ESS Framework: A Structured Approach to a Sustainable Future
The emphasis on ESS isn’t mere talk; it’s backed by structured objectives:
Achieve 24×7 dispatchable RE power ensuring continuous energy supply.
Minimize greenhouse gas emissions while optimizing overall energy costs by promoting ESS.
Support the ESS development via policy reforms, financial aids, and performance incentives.
Incentivize ESS participation in energy markets, introducing new products and compensation methods.
Enhance grid reliability with ESS-backed services like frequency regulation and voltage support.
Promote energy independence especially in remote areas through ESS.
Invest in research for efficient, cost-effective, and safe energy storage technologies.
Establish ESS technical standards for safe and effective grid integration.
Ensure equitable ESS access for all, eliminating barriers of income or location.
Evaluate ESS performance and use data-driven methods for policy and investment strategies.
Future Projections and Investment Insights
Projections by the Central Electricity Authority (CEA) suggest a rising demand for energy storage. By 2031-32, the need is pegged at 73.93 GW with a storage capacity of 411.4 GWh. The financial implications are substantial with investments projected around Rs. 56,647 Cr. for BESS (Battery Energy Storage System) and Rs. 54,203 Cr. for PSP (Pumped Storage Plant) between 2022-27.
By 2047, as India aspires for net zero emissions by 2070, the energy storage requirement is poised to soar to 320 GW, with a colossal storage capacity of 2,380 GWh. These figures reinforce the necessity for proactive measures and investments in renewable energy and storage technologies.
In the grand tapestry of global sustainability, India’s endeavors in energy transition, backed by innovative technologies, regulatory frameworks, and significant investments, showcase a promising future. As we champion green energy solutions, let’s remember that sustainability isn’t just a choice; it’s a necessity for a brighter, cleaner tomorrow