India requires strategic investments of over $300 billion to achieve its clean energy capacity target of 500GW by 2030, as per the knowledge of new Arthur D. Little study. With 165GW generation capacity existed in place, India is on the right trajectory to meet its goal of having 50% of energy needs through the renewable portfolio, stated by the new Arthur D. Little (ADL) study titled ‘Powering India’s Energy Vision 2030.’
Based on the study, to accelerate India’s power sector growth, private players and governments must synchronise with each other in establishing a holistic transformation. Increased assumption of green energy—essentially green hydrogen with its immense efficient storage solutions, leveraging technologies such as carbon capture, smart meters, smart grids that has robust data management systems, and allowing efficient price discovery through power exchanges will helps to shape the future of India’s power sector.
To succeed in surplus generation, the research introduces a multifaceted approach that includes financial support from the government, policy reforms, judicial reforms and technology integration assured by the Central, State, and Local levels while targeting the entire value chain.
“India is at the cusp of attaining self-sufficiency in electricity generation and establishing itself as a reliable energy exporter at the global level.
Since the power sector is at the heart of India’s economic, political and technological growth, every small step towards improving it would propel the country’s leap towards the $10 trillion economy goal,” said Barnik Chitran Maitra, Managing Partner, Arthur D. Little, India & South Asia.
The impetus to indigenous PV cell production, transition to smart grid and increased private participation in distribution are essential to unravelling India’s true potential in the power sector.
Based on the study, India’s electricity consumption is highly expected to increase at an annual rate of 5.4% over the next decade, with annual demand touching 2300 BUs by 2030. However, at the current pace, generation will just reach only 2024 BUs by 2030, emphasizing the need for reforms in capacity addition.
“India’s decaying transmission network and ever-worsening financial situation of most state DISCOMs have plagued development in the power sector over the last decade. A phase-wise approach with tactical capacity augmentation projects and financial assistance to private distributors through tax rebates and conducive loan structures could revive the power sector,” stated Brajesh Singh, Head of Arthur D Little India’s Energy and Utilities Practice.
In order to increase the speed adoption, according to the ADL perspective, India should concentrate more on developing solar and wind generation capacities. As the big conglomerates foray into green hydrogen and other renewable energy generation, associated industries such as transmission and distribution which also requires significant transformation.
While government initiatives such as Rooftop Solar Program, National Hydrogen Mission and PM KUSUM have maintained a strong foundation for transitioning towards renewables, India is still a long way from attaining the targeted benefits of these schemes. The participation of consumers with planned awareness campaigns along with leveraging global alliances to boost FDI and technology collaboration could be key focus areas.
Now India is recognized as a big player in Green Energy generation and aspires to not only attain its energy security but to also start supplying power to neighbouring nations.
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