May 30, 2024 00:49 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
'We are not in permanent marriage': Arvind Kejriwal on tie-up with Congress, predicts a 300-seat win for INDIA bloc | Pune Porsche accident: Hospital dean alleges political interference by legislator | TMC transferring SC, ST, OBC reservations to Muslims: PM Modi in Bengal | Mani Shankar Aiyar's '1962 Chinese invasion' comment sparks row, Congress distances itself after BJP ire | Supreme Court refuses to hear Arvind Kejriwal's bail plea seeking interim bail extension
Renewable Energy now accounts for over 70% of India's new power generation: Report
Photo Courtesy: Pixabay

Renewable Energy now accounts for over 70% of India's new power generation: Report

| @indiablooms | 04 May 2024, 12:01 am

New Delhi: Renewable energy (RE) accounted for over 70 percent of the 26 gigawatts (GW) of newly generated power in India during the fiscal year 2023-2024, media reported.

As per the CEEW Centre for Energy Finance (CEEW-CEF) report, India's total installed energy capacity has now reached 442 GW, with renewable energy constituting approximately 33 percent (144 GW) and hydro contributing 11 percent (47 GW), news agency ANI reported.

For the first time, the proportion of coal in India's total installed capacity dropped below the 50 percent threshold, according to the report.

The report emphasizes that solar energy, encompassing both grid-scale and rooftop installations, remained the dominant force in India's renewable energy (RE) capacity expansion, comprising around 81 percent (15 GW) of the total RE increase in FY24.

Wind capacity expansion nearly doubled, reaching 3.3 GW compared to 2.3 GW in FY23. Moreover, nuclear capacity (1.4 GW) was added for the first time since FY17.

Reflecting India's ambitious goals for renewable energy, RE auctions surged to a record high, totalling approximately 41 GW of auctioned capacity in FY24.

Additionally, the report highlights the conclusion of eight auctions featuring energy storage components, indicating a growing trend toward innovative power procurement formats.

"Around 95 per cent of India's targeted 50 GW annual RE bidding trajectory was met in FY24. Bids of 47.5 GW that were issued are approximately three times the RE capacity that has been added annually in recent years" said Gagan Sidhu, Director, CEEW-CEF was quoted as saying by ANI.

The report also observed an increase in peak power demand, reaching a record high of 240 GW in FY24. This surge was attributed to factors such as a rapidly expanding economy and weather anomalies, including lower-than-anticipated rainfall and above-average temperatures.

"In renewable energy, FY24 saw several policy moves to shift gears beyond utility-scale RE. For instance, PM Surya Ghar: Muft Bijli Yojana was introduced to increase rooftop solar installation in the residential segment, which could result in the addition of 30 GW," said Riddhi Mukherjee, Research Analyst, CEEW-CEF, according to the ANI report.

The report also underscores that the changes implemented by the Ministry of Power to the Electricity Rules of 2022, which mandate the sale of surplus power on exchanges, are projected to bolster liquidity on the supply side and encourage competitive pricing on power exchanges.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.