Essential to source funding from multiple sources, says R. K. Singh
India requires over Rs.50 lakh crore investment across power generation, transmission and distribution to cover electricity demand which is set to double in next decade.
“It is, therefore, essential to source funding for these investments from multiple sources,” Power and New & Renewable Energy Minister R. K. Singh said on 15 Oct 2022.
Attracting large scale investments requires ensuring ease of doing business in the country for effective private sector participation, he added.
Moving in this direction, the Government has taken various initiatives like LPS Rules 2022, Electricity (Timely Recovery of Costs due to Change in Law) Rules 2021, Electricity (Promoting RE through Green Energy Open Access) Rules, 2022, Introduction of RTM, GTAM and GDAM in electricity markets, he highlighted.
The Minister also sought the cooperation from the States in achieving the ambitious goals set for the power sector.
“Ensuring 24×7 reliable electricity supply is critical to ensure socio-economic development of the country,” he added at a meeting with Ministers from States and UTs in Udaipur.
To ensure future energy security, implementation of energy storage including BESS and Pumped Storage Hydro projects should be taken up on priority. Future technologies including Green Hydrogen, Offshore Wind, Off-grid and Decentralized Renewable Energy (DRE) applications need to be adapted.
During the Conference, detailed deliberations were held with focus on Financial Viability & Sustainability of distribution sector, Modernization & upgradation of power systems as well as Development of Power Systems to ensure 24×7 power supply including investment requirement & Power Sector Reforms.
The States provided their inputs and suggestions on each of these pertinent issues, said the Ministry in a statement.
Renewable energy deployment is central to achieve the target of net zero by 2070 and to reach 500 GW of non-fossil installed capacity by 2030 as per commitment of the nation towards achieving climate change goals.
States should endeavour to deploy solar rooftop systems expeditiously to ensure meeting the overall target of 40 GW. fiinews.com
