The CERC First Amendment of March 2026 awarded pumped hydro storage a 3× REC multiplier — making storage-backed renewable energy three times as valuable in RCO compliance terms as standard solar or wind generation. Combined with India’s 27 GW of pumped hydro under development, this signals a fundamental shift in how industrial consumers will access firm, 24×7 renewable power. The implications for aluminium smelters, steel plants, and fertiliser units running on coal captive power are profound.