India gets Rs 16.93 lakh crore investment in power and renewable energy since 2014, Rs 17.05 lakh crore in pipeline
A whopping investment of Rs 17.05 lakh crore is in the pipeline in power and renewable energy sector, which has attracted around 16.93 lakh crore of investment since 2014, Union minister R K Singh said on Monday.
As much as 80 GW of thermal power generation capacity is under construction which we will have by 2030, Singh told reporters, adding that about 99 GW of renewable energy is under construction, at present. Briefing reporters on new rules called Electricity (Amendment) Rules 2024, Singh said that as much as Rs 16.93 lakh crore has been invested in power and renewable energy sectors so far.
The Rs 16.93 lakh crore investment includes Rs 11.2 lakh crore in sectors like generation, distribution and transmission while Rs 5.73 lakh crore in the renewable energy sector, the minister explained. He further stated that an investment of Rs 17.05 lakh crore is in the pipeline in the power and renewable energy sectors. The minister said that Rs 7.4 lakh crore would be invested in the power sector while Rs 9.65 lakh crore.
He also said that India’s power generation capacity will increase to over 800GW from about 428 GW at present. India has planned to bid out 50GW of renewable energy projects every year.
About the new rules, the ministry said consumers, having more than a specified quantum of load and Energy Storage Systems (ESS), are now allowed to establish, operate and maintain dedicated transmission lines themselves without the requirement of a licensee.
By allowing such a facility a new category of Bulk Consumers would emerge in the country, benefiting from more affordable electricity and enhanced grid reliability, it stated.
This facility was already available to generating companies and captive generating stations. For ease of doing business by industries like Green Hydrogen manufacturers and to facilitate energy transition along with energy security by faster establishment of energy storage capacity new rules have been prescribed.
The new rules facilitate bulk consumers and energy storage systems (of not less than 25MW), to get connected to the Grid easily and at a faster pace. They shall not be required to obtain a licensee for establishing, operating or maintaining a dedicated transmission line to connect to the grid.
The new rules also provide that consumers including industry will benefit in terms of getting electricity at competitive rates by ensuring that open access charges are reasonable. To rationalize the open access charges new rules have been prescribed with methodologies for determining various open access charges like wheeling charges, state transmission charges and additional surcharges.