(MENAFN- KNN India) New Delhi, May 3 (KNN) Renewable sources accounted for a 70 per cent of the country's new power generation capacity additions during the fiscal year 2023-24.
According to a report by the CEEW Centre for Energy Finance (CEEW-CEF), a total of 26 GW (GigaWatts) of new power capacity was added, of which a remarkable 18.2 GW came from renewable energy sources.
The report highlights that India's total installed energy capacity has now reached 442 GW, with renewable energy comprising approximately 33 per cent (144 GW) and hydropower contributing 11 per cent (47 GW).
In a significant development, the share of coal in India's total installed capacity fell below the 50 per cent mark for the first time.
Solar energy, including both grid-scale and rooftop installations, continued to dominate India's renewable energy capacity addition, constituting approximately 81 per cent (15 GW) of the total renewable energy addition in FY24.
Additionally, the wind capacity addition nearly doubled, reaching 3.3 GW compared to 2.3 GW in FY23. Furthermore, nuclear capacity (1.4 GW) was added for the first time since FY17.
In line with India's ambitious renewable energy targets, renewable energy auctions soared to a record high, reaching approximately 41 GW of auctioned capacity in FY24.
The report also highlighted the conclusion of eight auctions with energy storage components, indicating a growing shift towards innovative power procurement formats.
Gagan Sidhu, Director, CEEW-CEF, stated, "Around 95 per cent of India's targeted 50 GW annual renewable energy bidding trajectory was met in FY24.”
He mentioned,“Bids of 47.5 GW that were issued are approximately three times the renewable energy capacity that has been added annually in recent years."
The report also noted a rise in peak power demand, reaching a new high of 240 GW in FY24, driven by a fast-growing economy and weather anomalies such as lower-than-expected rainfall and above-normal temperatures.
Highlighting policy moves to promote rooftop solar installations, Riddhi Mukherjee, Research Analyst at CEEW-CEF, said, "In renewable energy, FY24 saw several policy moves to shift gears beyond utility-scale renewable energy.”
“For instance, PM Surya Ghar: Muft Bijli Yojana was introduced to increase rooftop solar installation in the residential segment, which could result in the addition of 30 GW," Mukherjee added.
The report also emphasised the amendments made by the Ministry of Power to the Electricity Rules of 2022, mandating the sale of un-requisitioned surplus power on exchanges, which is expected to enhance supply-side liquidity and promote competitive prices on power exchanges.
(KNN Bureau)
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