kumar and Omar (2018) are of the viewpoint that one of the most
popular research designs because of the opportunity that it offers to the researchers to attain the
required coherence within the study. For example, the researchers using this research design
need to correlate or for that matter link the research objectives that they expostulated in the first
29SOLAR ENERGY AUCTION PRICES IN INDIA
chapter of the study with the findings derived from the analysis of the primary or the secondary
data (Creswell and Clark 2017). The researchers need to undertake an analysis of the root causes
or the factors which had directly contributed towards the research problem that is analyzed by
them for the usage of the explanatory research design (O'Brien and Pipkin 2017). Lastly, the
background information or for that matter the problem statement of the issue which is being
analyzed is generally being focused on by the researchers for the usage of the exploratory
research design (Antwi and Hamza 2015).
3.4.1 Justification for the Selected Research Design
Descriptive research design was used by the researcher during the conduct of this study.
This research design was selected by the researcher since it afforded the opportunity to the
researcher to link or to correlate the findings obtained from the analysis of the primary data
gathered for the completion of the study with the research objectives formulated in the first
chapter of the study. This in turn helped the researcher to attain the required coherence in the
study and thereby enhance the quality of the study.
3.5 Data Collection Method
As opined by Smith (2015), data collection method refers to the method which is being
used by the researchers for the collection of the primary or the secondary data or information
which is required for the completion of the study. Primary data collection method and secondary
data collection method are the two collection methods which are being used by the researchers
for the collection of the information or the data required for the completion of their research
works (Patten and Newhart 2017). Bell, Bryman and Harley (2018) are of the viewpoint that the
researchers for the usage of the primary data collection method normally take the help of the
research strategies of survey, interview and others for the collection extensive firsthand data or
information regarding the topic that they are analyzing. On the other hand, for the usage of the
secondary data collection method, the researchers take the help of secondary sources of
information like newspaper articles, webpages, peer-reviewed articles and others for the
collection of the required information or data (McCusker and Gunaydin 2015).
3.5.1 Justification for the Selected Data Collection Method
Primary data collection method was used by the researcher for the collection of the
information or the data required for the completion of this study. The adequate usage of this data
chapter of the study with the findings derived from the analysis of the primary or the secondary
data (Creswell and Clark 2017). The researchers need to undertake an analysis of the root causes
or the factors which had directly contributed towards the research problem that is analyzed by
them for the usage of the explanatory research design (O'Brien and Pipkin 2017). Lastly, the
background information or for that matter the problem statement of the issue which is being
analyzed is generally being focused on by the researchers for the usage of the exploratory
research design (Antwi and Hamza 2015).
3.4.1 Justification for the Selected Research Design
Descriptive research design was used by the researcher during the conduct of this study.
This research design was selected by the researcher since it afforded the opportunity to the
researcher to link or to correlate the findings obtained from the analysis of the primary data
gathered for the completion of the study with the research objectives formulated in the first
chapter of the study. This in turn helped the researcher to attain the required coherence in the
study and thereby enhance the quality of the study.
3.5 Data Collection Method
As opined by Smith (2015), data collection method refers to the method which is being
used by the researchers for the collection of the primary or the secondary data or information
which is required for the completion of the study. Primary data collection method and secondary
data collection method are the two collection methods which are being used by the researchers
for the collection of the information or the data required for the completion of their research
works (Patten and Newhart 2017). Bell, Bryman and Harley (2018) are of the viewpoint that the
researchers for the usage of the primary data collection method normally take the help of the
research strategies of survey, interview and others for the collection extensive firsthand data or
information regarding the topic that they are analyzing. On the other hand, for the usage of the
secondary data collection method, the researchers take the help of secondary sources of
information like newspaper articles, webpages, peer-reviewed articles and others for the
collection of the required information or data (McCusker and Gunaydin 2015).
3.5.1 Justification for the Selected Data Collection Method
Primary data collection method was used by the researcher for the collection of the
information or the data required for the completion of this study. The adequate usage of this data
30SOLAR ENERGY AUCTION PRICES IN INDIA
collection method helped the researcher to gather extensive firsthand data or information from 50
suppliers, contractors and investors of solar energy in India so as to answer the research
questions effectively.
3.6 Data Analysis Method
Data analysis method refers to the method that had been selected by the researchers for
the analysis of the primary or the secondary data that they have gathered for answering the
research questions (Quinlan et al. 2019). For example, for the analysis of the primary data
collected by the researchers, the method of quantitative data analysis is being used by the
researchers whereas for the analysis of the secondary data collected by the researchers the
construct of qualitative data analysis is being used (Alvesson and Sköldberg 2017). Thus, it can
be said that the data analysis method used by the researchers is being determined by the kind or
for that matter the nature of data that had been collected by them.
3.6.1 Justification for the Selected Data Analysis Method
Quantitative data analysis method was used by the researcher for the analysis of the data
collected or gathered for this study. The choice of research method was influenced by the
primary data that the researcher collected for answering the research questions. More
importantly, the researcher took the help of the software of SPSS for the analysis of the
responses which were collected from the suppliers, contractors and investors of solar energy in
India through the usage of the tool of survey.
3.7 Ethical Considerations
The researcher ensured the fact that no personal or private questions were asked from the
respondents who participated in the survey. Furthermore, the responses collected from the
participants were used only for the completion of the study and they would be protected as per
the precepts of the Data Protection Act. More importantly, the researcher offered due credit to
the scholars or the authors whose works have been used for the completion of the study so as to
avoid plagiarism and also to conduct the research as per the academic conventions of conducting
research work.
collection method helped the researcher to gather extensive firsthand data or information from 50
suppliers, contractors and investors of solar energy in India so as to answer the research
questions effectively.
3.6 Data Analysis Method
Data analysis method refers to the method that had been selected by the researchers for
the analysis of the primary or the secondary data that they have gathered for answering the
research questions (Quinlan et al. 2019). For example, for the analysis of the primary data
collected by the researchers, the method of quantitative data analysis is being used by the
researchers whereas for the analysis of the secondary data collected by the researchers the
construct of qualitative data analysis is being used (Alvesson and Sköldberg 2017). Thus, it can
be said that the data analysis method used by the researchers is being determined by the kind or
for that matter the nature of data that had been collected by them.
3.6.1 Justification for the Selected Data Analysis Method
Quantitative data analysis method was used by the researcher for the analysis of the data
collected or gathered for this study. The choice of research method was influenced by the
primary data that the researcher collected for answering the research questions. More
importantly, the researcher took the help of the software of SPSS for the analysis of the
responses which were collected from the suppliers, contractors and investors of solar energy in
India through the usage of the tool of survey.
3.7 Ethical Considerations
The researcher ensured the fact that no personal or private questions were asked from the
respondents who participated in the survey. Furthermore, the responses collected from the
participants were used only for the completion of the study and they would be protected as per
the precepts of the Data Protection Act. More importantly, the researcher offered due credit to
the scholars or the authors whose works have been used for the completion of the study so as to
avoid plagiarism and also to conduct the research as per the academic conventions of conducting
research work.
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31SOLAR ENERGY AUCTION PRICES IN INDIA
3.8 Limitations of the Study
The researcher due to accessibility issues, and also due to time and resource constraints
was being able to conduct survey with only 50 suppliers, contractors and investors of solar
energy in India. Furthermore, the researcher also did not get the opportunity to conduct
interviews with the suppliers, contractors and investors of solar energy in India which would
have enhanced the credibility as well as the quality of the research substantially. These in turn
have narrowed down the scope of the research in a significant manner and therefore are the most
important limitations of the study.
3.9 Summary
To sum up, the researcher in this chapter had outlined the detailed methodological
framework which was used for the completion of the study. Furthermore, the researcher had also
offered adequate justifications for the selection of the different attributes of the research
methodology which were selected for the completion of the study.
3.8 Limitations of the Study
The researcher due to accessibility issues, and also due to time and resource constraints
was being able to conduct survey with only 50 suppliers, contractors and investors of solar
energy in India. Furthermore, the researcher also did not get the opportunity to conduct
interviews with the suppliers, contractors and investors of solar energy in India which would
have enhanced the credibility as well as the quality of the research substantially. These in turn
have narrowed down the scope of the research in a significant manner and therefore are the most
important limitations of the study.
3.9 Summary
To sum up, the researcher in this chapter had outlined the detailed methodological
framework which was used for the completion of the study. Furthermore, the researcher had also
offered adequate justifications for the selection of the different attributes of the research
methodology which were selected for the completion of the study.
32SOLAR ENERGY AUCTION PRICES IN INDIA
Chapter 4: FINDINGS
4.1 Introduction
In this particular chapter, an analysis of the findings obtained from the responses
collected from the 50 contractors, suppliers, engineers, investors and others related to the solar
energy section of India had been undertaken by the researcher. Furthermore, the researcher had
taken the help of the statistical techniques of descriptive analysis, correlation and regression for
the purpose of undertaking the desired analysis. The results obtained from the analysis of the
primary data had helped the researcher to not only address the research questions and also test
the validity of the hypotheses formulated by the researcher at the very beginning of the study.
4.2 Analysis of the Primary Data
4.2.1 Descriptive Analysis
Chapter 4: FINDINGS
4.1 Introduction
In this particular chapter, an analysis of the findings obtained from the responses
collected from the 50 contractors, suppliers, engineers, investors and others related to the solar
energy section of India had been undertaken by the researcher. Furthermore, the researcher had
taken the help of the statistical techniques of descriptive analysis, correlation and regression for
the purpose of undertaking the desired analysis. The results obtained from the analysis of the
primary data had helped the researcher to not only address the research questions and also test
the validity of the hypotheses formulated by the researcher at the very beginning of the study.
4.2 Analysis of the Primary Data
4.2.1 Descriptive Analysis
33SOLAR ENERGY AUCTION PRICES IN INDIA
Figure 6: Descriptive Analysis
The descriptive analysis was undertaken by the researcher so as to understand the
demographics of the individuals who are related to the solar energy sector of India or for that
matter involved in the process of solar energy auctions within the nation under discussion here.
For instance, Figure 6 clearly indicates the fact that the majority of the individuals related to the
solar energy sector of the nation of India are females and also they play a pivotal role within the
framework of the different solar energy auctions. More importantly, the results of the descriptive
analysis also reveal the fact that these female individuals mostly belong to the age bracket of 30-
39 years and the majority of them hold either Master Degrees or Doctorate Degrees. This is
important since in order to effectively understand the key steps or for that matter the processes
involved in the production of solar energy the individuals are required to have the bare minimum
qualifications. Furthermore, the age group or the age bracket is also important in this regard
since an understanding of the key steps or the processes involved in the production of solar
energy requires a certain level of maturity and qualification which is usually being showcased by
the individuals related to this particular age bracket. Lastly, the results of the descriptive analysis
also indicate the fact that the majority of the individuals involved in the process of solar energy
auctions are engineers and suppliers. This can be explained on the basis of the fact that the
individuals related to these backgrounds are likely to have a working knowledge regarding the
different aspects of the process of solar energy auctions and thus they are the ones who mostly
get involved in the process of solar energy auctions. In short, it can be said that the individuals
Figure 6: Descriptive Analysis
The descriptive analysis was undertaken by the researcher so as to understand the
demographics of the individuals who are related to the solar energy sector of India or for that
matter involved in the process of solar energy auctions within the nation under discussion here.
For instance, Figure 6 clearly indicates the fact that the majority of the individuals related to the
solar energy sector of the nation of India are females and also they play a pivotal role within the
framework of the different solar energy auctions. More importantly, the results of the descriptive
analysis also reveal the fact that these female individuals mostly belong to the age bracket of 30-
39 years and the majority of them hold either Master Degrees or Doctorate Degrees. This is
important since in order to effectively understand the key steps or for that matter the processes
involved in the production of solar energy the individuals are required to have the bare minimum
qualifications. Furthermore, the age group or the age bracket is also important in this regard
since an understanding of the key steps or the processes involved in the production of solar
energy requires a certain level of maturity and qualification which is usually being showcased by
the individuals related to this particular age bracket. Lastly, the results of the descriptive analysis
also indicate the fact that the majority of the individuals involved in the process of solar energy
auctions are engineers and suppliers. This can be explained on the basis of the fact that the
individuals related to these backgrounds are likely to have a working knowledge regarding the
different aspects of the process of solar energy auctions and thus they are the ones who mostly
get involved in the process of solar energy auctions. In short, it can be said that the individuals
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34SOLAR ENERGY AUCTION PRICES IN INDIA
involved in the process of solar energy auctions are usually female engineers related to the age
bracket of 30-39 years of age and usually hold either Master or Doctorate Degrees.
4.2.2 Inferential Analysis
4.2.2.1 Correlation
The researchers commonly take the help of the statistical technique or tool of correlation
so as to analyze the degree to which the various variables selected for analysis in the studies are
related to each other. As a matter of fact, it is seen that the value of correlation that the
researchers have obtained from the analysis of the primary data usually indicates the degree to
which the variables are related to each other. More importantly, the statistical or for that matter
the numerical value that the researchers derive from the correlative analysis of the variables
offers an indication of the fact whether the variables are directly or inversely related to each
other. For instance, if the value of correlation is between “0 to -1” then this is an indicative of the
fact that an inverse relation or for that a negative correlation exists between the variables that had
been selected by the researcher for analysis in the study. On the other hand, if the value of the
correlation analysis obtained by the researchers is within the range “0 to +1” then this is an
indication of the fact that a direct or strong correlation exists between the variables that had been
selected by the researchers for analysis in the study.
The results of the process of correlation which was undertaken by the researcher clearly
indicates that a strong correlation exists between the factors of solar energy demand and the
alternative sources of energy and also between the factors of alternative sources of energy and
availability of resources (Refer to Appendix 1). The strong correlation or for that matter the
relationship which exists between the factors of solar energy demand and the alternative sources
of energy is important to note. For example, over the years it had been seen that the nation of
India has greatly relied on the fossil fuels and the other sources of energy for meeting the energy
demands or the requirements of the common people. However, one of the most important
negative aspects of this process followed by the national government of the nation of India was
the fact that the generation or the production of energy or electricity through the usage of diverse
fossil fuels caused a significant amount of pollution which in turn adversely affected the
condition of the environment. Thus, in the present times it had been seen that the national
government of the concerned nation has been forced to develop alternative renewable sources of
involved in the process of solar energy auctions are usually female engineers related to the age
bracket of 30-39 years of age and usually hold either Master or Doctorate Degrees.
4.2.2 Inferential Analysis
4.2.2.1 Correlation
The researchers commonly take the help of the statistical technique or tool of correlation
so as to analyze the degree to which the various variables selected for analysis in the studies are
related to each other. As a matter of fact, it is seen that the value of correlation that the
researchers have obtained from the analysis of the primary data usually indicates the degree to
which the variables are related to each other. More importantly, the statistical or for that matter
the numerical value that the researchers derive from the correlative analysis of the variables
offers an indication of the fact whether the variables are directly or inversely related to each
other. For instance, if the value of correlation is between “0 to -1” then this is an indicative of the
fact that an inverse relation or for that a negative correlation exists between the variables that had
been selected by the researcher for analysis in the study. On the other hand, if the value of the
correlation analysis obtained by the researchers is within the range “0 to +1” then this is an
indication of the fact that a direct or strong correlation exists between the variables that had been
selected by the researchers for analysis in the study.
The results of the process of correlation which was undertaken by the researcher clearly
indicates that a strong correlation exists between the factors of solar energy demand and the
alternative sources of energy and also between the factors of alternative sources of energy and
availability of resources (Refer to Appendix 1). The strong correlation or for that matter the
relationship which exists between the factors of solar energy demand and the alternative sources
of energy is important to note. For example, over the years it had been seen that the nation of
India has greatly relied on the fossil fuels and the other sources of energy for meeting the energy
demands or the requirements of the common people. However, one of the most important
negative aspects of this process followed by the national government of the nation of India was
the fact that the generation or the production of energy or electricity through the usage of diverse
fossil fuels caused a significant amount of pollution which in turn adversely affected the
condition of the environment. Thus, in the present times it had been seen that the national
government of the concerned nation has been forced to develop alternative renewable sources of
35SOLAR ENERGY AUCTION PRICES IN INDIA
energy so as to cater to the energy demands of the people and also for the purpose of mitigating
the damage caused by the production of energy on the environment. Furthermore, the fast
depletion of the natural resources or the fossil fuels have also forced the national government of
the nation of India to turn towards diverse renewable sources of energy like solar energy,
hydroelectricity, geothermal energy and others. However, the effective usage of this method
requires the national government of the nation under discussion here to adequately enhance the
demand of the customers related to the usage of alternative sources of energy like solar energy,
hydroelectricity, geothermal energy and others for the purpose of meeting the energy demands of
the people. This had been done by making the people aware regarding the negative connotations
of the usage of the energy or the electricity produced through fossil fuels or the other non-
renewable sources of energy. More importantly, it had been seen that the national government of
the concerned nation in order to effectively enhance the solar energy demand are following the
concept of demand and supply. For instance, it has enhanced the supply of the solar energy in the
market so as to enhance the demand of the people regarding the same. In addition to these, it is
seen that in the face of the energy crisis that the nation is presently facing, the adequate usage of
solar energy had helped the nation of India to greatly mitigate if not completely mitigate the
energy crisis faced by it. This had been done through the usage of the process of auctions
wherein it is seen that the contracts for the production of solar energy is being given to the
private companies or the third parties so as to meet the ever surging demand for the solar energy.
Thus, it can be said that the strong relation which exists between the factors of solar energy
demand and the alternative sources of energy greatly influence the solar energy auction prices in
the nation of India.
The results of the correlation analysis also reveal the fact that a strong correlation exists
between the factors of alternative sources of energy and availability of resources. This is an
indicative of the fact that the development of solar energy or for that matter any other alternative
sources of renewable energy greatly depends on the availability of resources which are needed
for the development of the same. This can be explained on the basis of the fact that the
development of the different kinds of renewable sources of energy requires the effective usage of
various kinds of resources like technological resources, human resources and others. Thus, it can
be said that if the resources which are needed for the production of the solar energy or for that
matter any other sources of renewable energy is not available to the energy producers then it is
energy so as to cater to the energy demands of the people and also for the purpose of mitigating
the damage caused by the production of energy on the environment. Furthermore, the fast
depletion of the natural resources or the fossil fuels have also forced the national government of
the nation of India to turn towards diverse renewable sources of energy like solar energy,
hydroelectricity, geothermal energy and others. However, the effective usage of this method
requires the national government of the nation under discussion here to adequately enhance the
demand of the customers related to the usage of alternative sources of energy like solar energy,
hydroelectricity, geothermal energy and others for the purpose of meeting the energy demands of
the people. This had been done by making the people aware regarding the negative connotations
of the usage of the energy or the electricity produced through fossil fuels or the other non-
renewable sources of energy. More importantly, it had been seen that the national government of
the concerned nation in order to effectively enhance the solar energy demand are following the
concept of demand and supply. For instance, it has enhanced the supply of the solar energy in the
market so as to enhance the demand of the people regarding the same. In addition to these, it is
seen that in the face of the energy crisis that the nation is presently facing, the adequate usage of
solar energy had helped the nation of India to greatly mitigate if not completely mitigate the
energy crisis faced by it. This had been done through the usage of the process of auctions
wherein it is seen that the contracts for the production of solar energy is being given to the
private companies or the third parties so as to meet the ever surging demand for the solar energy.
Thus, it can be said that the strong relation which exists between the factors of solar energy
demand and the alternative sources of energy greatly influence the solar energy auction prices in
the nation of India.
The results of the correlation analysis also reveal the fact that a strong correlation exists
between the factors of alternative sources of energy and availability of resources. This is an
indicative of the fact that the development of solar energy or for that matter any other alternative
sources of renewable energy greatly depends on the availability of resources which are needed
for the development of the same. This can be explained on the basis of the fact that the
development of the different kinds of renewable sources of energy requires the effective usage of
various kinds of resources like technological resources, human resources and others. Thus, it can
be said that if the resources which are needed for the production of the solar energy or for that
matter any other sources of renewable energy is not available to the energy producers then it is
36SOLAR ENERGY AUCTION PRICES IN INDIA
likely that the energy producers would not be able to produce the required amount of solar
energy. This in turn explains the strong relationship which exists between the factors of
alternative sources of energy and the availability of different resources which are needed for the
production of the same. For example, within the particular context of the nation of India it had
been seen that the easy availability of the different kinds of technological resources, human
resources and others have greatly facilitated the production of the solar energy in the nation
under discussion here. The relationship which exists between the factors of availability of
resources and the development of solar energy is an important determinant of the solar energy
auction prices within the particular context of the nation of India. For example, within the nation
of India it had been seen that the different private companies or for that matter the third party
investors who take up solar energy contracts have easy access to the diverse kinds of resources
that are needed for the production of solar energy. This had not only enhanced the amount of
solar energy produced in the nation under discussion here over the years but at the same time
directly affected the solar energy auction prices within the concerned nation. In this relation, it
needs to be said that the solar energy auction prices are generally low if the national governments
of the nations are not being able to help the private companies or for that matter the third party
investors with the resources which are needed for the production of solar energy. However,
within the particular context of the nation of India it is seen this is not an issue for the private
companies or the third parties. For instance, the large population of the nation under discussion
here, the technological tie-ups of the concerned nation with the first world nations and others
ensures that the private companies or the third party investors have access to the resources that
are needed for the production of the solar energy. In the light of these aspects, it can be said that
the easy availability of the resources which are needed for the production of solar energy in the
nation of India had not only directly influenced the production of the same in the concerned
nation but at the same time also influence the solar energy auction prices as well.
4.2.2.2 Regression
The statistical technique of regression helps the researchers to undertake an analysis of
the mean value of the different variables that they have selected for analysis in the study with
their actual value or for that matter their corresponding value. More importantly, it is seen that
the researchers take the help of this particular statistical technique for the purpose of effectively
identifying the relationship which exists between the variables that they selected. Furthermore,
likely that the energy producers would not be able to produce the required amount of solar
energy. This in turn explains the strong relationship which exists between the factors of
alternative sources of energy and the availability of different resources which are needed for the
production of the same. For example, within the particular context of the nation of India it had
been seen that the easy availability of the different kinds of technological resources, human
resources and others have greatly facilitated the production of the solar energy in the nation
under discussion here. The relationship which exists between the factors of availability of
resources and the development of solar energy is an important determinant of the solar energy
auction prices within the particular context of the nation of India. For example, within the nation
of India it had been seen that the different private companies or for that matter the third party
investors who take up solar energy contracts have easy access to the diverse kinds of resources
that are needed for the production of solar energy. This had not only enhanced the amount of
solar energy produced in the nation under discussion here over the years but at the same time
directly affected the solar energy auction prices within the concerned nation. In this relation, it
needs to be said that the solar energy auction prices are generally low if the national governments
of the nations are not being able to help the private companies or for that matter the third party
investors with the resources which are needed for the production of solar energy. However,
within the particular context of the nation of India it is seen this is not an issue for the private
companies or the third parties. For instance, the large population of the nation under discussion
here, the technological tie-ups of the concerned nation with the first world nations and others
ensures that the private companies or the third party investors have access to the resources that
are needed for the production of the solar energy. In the light of these aspects, it can be said that
the easy availability of the resources which are needed for the production of solar energy in the
nation of India had not only directly influenced the production of the same in the concerned
nation but at the same time also influence the solar energy auction prices as well.
4.2.2.2 Regression
The statistical technique of regression helps the researchers to undertake an analysis of
the mean value of the different variables that they have selected for analysis in the study with
their actual value or for that matter their corresponding value. More importantly, it is seen that
the researchers take the help of this particular statistical technique for the purpose of effectively
identifying the relationship which exists between the variables that they selected. Furthermore,
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an important function of the statistical tool of regression is the fact that it helps the researchers to
identify the hypothesis which is valid or accurate and the one that is not applicable to the topic
that had been selected for the conduct of the study.
Model Summary
Model R R Square Adjusted R Square
Std. Error of the
Estimate
1 .980a .961 .953 .293
a. Predictors: (Constant), AlternateSources, Tech@Re, Gove@acc, Con@Invi, Fin@Fac,
Incre@Pro, Mar@De, SolarDe, AvailRe
Table 1: Model Summary
The above table clearly indicates that the value of “R Square” is 0.961 whereas the value
of the “Adjusted R Square” is 0.953 which means that there is a difference of only 0.008. This is
an indicative of the fact that the model which had been used by the researcher for the conduct of
this study is a perfect fit for the study.
ANOVAa
Model Sum of Squares df Mean Square F Sig.
1 Regression 85.283 9 9.476 110.290 .000b
Residual 3.437 40 .086
Total 88.720 49
a. Dependent Variable: Solar energy auctions and its production in India is greatly determined by
the solar energy auction prices
b. Predictors: (Constant), AlternateSources, Tech@Re, Gove@acc, Con@Invi, Fin@Fac,
Incre@Pro, Mar@De, SolarDe, AvailRe
an important function of the statistical tool of regression is the fact that it helps the researchers to
identify the hypothesis which is valid or accurate and the one that is not applicable to the topic
that had been selected for the conduct of the study.
Model Summary
Model R R Square Adjusted R Square
Std. Error of the
Estimate
1 .980a .961 .953 .293
a. Predictors: (Constant), AlternateSources, Tech@Re, Gove@acc, Con@Invi, Fin@Fac,
Incre@Pro, Mar@De, SolarDe, AvailRe
Table 1: Model Summary
The above table clearly indicates that the value of “R Square” is 0.961 whereas the value
of the “Adjusted R Square” is 0.953 which means that there is a difference of only 0.008. This is
an indicative of the fact that the model which had been used by the researcher for the conduct of
this study is a perfect fit for the study.
ANOVAa
Model Sum of Squares df Mean Square F Sig.
1 Regression 85.283 9 9.476 110.290 .000b
Residual 3.437 40 .086
Total 88.720 49
a. Dependent Variable: Solar energy auctions and its production in India is greatly determined by
the solar energy auction prices
b. Predictors: (Constant), AlternateSources, Tech@Re, Gove@acc, Con@Invi, Fin@Fac,
Incre@Pro, Mar@De, SolarDe, AvailRe
38SOLAR ENERGY AUCTION PRICES IN INDIA
Table 2: ANOVA Table
Table 2 clearly indicates the fact that “P-Value” which had been obtained by the
researcher is 0.000. The major function of the ANOVA is to help the researchers to identify the
hypotheses which are valid in the particular context of the research that they are conducting and
the ones which are not valid from the perspective of the study that they are undertaking. For
example, if the value of the “P-Value” that had been obtained by the researchers is less than 0.05
then this is an indicative of the fact that the null hypothesis which had been formulated by the
researcher is not valid and thereby the alternative hypothesis postulated in the study is accepted.
On the other hand, if the value of the “P-Value” that the researchers have obtained is more than
0.05 then this is an indicative of the fact that the null hypothesis which the researchers have
formulated is valid and thereby the alternate hypothesis is rejected. In the particular context of
this study it needs to be said that the value of the “P-Value” which the researcher had derived
through the analysis of the primary data is less than 0.05 which means that the alternative
hypothesis formulated by the researcher is valid.
Accepted Hypothesis Rejected Hypothesis
The solar energy auction prices affect the solar
energy auctions in the nation of India
The solar energy auction prices do not affect
the solar energy auctions in the nation of India
Table 3: Hypothesis Table
4.3 Summary
To sum up, the researcher in this chapter had undertaken a detailed analysis of the
primary data which was collected via the research strategy of survey from 50 contractors,
suppliers, investors, engineers and others related to the solar energy sector of the nation of India.
The results of the analysis clearly indicate that a strong relation exists between the factors of
availability or resources and the production of solar energy and also the factors of solar energy
demand and the alternative sources of energy. Thus, it can be said that these in turn are the major
factors which influence the solar energy auction prices in the nation of India and the national
government of the concerned nation needs to take into account these factors for the while fixing
or for that matter determining the solar energy auction prices. More importantly, the analysis
undertaken by the researcher also reveals the fact that the hypothesis which was formulated by
the researcher in the first chapter, namely, “The solar energy auction prices affect the solar
Table 2: ANOVA Table
Table 2 clearly indicates the fact that “P-Value” which had been obtained by the
researcher is 0.000. The major function of the ANOVA is to help the researchers to identify the
hypotheses which are valid in the particular context of the research that they are conducting and
the ones which are not valid from the perspective of the study that they are undertaking. For
example, if the value of the “P-Value” that had been obtained by the researchers is less than 0.05
then this is an indicative of the fact that the null hypothesis which had been formulated by the
researcher is not valid and thereby the alternative hypothesis postulated in the study is accepted.
On the other hand, if the value of the “P-Value” that the researchers have obtained is more than
0.05 then this is an indicative of the fact that the null hypothesis which the researchers have
formulated is valid and thereby the alternate hypothesis is rejected. In the particular context of
this study it needs to be said that the value of the “P-Value” which the researcher had derived
through the analysis of the primary data is less than 0.05 which means that the alternative
hypothesis formulated by the researcher is valid.
Accepted Hypothesis Rejected Hypothesis
The solar energy auction prices affect the solar
energy auctions in the nation of India
The solar energy auction prices do not affect
the solar energy auctions in the nation of India
Table 3: Hypothesis Table
4.3 Summary
To sum up, the researcher in this chapter had undertaken a detailed analysis of the
primary data which was collected via the research strategy of survey from 50 contractors,
suppliers, investors, engineers and others related to the solar energy sector of the nation of India.
The results of the analysis clearly indicate that a strong relation exists between the factors of
availability or resources and the production of solar energy and also the factors of solar energy
demand and the alternative sources of energy. Thus, it can be said that these in turn are the major
factors which influence the solar energy auction prices in the nation of India and the national
government of the concerned nation needs to take into account these factors for the while fixing
or for that matter determining the solar energy auction prices. More importantly, the analysis
undertaken by the researcher also reveals the fact that the hypothesis which was formulated by
the researcher in the first chapter, namely, “The solar energy auction prices affect the solar
39SOLAR ENERGY AUCTION PRICES IN INDIA
energy auctions in the nation of India” whereas the hypothesis “The solar energy auction prices
do not affect the solar energy auctions in the nation of India” is not valid. The next chapter of
this study would be “Discussion” wherein the researcher had undertaken a detailed discussion of
the results derived in this chapter in the light of the arguments made in the Literature Review
chapter of the study.
energy auctions in the nation of India” whereas the hypothesis “The solar energy auction prices
do not affect the solar energy auctions in the nation of India” is not valid. The next chapter of
this study would be “Discussion” wherein the researcher had undertaken a detailed discussion of
the results derived in this chapter in the light of the arguments made in the Literature Review
chapter of the study.
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40SOLAR ENERGY AUCTION PRICES IN INDIA
Chapter 5: DISCUSSION
5.1 Introduction
The researcher had undertaken a detailed discussion of the findings which had been
derived from the primary data analysis in the fourth chapter of this study in this particular
chapter. This discussion had been undertaken in the particular context of the theoretical
frameworks, models, ideas and others which were presented in the literature review chapter of
this study. This had been by the researcher so as to link the findings that had been derived from
the respondents with the theoretical ideas related to solar energy auction prices which in turn had
not only enable the researcher to effectively answer the research questions adequately but also to
enhance the quality of the study in a significant manner as well.
5.2 Discussion of the Findings
Krupa, Poudineh and Harvey (2018) are of the viewpoint that the extensive usage of the
solar energy began in the last decade of the 20th century and although the production of the same
at that particular point of time was very less at that particular point time however in the present
times it had been seen that it had become one of the most important sources of energy used by
people from all over the world. On the other hand, Alves et al. (2019) have noted that there are
various factors which had motivated the different nations of the world to take the help of the
solar energy and other forms of renewable sources of energy. For example, the pollution or for
that matter the damage done by the usage of the fossil fuels for the generation of energy or
electricity, the environmental friendly nature of the different renewable sources of energy like
solar energy, hydroelectric energy, geothermal energy and others, the surging energy demands
and others. In addition to these, over the years it had been seen that the national governments of
the different nations of the world have failed to effectively manage the solar energy production
or for that matter the production of the other forms of renewable energies and even enhance the
production of the same so as to meet the ever increasing energy demands of the people (Cassetta
et al. 2017). According to Dobrotkova, Surana and Audinet (2018), this had given rise to the
situation wherein it is seen that the national governments of the different nations of the world are
resorting to the usage of the method of auctions for the purpose of enhancing the production of
the different renewable energy sources and thereby meet the energy demands of the people.
Chapter 5: DISCUSSION
5.1 Introduction
The researcher had undertaken a detailed discussion of the findings which had been
derived from the primary data analysis in the fourth chapter of this study in this particular
chapter. This discussion had been undertaken in the particular context of the theoretical
frameworks, models, ideas and others which were presented in the literature review chapter of
this study. This had been by the researcher so as to link the findings that had been derived from
the respondents with the theoretical ideas related to solar energy auction prices which in turn had
not only enable the researcher to effectively answer the research questions adequately but also to
enhance the quality of the study in a significant manner as well.
5.2 Discussion of the Findings
Krupa, Poudineh and Harvey (2018) are of the viewpoint that the extensive usage of the
solar energy began in the last decade of the 20th century and although the production of the same
at that particular point of time was very less at that particular point time however in the present
times it had been seen that it had become one of the most important sources of energy used by
people from all over the world. On the other hand, Alves et al. (2019) have noted that there are
various factors which had motivated the different nations of the world to take the help of the
solar energy and other forms of renewable sources of energy. For example, the pollution or for
that matter the damage done by the usage of the fossil fuels for the generation of energy or
electricity, the environmental friendly nature of the different renewable sources of energy like
solar energy, hydroelectric energy, geothermal energy and others, the surging energy demands
and others. In addition to these, over the years it had been seen that the national governments of
the different nations of the world have failed to effectively manage the solar energy production
or for that matter the production of the other forms of renewable energies and even enhance the
production of the same so as to meet the ever increasing energy demands of the people (Cassetta
et al. 2017). According to Dobrotkova, Surana and Audinet (2018), this had given rise to the
situation wherein it is seen that the national governments of the different nations of the world are
resorting to the usage of the method of auctions for the purpose of enhancing the production of
the different renewable energy sources and thereby meet the energy demands of the people.
41SOLAR ENERGY AUCTION PRICES IN INDIA
However, at the same time Frutos-Bencze, Avdiu and Unger (2019) have noted that one of the
most important factors which influence the process of solar energy auctions which is being
undertaken by the different nations of the world is the entity of price. For instance, if the price
which is being demanded by the national government of a particular nation is very high and not
in synchronicity with the present market condition then it is likely that the contractors, investors,
third parties, private companies and others are not likely to opt for the concerned contracts and
vice versa.
In the particular context of the nation of India it had been seen that because of the
increasing population of the concerned nation, the demand for energy had also increased in an
exponential manner and this in turn had forced the national government of the concerned nation
to resort to the usage of solar energy and the other renewable sources of energy. For instance, the
results of correlation, which was undertaken by the researcher to determine which are the major
that affect the solar energy auction prices within the nation of India, it was seen that the factors
availability of alternate sources of energy and the solar energy demand are the two of the most
important factors which affect the solar energy auction prices within the concerned nation. The
national government of the nation of India over the years had taken the help of the energy
produced from different kinds of fossil fuels. However, the fast depleting nature of the fossil
fuels, the excessive pollution caused by the same, inability of the energy produced from the
fossil fuels to meet the energy requirements of the people of the nation of India and others have
directly contributed towards the surge in the demand for solar energy in the present times. More
importantly, an important factor which had contributed towards the demand for solar energy
within the nation of India is the aspect of easy availability of the resources, namely,
technological resources, human resources and others which are needed for the production of
solar energy. In this relation, it needs to be said that the large population of the nation of India
supplies the required amount of labor or workforce which is being needed by the energy
producers for the production of solar energy, the active tie-up or for that matter the trade
relations that the concerned nation shares with the other nations of the world ensures that private
companies or for that matter the third party contractors have access to the technological
resources which are needed for the production of solar energy. Kozlova and Collan (2016) are of
the viewpoint that the solar energy demand had surged up in an exponential manner in the
present times because of the effective usage of the concept of demand and supply by the solar
However, at the same time Frutos-Bencze, Avdiu and Unger (2019) have noted that one of the
most important factors which influence the process of solar energy auctions which is being
undertaken by the different nations of the world is the entity of price. For instance, if the price
which is being demanded by the national government of a particular nation is very high and not
in synchronicity with the present market condition then it is likely that the contractors, investors,
third parties, private companies and others are not likely to opt for the concerned contracts and
vice versa.
In the particular context of the nation of India it had been seen that because of the
increasing population of the concerned nation, the demand for energy had also increased in an
exponential manner and this in turn had forced the national government of the concerned nation
to resort to the usage of solar energy and the other renewable sources of energy. For instance, the
results of correlation, which was undertaken by the researcher to determine which are the major
that affect the solar energy auction prices within the nation of India, it was seen that the factors
availability of alternate sources of energy and the solar energy demand are the two of the most
important factors which affect the solar energy auction prices within the concerned nation. The
national government of the nation of India over the years had taken the help of the energy
produced from different kinds of fossil fuels. However, the fast depleting nature of the fossil
fuels, the excessive pollution caused by the same, inability of the energy produced from the
fossil fuels to meet the energy requirements of the people of the nation of India and others have
directly contributed towards the surge in the demand for solar energy in the present times. More
importantly, an important factor which had contributed towards the demand for solar energy
within the nation of India is the aspect of easy availability of the resources, namely,
technological resources, human resources and others which are needed for the production of
solar energy. In this relation, it needs to be said that the large population of the nation of India
supplies the required amount of labor or workforce which is being needed by the energy
producers for the production of solar energy, the active tie-up or for that matter the trade
relations that the concerned nation shares with the other nations of the world ensures that private
companies or for that matter the third party contractors have access to the technological
resources which are needed for the production of solar energy. Kozlova and Collan (2016) are of
the viewpoint that the solar energy demand had surged up in an exponential manner in the
present times because of the effective usage of the concept of demand and supply by the solar
42SOLAR ENERGY AUCTION PRICES IN INDIA
energy producers. For example, over the years it had seen that the solar energy producers had
produced surplus amount of solar energy so as to effectively create the demand for solar energy
among the energy consumers and presently they are trying to capitalize on the demand that they
created. This in turn is one of the most important reasons which had directly contributed towards
the increase in the amount of solar energy production in the nation of India.
The factors of solar energy demand and the easy availability of resources are also
important from the perspective of the solar energy auction prices within the framework of the
nation of India. For example, within the nation of India it had been seen that the national
government of the concerned nation had failed to effectively manage the production of solar
energy and thus it had resorted to the usage of the process of solar energy auction. More
importantly, it had been seen that through the usage of this method the national government of
the concerned nation had been able to provide contracts to the private companies or the third
party companies which in turn had ensured the fact that adequate amount of solar energy is being
produced so as to meet the energy demands of the people of the concerned nation. Fang, Ren and
Yu (2019) are of the viewpoint that the solar energy auction prices are greatly determined by the
ability of the national governments of the different nations to arrange the diverse resources which
are needed by the private companies or the contractors for the production of the same. In the
particular context of the nation of India, it is seen that the national government of the concerned
nation had been able to provide the required resources to the private companies or the third party
contractors and this in turn had greatly influenced the solar energy auction prices in the nation
under discussion here. On the other hand, Abdmouleh, Alammari and Gastli (2015) have noted
that the demand of solar energy within a particular nation is an important factor which influences
the solar energy auction prices. This can be explained on the basis of the fact that if the demand
for solar energy within a particular nation is very high then it is very obvious that the private
companies or the third party contractors or the investors would be willing to make the required
investments to get the solar energy contracts and others and vice versa. In the nation of India, it
had been seen that solar energy had become one of the most important sources of energy and had
helped the concerned nation to effectively cater to the energy demands of the people of the
nation. This in turn had positively affected the solar energy auctions since in the face of the
extensive demand for solar energy in the energy sector of India it is likely that the investors or
the private companies or third party contractors or others would not have any issues paying the
energy producers. For example, over the years it had seen that the solar energy producers had
produced surplus amount of solar energy so as to effectively create the demand for solar energy
among the energy consumers and presently they are trying to capitalize on the demand that they
created. This in turn is one of the most important reasons which had directly contributed towards
the increase in the amount of solar energy production in the nation of India.
The factors of solar energy demand and the easy availability of resources are also
important from the perspective of the solar energy auction prices within the framework of the
nation of India. For example, within the nation of India it had been seen that the national
government of the concerned nation had failed to effectively manage the production of solar
energy and thus it had resorted to the usage of the process of solar energy auction. More
importantly, it had been seen that through the usage of this method the national government of
the concerned nation had been able to provide contracts to the private companies or the third
party companies which in turn had ensured the fact that adequate amount of solar energy is being
produced so as to meet the energy demands of the people of the concerned nation. Fang, Ren and
Yu (2019) are of the viewpoint that the solar energy auction prices are greatly determined by the
ability of the national governments of the different nations to arrange the diverse resources which
are needed by the private companies or the contractors for the production of the same. In the
particular context of the nation of India, it is seen that the national government of the concerned
nation had been able to provide the required resources to the private companies or the third party
contractors and this in turn had greatly influenced the solar energy auction prices in the nation
under discussion here. On the other hand, Abdmouleh, Alammari and Gastli (2015) have noted
that the demand of solar energy within a particular nation is an important factor which influences
the solar energy auction prices. This can be explained on the basis of the fact that if the demand
for solar energy within a particular nation is very high then it is very obvious that the private
companies or the third party contractors or the investors would be willing to make the required
investments to get the solar energy contracts and others and vice versa. In the nation of India, it
had been seen that solar energy had become one of the most important sources of energy and had
helped the concerned nation to effectively cater to the energy demands of the people of the
nation. This in turn had positively affected the solar energy auctions since in the face of the
extensive demand for solar energy in the energy sector of India it is likely that the investors or
the private companies or third party contractors or others would not have any issues paying the
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43SOLAR ENERGY AUCTION PRICES IN INDIA
additional cost for getting the solar energy contracts. In the light of these aspects, it can be said
that the result that the researcher had derived from the correlation analysis of the information
collected from the respondents that a strong relation exists between the factors of availability of
alternate sources of energy and solar energy demand is being supported by the secondary sources
used in the literature review.
The results of the correlation analysis which was undertaken by the researcher also reveal
the fact that a strong relation exists between the factors of alternative sources of energy and
availability of resources needed for the production of the same. Perez-Mora, Alomar and
Martinez-Moll (2018) have noted that the demand for solar energy in the different nations of the
world had surged up because of the limitations of the conventional sources of energy on which
these nations have depended on since the traditional times. These in turn have made the different
nations of the world to turn towards the alternative sources of energy like solar energy,
geothermal energy and other. As a matter of fact, it is seen that the auction prices for the
contracts related to the production of these alternative sources of energy is greatly regulated or
for that matter determined by the market demand for these alternative sources of energy.
However, in the nation of India it had been seen that the solar energy is the most important
source of renewable energy and the production of the other sources of renewable energy has not
received much exposure or encouragement over the years. This in turn had substantially
enhanced the demand for the same within the Indian energy market and thereby because of the
monopoly that it holds within the Indian energy sector directly influences the solar energy
auction prices. In this relation, it needs to be said that the investors, contractors and others have
the reassurance that despite the high investments that they are required to make for getting the
contracts they would be able to retrieve the same by way of the profit that they would earn
through the sale of the solar energy produced by them. Furthermore, the easy availability of the
resources which are needed for the production of solar energy within the nation of India had also
directly influenced the solar energy auction prices within the nation under discussion here. For
instance, unlike the other nations wherein the private companies or for that matter the investors
had to procure the resources needed for the production of solar energy from the other nations, the
private companies or the contractors do not have to do the same in the nation of India because of
the easy availability of resources and also the support which is being offered by the national
government of the concerned nation. This in turn had substantially enhanced the level of
additional cost for getting the solar energy contracts. In the light of these aspects, it can be said
that the result that the researcher had derived from the correlation analysis of the information
collected from the respondents that a strong relation exists between the factors of availability of
alternate sources of energy and solar energy demand is being supported by the secondary sources
used in the literature review.
The results of the correlation analysis which was undertaken by the researcher also reveal
the fact that a strong relation exists between the factors of alternative sources of energy and
availability of resources needed for the production of the same. Perez-Mora, Alomar and
Martinez-Moll (2018) have noted that the demand for solar energy in the different nations of the
world had surged up because of the limitations of the conventional sources of energy on which
these nations have depended on since the traditional times. These in turn have made the different
nations of the world to turn towards the alternative sources of energy like solar energy,
geothermal energy and other. As a matter of fact, it is seen that the auction prices for the
contracts related to the production of these alternative sources of energy is greatly regulated or
for that matter determined by the market demand for these alternative sources of energy.
However, in the nation of India it had been seen that the solar energy is the most important
source of renewable energy and the production of the other sources of renewable energy has not
received much exposure or encouragement over the years. This in turn had substantially
enhanced the demand for the same within the Indian energy market and thereby because of the
monopoly that it holds within the Indian energy sector directly influences the solar energy
auction prices. In this relation, it needs to be said that the investors, contractors and others have
the reassurance that despite the high investments that they are required to make for getting the
contracts they would be able to retrieve the same by way of the profit that they would earn
through the sale of the solar energy produced by them. Furthermore, the easy availability of the
resources which are needed for the production of solar energy within the nation of India had also
directly influenced the solar energy auction prices within the nation under discussion here. For
instance, unlike the other nations wherein the private companies or for that matter the investors
had to procure the resources needed for the production of solar energy from the other nations, the
private companies or the contractors do not have to do the same in the nation of India because of
the easy availability of resources and also the support which is being offered by the national
government of the concerned nation. This in turn had substantially enhanced the level of
44SOLAR ENERGY AUCTION PRICES IN INDIA
confidence that the investors, contractors, suppliers, private companies and others have not only
on the national government of India but also on the potential of the solar energy market of India
which in turn had also influenced the solar energy auction prices within the nation of India.
Farrell, Devine and Soroudi (2018) are of the viewpoint that the future growth or for that
matter the potential of the solar energy sector of any nation greatly depends on the solar energy
production of the concerned nation, the support that the production of alternative sources of
energy receives from the nation government and others. Adding to this, Mureddu et al. (2015)
have stated that the ease with which the private companies or the suppliers or third parties or
others are being able to procure the raw materials or for that matter the resources which are
needed for the production of the different kinds of renewable energy sources directly influence
the future growth potentials of the concerned renewable energy source within the nation. More
importantly, it is seen that the national governments of the different nations of the world in order
to enhance the growth potentials of the renewable sources of energy are actively taking the help
of the process of auction so as to increase the production of the same and thereby ensure the fact
that it has adequate amount of demand in the market (Ji, Hu and Tang 2018). In the particular
context of the nation of India as the results of the primary data reveals it is seen that the process
of solar energy auctions has positively affected the growth prospects of the solar energy
production. For instance, the adequate amount of governmental support, the availability of
resources or for that matter the raw materials that are needed for the production of solar energy,
the high level of confidence that the investors or the private companies have on the potential of
solar energy and others have not only affected the production of solar energy in the concerned
nation but also the auction prices related to the same as well. In the light of these aspects, it can
be said that the immense growth potential of solar energy and the market related to the same is
another important factor which directly influence solar energy auction prices and had also
motivated the different private companies, third parties, contractors, suppliers and others to take
up solar energy contracts despite the higher auction prices charged by the energy board or the
national government of the nation under discussion here.
5.3 Summary
To sum up, the researcher in this chapter that linked the findings which were obtained
from the analysis of the primary data collected from the respondents who participated in the
confidence that the investors, contractors, suppliers, private companies and others have not only
on the national government of India but also on the potential of the solar energy market of India
which in turn had also influenced the solar energy auction prices within the nation of India.
Farrell, Devine and Soroudi (2018) are of the viewpoint that the future growth or for that
matter the potential of the solar energy sector of any nation greatly depends on the solar energy
production of the concerned nation, the support that the production of alternative sources of
energy receives from the nation government and others. Adding to this, Mureddu et al. (2015)
have stated that the ease with which the private companies or the suppliers or third parties or
others are being able to procure the raw materials or for that matter the resources which are
needed for the production of the different kinds of renewable energy sources directly influence
the future growth potentials of the concerned renewable energy source within the nation. More
importantly, it is seen that the national governments of the different nations of the world in order
to enhance the growth potentials of the renewable sources of energy are actively taking the help
of the process of auction so as to increase the production of the same and thereby ensure the fact
that it has adequate amount of demand in the market (Ji, Hu and Tang 2018). In the particular
context of the nation of India as the results of the primary data reveals it is seen that the process
of solar energy auctions has positively affected the growth prospects of the solar energy
production. For instance, the adequate amount of governmental support, the availability of
resources or for that matter the raw materials that are needed for the production of solar energy,
the high level of confidence that the investors or the private companies have on the potential of
solar energy and others have not only affected the production of solar energy in the concerned
nation but also the auction prices related to the same as well. In the light of these aspects, it can
be said that the immense growth potential of solar energy and the market related to the same is
another important factor which directly influence solar energy auction prices and had also
motivated the different private companies, third parties, contractors, suppliers and others to take
up solar energy contracts despite the higher auction prices charged by the energy board or the
national government of the nation under discussion here.
5.3 Summary
To sum up, the researcher in this chapter that linked the findings which were obtained
from the analysis of the primary data collected from the respondents who participated in the
45SOLAR ENERGY AUCTION PRICES IN INDIA
survey with the information gathered from the review of the past literature. This in turn not only
helped the researcher to test the validity or for that matter the accuracy of the primary data or
information which had been collected from the respondents related to the solar energy sector
who participated in the survey that was conducted for the completion of the study but also
enabled the researcher to effectively answer the research objectives that were formulated in the
first chapter of the study as well. This chapter would be followed by the last chapter of the study,
namely, “Conclusion and Recommendations”.
survey with the information gathered from the review of the past literature. This in turn not only
helped the researcher to test the validity or for that matter the accuracy of the primary data or
information which had been collected from the respondents related to the solar energy sector
who participated in the survey that was conducted for the completion of the study but also
enabled the researcher to effectively answer the research objectives that were formulated in the
first chapter of the study as well. This chapter would be followed by the last chapter of the study,
namely, “Conclusion and Recommendations”.
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46SOLAR ENERGY AUCTION PRICES IN INDIA
Chapter 6: CONCLUSION AND RECOMMENDATIONS
6.1 Conclusion
The results of the study clearly indicates the fact that solar energy had emerged one of the
most important renewable energy options that the nations like India and others are using
presently. The limitations of the conventional energy sources coupled with the inability of the
national government of India to meet the ever-surging energy demands of the people had given
rise to the extensive usage of solar energy in the present times. However, the problem arises
because of the fact that over the years the national government of India had failed to effective
manage the production of solar energy or for that matter to adequately increase the same in order
to meet the energy demands of the people. In the face of this, it had been seen that the national
government of India is taking the help of the process of auctions for offering contracts related to
the production of solar energy. This in turn had not only reduced the governmental
accountability or responsibility related to the production of solar energy but had also
substantially enhanced the production of solar energy in the nation under discussion here. More
importantly, the research also highlights some factors which greatly affect the solar energy
auction prices within the nation of India on the basis of which the contracts for the production of
solar energy is being given to the private companies or the contractors. Some of the most
important factors in this relation are the availability of alternative sources of energy, solar energy
demand, availability of the resources needed for the production of solar energy, the confidence of
the investors and others. Thus, it can be said that the national government of India or for that
matter its energy board while determining or fixing the solar energy auction prices need to take
into account the above mentioned factors.
6.2 Linking with Objectives
Objective 1: To identify the current growth and prospects of solar energy in the Indian
market
The study under discussion here clearly reveals the fact that because of the limitations
associated with the usage of the conventional sources of energy which are produced from the
fossil fuels and also on the score of the ever-increasing demand of the people of the nation of
India, solar energy is the best possible option that the concerned nation has for the resolution of
Chapter 6: CONCLUSION AND RECOMMENDATIONS
6.1 Conclusion
The results of the study clearly indicates the fact that solar energy had emerged one of the
most important renewable energy options that the nations like India and others are using
presently. The limitations of the conventional energy sources coupled with the inability of the
national government of India to meet the ever-surging energy demands of the people had given
rise to the extensive usage of solar energy in the present times. However, the problem arises
because of the fact that over the years the national government of India had failed to effective
manage the production of solar energy or for that matter to adequately increase the same in order
to meet the energy demands of the people. In the face of this, it had been seen that the national
government of India is taking the help of the process of auctions for offering contracts related to
the production of solar energy. This in turn had not only reduced the governmental
accountability or responsibility related to the production of solar energy but had also
substantially enhanced the production of solar energy in the nation under discussion here. More
importantly, the research also highlights some factors which greatly affect the solar energy
auction prices within the nation of India on the basis of which the contracts for the production of
solar energy is being given to the private companies or the contractors. Some of the most
important factors in this relation are the availability of alternative sources of energy, solar energy
demand, availability of the resources needed for the production of solar energy, the confidence of
the investors and others. Thus, it can be said that the national government of India or for that
matter its energy board while determining or fixing the solar energy auction prices need to take
into account the above mentioned factors.
6.2 Linking with Objectives
Objective 1: To identify the current growth and prospects of solar energy in the Indian
market
The study under discussion here clearly reveals the fact that because of the limitations
associated with the usage of the conventional sources of energy which are produced from the
fossil fuels and also on the score of the ever-increasing demand of the people of the nation of
India, solar energy is the best possible option that the concerned nation has for the resolution of
47SOLAR ENERGY AUCTION PRICES IN INDIA
these issues. More importantly, it had been seen that the nation of India does not have adequately
developed any other renewable sources of energy like geothermal energy, hydroelectricity, wind
energy and others over the years and thus it had to rely on solar energy. Furthermore, the
different solar energy producers over the years had not only captured the energy sector of India
but at the same time through the effective usage of the concept of demand and supply had
ensured the fact that the solar energy sector of the nation under discussion here would experience
a substantial amount of growth in future as well.
Objective 2: To analyze the importance of auctions for solar energy within the Indian
market
The different solar energy auctions had not only become an integral part of the solar
energy sector of the nation of India but at the same time offers different benefits as well. For
example, one of the most important benefits offered by the solar energy auctions is the fact that
the private companies or the contractors who take the contracts because of their extensive focus
on the aspects of productivity and profitability have substantially enhanced the solar energy
production within the nation of India. This on the one hand had substantially reduced the over-
reliance of the concerned nation on the different conventional sources of energy which are
produced from fossil fuels and on the other hand had helped the nation under discussion here to
meet the ever-increasing energy demands of the people as well.
Objective 3: To investigate the factors that impact solar energy auction prices in India
The study clearly reveals that there are various factors which affect the solar energy
auction prices in the nation of India like the financial factors, availability of resources, alternative
sources of energy, solar energy demand, confidence of the investors and others. However, as the
results of the correlation analysis conducted in 4.2.2.1 indicates factors of solar energy demand,
the alternative sources of energy and the availability of resources are the three most important
factors which affect the solar energy auction prices within the nation of India. Thus, it becomes
important for the energy board or for that matter the national government of the nation under
discussion here to take into account these factors for determining the solar energy auction prices
that the investors, contractors, private companies and others need to bear so as to get
governmental contracts for the production of solar energy.
these issues. More importantly, it had been seen that the nation of India does not have adequately
developed any other renewable sources of energy like geothermal energy, hydroelectricity, wind
energy and others over the years and thus it had to rely on solar energy. Furthermore, the
different solar energy producers over the years had not only captured the energy sector of India
but at the same time through the effective usage of the concept of demand and supply had
ensured the fact that the solar energy sector of the nation under discussion here would experience
a substantial amount of growth in future as well.
Objective 2: To analyze the importance of auctions for solar energy within the Indian
market
The different solar energy auctions had not only become an integral part of the solar
energy sector of the nation of India but at the same time offers different benefits as well. For
example, one of the most important benefits offered by the solar energy auctions is the fact that
the private companies or the contractors who take the contracts because of their extensive focus
on the aspects of productivity and profitability have substantially enhanced the solar energy
production within the nation of India. This on the one hand had substantially reduced the over-
reliance of the concerned nation on the different conventional sources of energy which are
produced from fossil fuels and on the other hand had helped the nation under discussion here to
meet the ever-increasing energy demands of the people as well.
Objective 3: To investigate the factors that impact solar energy auction prices in India
The study clearly reveals that there are various factors which affect the solar energy
auction prices in the nation of India like the financial factors, availability of resources, alternative
sources of energy, solar energy demand, confidence of the investors and others. However, as the
results of the correlation analysis conducted in 4.2.2.1 indicates factors of solar energy demand,
the alternative sources of energy and the availability of resources are the three most important
factors which affect the solar energy auction prices within the nation of India. Thus, it becomes
important for the energy board or for that matter the national government of the nation under
discussion here to take into account these factors for determining the solar energy auction prices
that the investors, contractors, private companies and others need to bear so as to get
governmental contracts for the production of solar energy.
48SOLAR ENERGY AUCTION PRICES IN INDIA
6.3 Recommendations
Formulation of Solar Energy Auction Price taking into account the existing
condition of the market: The energy board of India and its national government need to
fix or determine the solar energy auction prices on the basis of the existing condition of
the market. For example, an ineffective analysis of the existing can make the national
government or the energy board either over-estimate or under-estimate the potential and
the growth rate of the solar energy sector which in turn is likely to cause an error in the
auction prices quoted by them. Furthermore, the formulation of the price after an analysis
of the market is important since the investors, contractors and others are not going to pay
extra amount of prices if the condition of the solar energy market is not showing growth
prospect.
Formulation of Solar Energy Auction Price taking into account the availability of
resources: The adequate production of solar energy requires the usage of different kinds
of resources and it is seen that the private companies or the contractors often find it very
difficult to procure the resources which are needed for the production of solar energy.
Thus, it becomes important for the national government of India and its energy board to
take into particular aspect into account for the formulation of the solar energy auction
prices.
Formulation of Solar Energy Auction Price taking into account the availability of
the alternative sources of energy: If the customers have adequate number of options
related to the alternative renewable sources of energy then it is likely that they would
weigh the positive and the negative aspect of all the options and thereby make the best
possible decision. This often adversely affects the business prospects of the different
companies and thus it becomes important for the national government of India and also
its energy board to take into perspective this particular aspect for the formulation of the
auction prices.
6.4 Future Scope
The researcher in future has the opportunity to enhance the scope of the study by
increasing the number of respondents from whom data or information had been gathered. For
example, the researcher due to time and resource constraints was able to conduct survey with
only 50 contractors, suppliers, investors, engineers and others related to the solar energy sector
6.3 Recommendations
Formulation of Solar Energy Auction Price taking into account the existing
condition of the market: The energy board of India and its national government need to
fix or determine the solar energy auction prices on the basis of the existing condition of
the market. For example, an ineffective analysis of the existing can make the national
government or the energy board either over-estimate or under-estimate the potential and
the growth rate of the solar energy sector which in turn is likely to cause an error in the
auction prices quoted by them. Furthermore, the formulation of the price after an analysis
of the market is important since the investors, contractors and others are not going to pay
extra amount of prices if the condition of the solar energy market is not showing growth
prospect.
Formulation of Solar Energy Auction Price taking into account the availability of
resources: The adequate production of solar energy requires the usage of different kinds
of resources and it is seen that the private companies or the contractors often find it very
difficult to procure the resources which are needed for the production of solar energy.
Thus, it becomes important for the national government of India and its energy board to
take into particular aspect into account for the formulation of the solar energy auction
prices.
Formulation of Solar Energy Auction Price taking into account the availability of
the alternative sources of energy: If the customers have adequate number of options
related to the alternative renewable sources of energy then it is likely that they would
weigh the positive and the negative aspect of all the options and thereby make the best
possible decision. This often adversely affects the business prospects of the different
companies and thus it becomes important for the national government of India and also
its energy board to take into perspective this particular aspect for the formulation of the
auction prices.
6.4 Future Scope
The researcher in future has the opportunity to enhance the scope of the study by
increasing the number of respondents from whom data or information had been gathered. For
example, the researcher due to time and resource constraints was able to conduct survey with
only 50 contractors, suppliers, investors, engineers and others related to the solar energy sector
Paraphrase This Document
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49SOLAR ENERGY AUCTION PRICES IN INDIA
of India. Furthermore, because of the accessibility issues the researcher was not able to conduct
interviews as well. Thus, the researcher in order to extent the scope of this study would use both
survey and interviews and also increase the sample size of the survey that would be conducted.
In addition to these, the researcher also has the opportunity to focus especially one factor for the
analysis of the impact of the same on the solar energy auction prices in order to make the study
more specific.
of India. Furthermore, because of the accessibility issues the researcher was not able to conduct
interviews as well. Thus, the researcher in order to extent the scope of this study would use both
survey and interviews and also increase the sample size of the survey that would be conducted.
In addition to these, the researcher also has the opportunity to focus especially one factor for the
analysis of the impact of the same on the solar energy auction prices in order to make the study
more specific.
50SOLAR ENERGY AUCTION PRICES IN INDIA
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pp.133-148.
Fang, D., Ren, Q. and Yu, Q., 2019. How Elastic Demand Affects Bidding Strategy in Electricity
Market: An Auction Approach. Energies, 12(1), p.9.
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investment in wind and solar energy in developing economies–Review and expert
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Koro-Ljungberg, M., 2015. Reconceptualizing qualitative research: Methodologies without
methodology. Sage Publications.
Kozlova, M. and Collan, M., 2016. Modeling the effects of the new Russian capacity mechanism
on renewable energy investments. Energy Policy, 95, pp.350-360.
Krippendorff, K., 2018. Content analysis: An introduction to its methodology. Sage publications.
Krupa, J., Poudineh, R. and Harvey, D., 2018. Renewable electricity finance in the resource-rich
countries of the Middle East and North Africa: A case study on the Gulf Cooperation
Council. Energy.
Kumar, R., 2019. Research methodology: A step-by-step guide for beginners. Sage Publications
Limited.
Long, Y., Wang, Y. and Pan, C., 2017. Auction Mechanism of Micro-Grid Project
Transfer. Sustainability, 9(10), p.1895.
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potential using landfill biogas and solar photovoltaic system: a case study in Brazil. Journal of
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54SOLAR ENERGY AUCTION PRICES IN INDIA
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Lundberg, L., 2019. Auctions for all? Reviewing the German wind power auctions in
2017. Energy policy, 128, pp.449-458.
McCusker, K. and Gunaydin, S., 2015. Research using qualitative, quantitative or mixed
methods and choice based on the research. Perfusion, 30(7), pp.537-542.
Moon, J. and Jung, T.Y., 2017. Incorporating uncertainty in analyzing the financial feasibility of
solar project in India. Korea and the World Economy, 18(3), pp.259-280.
Mureddu, M., Caldarelli, G., Chessa, A., Scala, A. and Damiano, A., 2015. Green power grids:
How energy from renewable sources affects networks and markets. PloS one, 10(9), p.e0135312.
Murray, B.C. and Maniloff, P.T., 2015. Why have greenhouse emissions in RGGI states
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Economics, 51, pp.581-589.
Nelson, D., Huxham, M., Muench, S. and O’Connell, B., 2016. Policy and investment in German
renewable energy. Policy.
O'Brien, P.S. and Pipkin, F.B. eds., 2017. Introduction to Research Methodology for Specialists
and Trainees. Cambridge University Press.
Ourworldindata.org 2019. Renewable Energy. [online] Our World in Data. Available at:
https://ourworldindata.org/renewable-energy#empirical-view [Accessed 27 Aug. 2019].
Ozcan, M., 2019. Factors influencing the electricity generation preferences of Turkish citizens:
Citizens' attitudes and policy recommendations in the context of climate change and
environmental impact. Renewable energy, 132, pp.381-393.
Patten, M.L. and Newhart, M., 2017. Understanding research methods: An overview of the
essentials. Routledge.
Perez-Mora, N., Alomar, M.L. and Martinez-Moll, V., 2018. Spanish Energy Market: Overview
Towards Price Forecast. International Journal of Energy Economics and Policy, 8(3), pp.1-7.
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55SOLAR ENERGY AUCTION PRICES IN INDIA
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56SOLAR ENERGY AUCTION PRICES IN INDIA
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Analysis of policy and non-policy factors. Energy policy, 122, pp.622-638.
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methodology. In Doing educational research (pp. 33-75). Brill Sense.
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Journal of Sustainable Energy Planning and Management, 8, pp.43-56.
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57SOLAR ENERGY AUCTION PRICES IN INDIA
Appendix 1
Correlation Table
Correlations
Incre@
Pro
Gove@
acc
Tech@
Re
Mar@
De
Fin@F
ac
Con@I
nvi
Solar
De
Avail
Re
AlternateSou
rces
Incre@Pro Pearson
Correlati
on
1 .913** .890** .930** .905** .918** .967** .953** .972**
Sig. (2-
tailed)
.000 .000 .000 .000 .000 .000 .000 .000
N 50 50 50 50 50 50 50 50 50
Gove@acc Pearson
Correlati
on
.913** 1 .910** .899** .891** .914** .919** .936** .915**
Sig. (2-
tailed)
.000 .000 .000 .000 .000 .000 .000 .000
N 50 50 50 50 50 50 50 50 50
Tech@Re Pearson
Correlati
on
.890** .910** 1 .923** .928** .928** .897** .927** .883**
Sig. (2-
tailed)
.000 .000 .000 .000 .000 .000 .000 .000
N 50 50 50 50 50 50 50 50 50
Appendix 1
Correlation Table
Correlations
Incre@
Pro
Gove@
acc
Tech@
Re
Mar@
De
Fin@F
ac
Con@I
nvi
Solar
De
Avail
Re
AlternateSou
rces
Incre@Pro Pearson
Correlati
on
1 .913** .890** .930** .905** .918** .967** .953** .972**
Sig. (2-
tailed)
.000 .000 .000 .000 .000 .000 .000 .000
N 50 50 50 50 50 50 50 50 50
Gove@acc Pearson
Correlati
on
.913** 1 .910** .899** .891** .914** .919** .936** .915**
Sig. (2-
tailed)
.000 .000 .000 .000 .000 .000 .000 .000
N 50 50 50 50 50 50 50 50 50
Tech@Re Pearson
Correlati
on
.890** .910** 1 .923** .928** .928** .897** .927** .883**
Sig. (2-
tailed)
.000 .000 .000 .000 .000 .000 .000 .000
N 50 50 50 50 50 50 50 50 50
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58SOLAR ENERGY AUCTION PRICES IN INDIA
Mar@De Pearson
Correlati
on
.930** .899** .923** 1 .951** .966** .956** .971** .942**
Sig. (2-
tailed)
.000 .000 .000 .000 .000 .000 .000 .000
N 50 50 50 50 50 50 50 50 50
Fin@Fac Pearson
Correlati
on
.905** .891** .928** .951** 1 .950** .929** .945** .921**
Sig. (2-
tailed)
.000 .000 .000 .000 .000 .000 .000 .000
N 50 50 50 50 50 50 50 50 50
Con@Invi Pearson
Correlati
on
.918** .914** .928** .966** .950** 1 .953** .952** .917**
Sig. (2-
tailed)
.000 .000 .000 .000 .000 .000 .000 .000
N 50 50 50 50 50 50 50 50 50
SolarDe Pearson
Correlati
on
.967** .919** .897** .956** .929** .953** 1 .970** .980**
Sig. (2-
tailed)
.000 .000 .000 .000 .000 .000 .000 .000
N 50 50 50 50 50 50 50 50 50
Mar@De Pearson
Correlati
on
.930** .899** .923** 1 .951** .966** .956** .971** .942**
Sig. (2-
tailed)
.000 .000 .000 .000 .000 .000 .000 .000
N 50 50 50 50 50 50 50 50 50
Fin@Fac Pearson
Correlati
on
.905** .891** .928** .951** 1 .950** .929** .945** .921**
Sig. (2-
tailed)
.000 .000 .000 .000 .000 .000 .000 .000
N 50 50 50 50 50 50 50 50 50
Con@Invi Pearson
Correlati
on
.918** .914** .928** .966** .950** 1 .953** .952** .917**
Sig. (2-
tailed)
.000 .000 .000 .000 .000 .000 .000 .000
N 50 50 50 50 50 50 50 50 50
SolarDe Pearson
Correlati
on
.967** .919** .897** .956** .929** .953** 1 .970** .980**
Sig. (2-
tailed)
.000 .000 .000 .000 .000 .000 .000 .000
N 50 50 50 50 50 50 50 50 50
59SOLAR ENERGY AUCTION PRICES IN INDIA
AvailRe Pearson
Correlati
on
.953** .936** .927** .971** .945** .952** .970** 1 .980**
Sig. (2-
tailed)
.000 .000 .000 .000 .000 .000 .000 .000
N 50 50 50 50 50 50 50 50 50
AlternateSou
rces
Pearson
Correlati
on
.972** .915** .883** .942** .921** .917** .980** .980** 1
Sig. (2-
tailed)
.000 .000 .000 .000 .000 .000 .000 .000
N 50 50 50 50 50 50 50 50 50
**. Correlation is significant at the 0.01 level (2-tailed).
AvailRe Pearson
Correlati
on
.953** .936** .927** .971** .945** .952** .970** 1 .980**
Sig. (2-
tailed)
.000 .000 .000 .000 .000 .000 .000 .000
N 50 50 50 50 50 50 50 50 50
AlternateSou
rces
Pearson
Correlati
on
.972** .915** .883** .942** .921** .917** .980** .980** 1
Sig. (2-
tailed)
.000 .000 .000 .000 .000 .000 .000 .000
N 50 50 50 50 50 50 50 50 50
**. Correlation is significant at the 0.01 level (2-tailed).
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