India added 14.9 GW of solar capacity in the first half of the calendar year 2024, marking a 282% y/y increase, according to Mercom India Research's latest Q2 2024 India Solar Market Update.
These installations surpassed all previous half-yearly and annual records. The commissioning of several previously delayed projects contributed significantly to the capacity additions in the first half of the year. Solar capacity added in Q2 2024 stood at 5 GW, up 170% y/y from 1.8 GW, though it represented a 49% q/q decline from 9.9 GW.
During the quarter, 4.3-GW of large-scale solar projects were commissioned, including nearly 1.8-GW of open-access projects.
The Andhra Pradesh Rural Agriculture Power Supply Company (APRAPSCOM) plans to draw 7 GW of solar power from the Solar Energy Corporation of India (SECI). The Andhra Pradesh Electricity Regulatory Commission (APERC) is addressing concerns raised by state power distribution companies regarding the potential challenges in securing a complete waiver of inter-state transmission system charges for renewable energy suppliers.
A recent report by the University of California Berkeley's India Energy and Climate Center (IECC) stated that India will likely face significant evening power shortages, of anywhere between 20 GW and 40 GW, by 2027 due to rapid electricity demand growth, even if all the thermal and hydro capacity currently under construction comes online as planned.
The report highlights that large-scale deployment of solar plus storage is the most viable solution to address these potential shortages. Solar and storage systems can be implemented much more swiftly than new thermal or hydro plants.
To mitigate shortages, India will need to add 100-120 GW of new solar capacity by 2027, with 50-100 GW of this solar capacity paired with 16-30 GW of storage to provide around four to six hours of backup power.
Between May 2019 and May 2024, India's peak electricity demand increased by a staggering 68 GW, from 182 GW to 250 GW, representing an annual growth rate of 6.5%, according to the report. In 2023 alone, demand grew by 7%, significantly outpacing the global average growth rate of 2.2%.
India’s electricity demand is projected to quadruple by 2047, necessitating a massive expansion of low-cost renewable energy and storage to reduce consumer bills and sustainably power rapid economic growth, the report stated.
No comments:
Post a Comment