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The Indian Policy on Renewable Energy and associated regulatory frame-work is mainly devised through Electricity Act 2003. Which among the following are true in this regard?

1. Electricity Act 2003 recognises the role of renewable energy technology for supplying power to the utility grids though stand-alone systems are to be included.

2. The Act empowers the State Electricity Regulatory Commissions (SERCs) to specify a percentage of the total consumption of electricity from renewable energy sources, known as "Renewable Purchase Opportunity? (RPO).

3. Renewable Energy Certificates (RECs) seek to address the mismatch between availability of renewable sources and the requirement of the obligated entitles to meet their renewable purchase obligation.

4. The Government has been promoting private investment in setting of renewable energy projects on a 'build-own and operate' basis with 100 percent foreign direct investment.

Select the correct answer using the code given below:

 

A)                    1 and 3 only                

B)  2 and 3 only       

C)                   2 and 4 only    

D)  3 and 4 only