To meet India's target of 500 GW renewable energy capacity by 2030, the country needs additional 180 GW of renewable based capacity from 2022 to 2027. This includes — solar, 131 GW; wind 33 GW, large hydro 10 GW; and biomass 2 GW.

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Also, apart from under construction coal-based capacity of 27 GW, the additional coal-based capacity required till FY30 may vary from 19.1 GW to around 27.1 GW, depending on demand. It is noteworthy that 12 coal-based power plants in India are likely to be retired before 2030.

Solar cost is assumed to reduce from Rs 4.5 crore/MW in 2021-22 to Rs 4.1 crore/MW in 2029-30, beyond which it is assumed to remain the same for next two years

As of March 31, 2022, India has achieved a cumulative installed renewable energy capacity of about 160 GW. This includes 47 GW of large hydro, 41 GW of wind, 54 GW of solar, 11 GW of bio-power and waste power and 5 GW of small hydro plants.

In the past years, the government had taken various initiatives to increase the share of renewable energy in the overall capacity mix, connecting the whole nation into one grid, strengthening the distribution system and achieving large-scale household electrification.

With the increase in economic activity, the demand for power is on the rise. India has seen electricity demand increasing at CAGR of around 4.1 percent during the last decade.

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The contribution of renewable energy sources (including large hydro) to the installed capacity has increased sharply from 5.8 percent in FY07 to 39 percent in FY22 and its energy contribution in the total generation is now 22 percent.

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The Central Electricity Authority (CEA) has reiterated the goal set by the Modi administration of 500 GW by 2030 from renewables. As per the 20th EPS report, projected electrical energy requirement and peak electricity demand on an all-India basis is 1,908 billion units and 277 GW, respectively for FY27 . Furthermore, the projection of energy savings for utilities and non-utilities is 213 billion units for the year FY27.

(Edited by : Shoma Bhattacharjee)

First Published:May 31, 2023 7:10 PM IST