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The decision is expected to boost power companies such as Tata Power, Adani Green Energy, Greenko Group, JSW Energy and Torrent Power which have announced plans on pumped storage projects.
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With the monsoon arriving sooner, the Ministry of Power plans to reassess its peak power demand projections for this year, which are currently pegged at 270 GW.
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If India manages only 400 GW of non-fossil capacity by 2030, it could face power shortage and need additional 10-16 GW of coal capacity, the Council on Energy, Environment and Water study has said
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Sinha also clarified that the company has no plans to invest in any new thermal capacity henceforth.
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Faced with continuous surge in power demand, the government has also revised its thermal capacity addition plan from 51 GW to 75-77 GW by 2031-32, said Ministry of Power Secretary Pankaj Agarwal
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The states identified for such projects include Gujarat, Himachal Pradesh, Meghalaya, Chhattisgarh, Uttar Pradesh, Maharashtra, Andhra Pradesh, Tamil Nadu and Karnataka
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CRISIL MI&A expects power demand to increase 9-10 percent on-year in the second quarter of fiscal 2024, and to rise 5 percent on-year over the full year.
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The NEP indicates that coal will remain important in ensuring India's energy security and energy transition, while keeping tariffs affordable, as battery storage systems remain expensive. However, the growth of renewable energy is going to be steeper than coal till 2032.
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The decision of the government to add 50 GW of RE capacity each year from hereon is significant as well as challenging because until now, the country has managed to add only a maximum of about 15 GW annually.
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Despite record coal production, in April-May 2022, many states in the country faced hours of outages because of an unrelenting surge in power demand due to heatwaves, rapid economic recovery, and shortage of coal to generate power.
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A rapid addition of solar farms has helped India avert daytime supply gaps, but a shortage of coal-fired and hydropower capacity risks exposing millions to widespread outages at night, government data and internal documents reviewed by Reuters show.
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The two companies signed a Memorandum of Understanding (MoU) at Bhubaneswar for developing hydro and solar projects by incorporating a joint venture company
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To further the growth of hydro energy segment, the Centre has outlined policy measures over the last two-year period to promote the investments in the segment through notification of HPO norms, long term trajectory for HPOs as well as tariff rationalization measures.
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"As of July 1, 2017, there are 14 under construction hydro power projects (above 25 mw), totalling 5,055 mw, which are stalled due to various reasons," Power Minister Piyush Goyal said in a reply to the Rajya Sabha.
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The total power generation capacity of the 16 projects is 5,163 MW and the anticipated completion cost of these projects would be Rs 52,306 crore while their original cost was Rs 27,027 crore, he said.
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States will be given coal linkages, so that they can use the coal for their own power plants. A framework on coal linkages is a work-in-progress, says Piyush Goyal, Minister of Power, Coal, New and Renewable Energy.
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The company also reported increase in generation, with the total power generation capacity of Tata Power in India standing at 9,036 MW from various sources such as thermal, hydro, renewable energy (wind and solar PV) and waste heat recovery, the firm said in a statement.
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Sajjan Jindal-controlled JSW Energy today said it will acquire Jaypee Group's Bina thermal power plant in Madhya Pradesh even as it concluded previously announced deal to buy the cash-strapped group's two hydropower projects.
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The state-owned equipment maker has now completed commissioning all the six units - each having 68.67 MW generation capacity - of the plant, operated by SJVN Ltd.
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Praveen Sood, CFO of HCC says profitability margins are coming from efforts to bring down costs. The company is seeing order inflow momentum only in the road sector as of now.
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Addressing a press conference, MD of the company Anil Sardana said that more transmission lines are needed to be created to absorb increasing power requirements by Mumbai.
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India witnessed a peak power shortage of 9 percent during the five years ending 2012 when over 50,000 MW new generation capacity was created, Economic Survey said today.
