Top Electricity & Power Sector Companies in India 2023
Top Electricity & Power Sector Companies: The first electric street light in Asia was lit in Bangalore on 5th August 1905. Despite what seemed like a headstart the electrification of India seemed like an uphill battle for almost a century. However, in the last decade, India has begun to make strides not only in extending electrification throughout the country but also in introducing greener alternatives.
Today, we take a look at the Top Electricity & Power Sector Companies and the top players that are present in the current environment.
Indian Electricity & Power Sector
India is the third-largest producer and second-largest consumer of electricity in the world. India had an installed power capacity of 371.97 gigawatts (GW) as of July 2020. When we take a look at the growth opportunities in this sector their prospects can be viewed in the two plans already put forward by the government. The first is the government’s vision of ensuring 24×7 affordable and quality power for all.
According to the Ministry of Power, the Saubhagya mission which had begun in 2017 when 100% of households in 25 states would be electrified has already been achieved. The only states left out were Assam, Rajasthan, Meghalaya, and Chhattisgarh.
100% electrification, however, does not mean that going forward there will be limited opportunities isolated only to the remaining four states. India’s energy demand is expected to double by 2040 and also has the potential to triple. This is mainly because of the rising Indian temperatures and increased appliance ownership among consumers.
This would require India to add massive amounts of power generation capacity in order to meet the demand from the 1 billion air-conditioning units