Solar Energy And Storage Key To Meeting India's Growing Power Demand: IECC Report

New Delhi, Aug 1 (KNN) A recent study by the India Energy and Climate Centre (IECC) at the University of California suggests that India could avert impending power shortages by strategically investing in solar energy and storage systems.

The research comes as the nation grapples with surging electricity demand driven by rapid economic growth and extreme weather conditions.

According to the study, India's peak electricity demand reached 250 GW in May 2024, marking a significant increase of 46 GW in just two years. Projections indicate a further rise of 50-80 GW by 2027.

Despite plans to add approximately 141 GW of new capacity—including renewable, thermal, and hydroelectric sources—by 2026, the study warns of potential evening and night-time shortages of 20-40 GW, representing 8-12 per cent of total demand.

Dr. Nikit Abhyankar, Senior Scientist, IECC, proposed, "Integrating 50 GW of solar power with 15-30 GW of energy storage could effectively offset these shortages."

He notes that recent record-low prices for solar and energy storage in India make this option more economically viable than constructing new thermal power plants.

Supporting this trend, the Solar Energy Corporation of India (SECI) recently reported a solar plus evening peaking storage price of Rs 3.41/kWh, with expectations of further reductions.

Global declines in energy storage costs, driven by reduced material expenses and production overcapacity, contribute to this favourable pricing environment.

To expedite deployment, the study recommends policy interventions such as storage mandates, large-scale auctions, and incentives for utilities.

Dr. Amol Phadke, another Senior Scientist at IECC, emphasises the urgency of building resources capable of meeting post-solar hour demands.

Addressing potential concerns about domestic battery production, the study points to significant global overcapacity in battery manufacturing, which could meet India's needs until at least 2030.

With electricity demand in India projected to quadruple by 2047, the research positions renewable energy and storage as critical components for sustainable economic growth. This approach presents an opportunity for India to lead in the global transition to clean energy.

(KNN Bureau)