By Shashank Agarwal
Electricity is indispensable for any contemporary and emerging economy. As a cascading impact of the pandemic-led lockdown, the worldwide electrical energy demand was scarce in 2020. According to the estimates of a current market report, the demand development for electrical energy witnessed a decline of 9.1 % in March 2020 and April 2020. Now that the planet is progressively moving on the path of market place recovery, there is a vital require to access energy in specific nations like China, India, and other emerging economies.
Considering the situation in India, the nation’s economy is expanding with burgeoning population, urbanization, and industrialization. As the nation develops and modernizes its economy, the development of power desires in India becomes 3 occasions the worldwide typical – as per the IEA’s India Energy Outlook 2021. It also states that more than the next two decades, the power demand in India is anticipated to improve more than that of any other nation. Presently, India is the world’s fourth-biggest power customer and it is anticipated to come to be the third-biggest customer, surpassing European Union by 2030.
Recently, India has also recorded an all-time higher of electrical energy demand at 189.6 gigawatts (GW) in February 2021, as per a media report. Furthermore, it is also working aggressively on producing clever cities and their infrastructure that boosts the demand for electrical energy and building material in the nation. This calls for an instant require to guarantee the demand development is met with renewable sources of power and the energy sector is on pace with the country’s demand.
Investment in the renewable power sector
Renewable power has constantly been an appealing sector for meeting power desires in the planet. As India is witnessing a steep surge in power demand, it is emphasizing infusing investments in the renewable power sector. Considering the pace of the demand, the government is projecting to establish a renewable power capacity of 500 GW by 2030. To give a effective enhance to the sector, the government has announced the provision of Rs. 1000 crore to the Solar Energy Corporation of India (SECI). Additionally, it has also announced a capital infusion of Rs 1,500 crore to the Indian Renewable Energy Development Agency (IREDA). Since there is a promising commitment from the government, there will be enhanced utilizes of cleaner sources of power to meet the demand in the nation.
Evacuation of made electrical energy
Countries with a higher electrical energy demand require instant action to ramp up energy production. This demands stringent measures to be taken in the effective working of transmission and distribution systems. In this regard, main investment is becoming produced to energy distribution networks and transmission lines, specifically about the energy plants. For instance, (POSOCO), a one hundred% subsidiary of Power Grid Corporation of India Limited has finalized the setup of High-Capacity Power Transmission Corridors (HCPTCs) to meet the requirement of energy evacuation in resource-wealthy and coastal States. Additionally, the corporation has envisaged Rs. 1,00,000 Crore to create inter-State transmission systems to augment the transmission program and transformation capacity. Thus, the government desires to improve the investment additional for such projects.
Export of excess energy overseas
After fulfilling the domestic energy desires, India is seeking to export energy overseas to cater to worldwide demand. It has lately announced its strategy to export excess electrical energy to Gulf nations by linking its electrical energy grid with the Middle East and South Asian nations to share non-traditional sources of power. On the other hand, various solar energy projects are underway in Gujrat and Rajasthan. As per the Government officials, the power made from these sources can be sold in big states like Delhi, Maharashtra, and Middle East nations. This demands a substantial require for effective transmission and distribution networks for seamless implementation and attaining higher efficiency.
Apart from this, the government’s National Solar Mission to market Solar energy in India now aims to improve the total solar capacity of one hundred GW by 2022. This will project India as a leader in Solar power and producing policy circumstances for deployment across the nation. Additionally, to produce a more effective power infrastructure, the government has also set up a National Hydrogen Energy Mission to create hydrogen from green energy sources. If implemented with diligence and consistency, India is going to meet the burgeoning demand for power across sectors. However, to be definitely committed to attaining universal objective of supplying energy for all, the government desires to improve its concentrate and investments in renewable power projects.
(The author is M.D at Salasar Techno Engineering. Views expressed are private and do not reflect the official position or policy of the TheSpuzz Online.)