According to the NEP, the share of non-fossil based capacity is likely to increase to 57.4 per cent by the end of 2026-27 and reach 68.4 per cent by the end of 2031-32 from around 42.5 per cent as on April 2023. The funds requirement is Rs 33,600 billion for power generation capacity addition from 2022-2032. This includes Rs 14,541.88 billion for 2022-2027 and Rs 19,064.06 billion for 2027-2032 .
Read More
At COP26 held in Glasgow in November 2021, India had announced ambitious goals to increase its non-fossil fuel capacity to 500 GW and meet 50 per cent of its energy needs from renewable energy sources by 2030. A year later, it has accomplished about 172 GW of non-fossil fuel capacity, clearly showing that the country is moving rapidly towards its Glasgow goals. Meanwhile, renewable energy capacity has reached close to 120 GW as of October 2022 and contributed 13 per cent of the country’s total energy generation between April and October 2022.
Read More
Interestingly, mergers and acquisitions (M&A) continue to dominate India’s renewable energy financing, as is the case in many other large markets worldwide. In 2021-22, acquisitions contributed to more than 40 per cent of the total major renewable energy investments in the country. The M&A surge looks likely to continue in 2022-23 as well, with a few big acquisitions already announced and at advanced stages of completion. This article takes a deep dive into some of these acquisitions and assesses the growing renewable energy M&A landscape.
Read More
Hydroelectric Power Corporation (NHPC) Limited has signed an agreement with Green Energy Development Corporation of Odisha Limited (GEDCOL) to form a joint venture (JV) for setting up 500 MW floating solar power projects in Odisha. The equity shareholding of NHPC and GEDCOL in the proposed JV will be in the proportion of 74:26.
Read More
India’s population growth and urbanisation coupled with ongoing industrialisation and the country’s status as the world’s fastest-growing economy will see its energy consumption – which has already more than doubled since 2000 – increase considerably in the coming years. India is on the edge of an energy and infrastructure revolution.
Read More
The Indian union minister of power and new and renewable energy has sanctioned new 23 Inter-State Transmission System (ISTS) projects with an estimated cost of Rs 158.93 billion. The new ISTS projects include 13 projects with an estimated cost of Rs 147.66 billion to be developed under tariff-based competitive bidding and 10 projects with an estimated cost of Rs 11.27 billion to be developed under a regulated tariff mechanism.
Read More
India’s installed renewable energy capacity has reached 150.05 GW (including hydro). Furthermore, projects with a total capacity of 63.64 GW are in various phases of execution, while projects with a total capacity of 32.06 GW are in various stages of bidding. As a result, a total of 245.70 GW of capacity has been installed or is in various phases of development/bidding.
Read More
India’s Science and Technology Minister held an online discussion with the UK Science Minister, during which the two addressed green energy collaboration between the two countries among other issues. The India-UK Science and Technology relationship is rapidly expanding, with a combined research programme that has grown from absolutely nothing to close to £300-400 million.
Read More
Indian Prime Minister Narendra Modi stated during his national statement at the COP26 global climate summit in Glasgow that India will achieve net-zero emissions by 2070.
Read More
India has launched a new market segment, Green Day Ahead Market (GDAM), which is expected to result in a progressive move away from power purchase agreement-based contracts towards market-based solutions, allowing India to fulfil its ambitious objective of 450 GW of renewable energy capacity by 2030. As the nodal agency, POSOCO’s National Load Despatch Centre (NLDC) has set up the latest technology and communication infrastructure to facilitate the GDAM.
Read More
A new briefing note by the Institute for Energy Economics and Financial Analysis (IEEFA) looks at the benefits and potential roadblocks to implementation of these key reforms and argues that they are important steps towards transforming India’s power sector into a low-emissions, low-cost and profitable part of the economy. The note also discusses the second progressive market development: the Central Electricity Regulatory Commission’s (CERC) draft regulations for procurement, deployment and payment of ancillary services to maintain the grid frequency at 50 Hertz.
Read More