India's Solar Power Growth Slows To Six-Year Low Amid Rising Coal Dependency

ENA Sectors 2024-07-04 16:42:45 New Delhi, Jul 4 (KNN) In the first half of 2024, India's solar power generation experienced its slowest growth rate in six years, according to an analysis of data from the Federal Grid Regulator. This comes as the country increasingly relies on coal to address its surging power demand. The Grid-India data reveals that electricity generated from coal grew by 10.4 per cent during the six months ended June 30, outpacing the overall power generation growth of 9.7 per cent for the same period. Solar power generation in India, the world's third-largest producer of solar electricity, increased to 63.6 billion kilowatt-hours (kWh) in the first half of 2024, representing a 14.7 per cent rise compared to the same period last year. This trend aligns with the country's recent prioritization of coal to meet rising power needs. In fact, coal-fired power output last year surpassed renewable energy output for the first time since the 2015 Paris accord. The share of coal in power output rose to 77.1 per cent in the first half of 2024, up from 76.6 per cent in the same period last year, marking the fourth consecutive year of increase. India's focus on coal for power generation mirrors similar patterns across the region, with countries like Indonesia, Philippines, Vietnam, and Bangladesh also increasing their reliance on coal for affordable electricity production. Looking ahead, India anticipates total electricity generation for the fiscal year ending March 2025 to grow at its fastest pace in over a decade. This growth is expected to be primarily driven by an 8.9 per cent increase in coal-fired power output, surpassing the projected 8.2 per cent growth in renewable energy. However, analysts predict a shift in this trend starting from the next fiscal year. Moody's unit ICRA forecasts renewable energy installations to increase by over a third to 25 gigawatts (GW) in the fiscal year ending March 2025, as green energy projects gain momentum in tendering and commissioning processes. This development comes as India, one of the world's fastest-growing major economies, continues to balance its increasing energy needs with environmental considerations and international climate commitments. (KNN Bureau) 38478 https://knnindia.co.in/news/newsdetails/sectors/indias-solar-power-growth-slows-to-six-year-low-amid-rising-coal-dependency 2024-07-04 16:42:45 knnindia.co.in India's Solar Power Growth Slows To Six-Year Low Amid Rising Coal Dependency