Entities rushed to buy renewable energy certificates (RECs) to fulfill their renewable purchase obligations (RPOs) in May 2019. This led to solar RECs being traded at ₹2,000 (~$28.68)/REC on both the Indian Energy Exchange (IEX) and the Power Exchange India Limited (PXIL). There was a ₹50 (~$0.7156)/REC difference between the prices at which non-solar RECs traded at both the exchanges in May 2019.