New Delhi, May 3 -- India's power prices on electricity exchange hit zero for the first time on Friday, 1 May, raising concerns for investors and developers as the country moves towards its target 500 giga watt (GW) non-fossil capacity by 2030.

Data from the Indian Energy Exchange (IEX) showed power prices were at zero in two blocks of 15 minutes each on Friday, as demand dipped due to easing temperatures and low industrial demand but power supply - especially solar power - climbed, bringing prices down.

The dip in demand came from partly cloudy skies, light rains, and gusty winds in northern India and Delhi-NCR, and heavy rainfall in parts of eastern India. Similar weather was witnessed on Saturday, 2 May.

To be sure, power prices on ...