Weekly Power Sector Round up: 20th November 2021

Sharp rise in power sale activity during FY22 for SECI

The Solar Energy Corporation of India (SECI) has seen a sharp rise in power sale activity during the financial year 2021-22 till the 31st of October 2021.

SECI has signed power sale agreements (PSAs) for supply of renewable energy of 5,280 MW capacity, bringing the total PSA signed capacity to over 30 GW and demonstrating about 95 per cent increase over the previous financial year, according to the official statement.

These PSAs will enable supply of up to 19 billion units of clean energy annually to eight states and union territories for 25 years and provide access to green energy to thousands of consumers.

$10.1 trillion investment needed for India to achieve net-zero emission by 2070: CEEW-CEF

India will require a total investment of $10.1 trillion to achieve net-zero emissions by 2070, while the nation could face a shortfall of $3.5 trillion, a study by CEEW Centre for Energy Finance (CEEW-CEF) said. Hence, investment support of $1.4 trillion, in the form of concessional finance, would be required from developed economies to mobilise foreign capital that bridges the gap, it suggested.

According to the study, India’s total installed solar power capacity would need to increase to 5,630 gigawatts by 2070.

The usage of coal, especially for power generation, would need to peak by 2040 and drop by 99 per cent between 2040 and 2060, it stated.

Further, crude oil consumption across sectors would need to peak by 2050 and fall substantially by 90 per cent between 2050 and 2070. Green hydrogen could contribute 19 per cent of the total energy needs of the industrial sector, it added.