India makes rapid strides in renewable energy
By Times Now
Somesh Kumar of EY and Debasish Mishra of Deloitte India spoke to ET NOW on how exactly they see the renewable and green energy space in India pan out going forward with multiple announcements by corporates as well.
Here are some key takeaways from the discussion
- India continues to import a significant portion of raw material from abroad
- India is trying through PLI scheme to create a large manufacturing ecosystem for renewable and sustainable energy
- With the PLI scheme & duty structure, the government is taking steps to ensure Indian corporates are competitive
- India is in a sweet spot in terms of manufacturing capacity expansion for domestic & export markets
- The energy transition is a reality in the fight for climate change
- Time is appropriate to make a strong push towards renewable energy
- Solar costs with proper storage solutions will be economically viable Storage Battery costs coming down will be a big boost for sector
- The success of the PLI scheme will make the journey of the entire energy transition viable
- India unlikely to add more fossil fuel capacity going forward
- High crude oil costs and climate worries will ensure transition will happen towards renewable energy
- 2 wheeler electric mobility trends are also encouraging
- Solar prices used to be very high, prices have dropped to Rs.2 /unit in recent times
- Cost of modules/panels have dropped sharply as well
- Solar energy is here to stay, world over costs & prices are falling
- Seeing other solar projects also in various stages of development
- Other clean energy sources will also ramp up gradually
- Incentives in select sectors like batteries and sunrise sectors will aid growth
- As technologies mature & costs become rational, incentive framework will reduce
- Haven’t yet seen a case of oversupply in markets in renewable space so far
- Don’t foresee oversupply in markets in near future
- Coal assets have shown a decline in PLF as renewable capacities kick in
- Can repurpose coal assets for other uses going forward
- Discussions are on how to ensure fossil fuel investments don’t go to waste going forward
- Regulators will need to ensure level playing field going forward