“The adoption of variable renewable energy technologies in India’s electricity system is not only a crucial step towards achieving energy security but also has the potential to transform the country’s energy landscape, providing cleaner and more sustainable power for millions of people.”
The penetration of variable renewable energy (VRE) in India’s electricity system is increasing rapidly, driven by lower capital costs of solar PV, battery storage, and wind technologies. The country has set ambitious targets for renewable energy, aiming to achieve 450 GW of renewable energy capacity by 2030, including 280 GW of solar and 140 GW of wind power. The penetration of VRE in India’s generation mix is projected to increase significantly, with the lowest wind cost scenario resulting in the highest annual penetration of VRE in the final generation mix.
As per the National Renewable Energy Laboratory’s report, the cost scenarios for BESS technologies range from 10% to 50% lower capital cost by 2047 lower than the Base Case, and wind cost scenarios range from 10% to 40% lower capital cost by 2047. Reducing the capital cost of wind has a larger impact on VRE penetration than reducing the costs of BESS or solar PV. The report also suggests that after 2030, wind, solar, and BESS will dominate new capacity investments across all technology cost scenarios.
The rapid penetration of VRE in India’s electricity system is a significant step towards a cleaner, greener future. However, to achieve the country’s renewable energy targets, there needs to be a concerted effort from all stakeholders, including the government, policymakers, utilities, and consumers. The government needs to continue to provide policy support and financial incentives to encourage the adoption of renewable energy, while utilities need to invest in upgrading and modernizing their grid infrastructure to accommodate more VRE.
The lower capital costs of VRE technologies and the increasing penetration of VRE in India’s electricity system is a positive development that bodes well for the country’s transition towards a cleaner, greener future. The rapid growth of VRE presents both opportunities and challenges, and it is imperative that all stakeholders work together to ensure a smooth transition to a low-carbon future.
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