Eglence I-II Hydroelectric Power Plant

Audit Analysis

The Eglence I-II hydroelectric project is a registered VCS avoidance project with VVB-confirmed additionality and no reversal events, but it carries moderate concerns around an unaddressed leakage deduction, a project-specific baseline with a contradictory 'jurisdictional' label in the monitoring report, and a PMUM system that was not active during the verified period. The project delivered roughly 70% of its pro-rata ex-ante expectation for the elapsed monitoring window, indicating conservative crediting rather than over-claiming.

Project Description

Red Flags

• ⚠Leakage deduction of 0% with justification described as 'not addressed' in the 2025 verification report, while the 2021 verification report stated leakage was 'quantified' — a regression in documentation quality
• ⚠PMUM system was not active during the monitoring period; EPIAS records were used instead, reducing real-time monitoring transparency
• ⚠Baseline method is described as 'project' in the verification report but 'jurisdictional' in the monitoring report — an unresolved classification discrepancy
• ⚠Generation was 20% lower than expected due to dry years and flooding, yet no corrective action was required, raising questions about whether the ex-ante estimate was overly optimistic

Credit Vintages