The Union Minister for Power and New & Renewable Energy, R. K. Singh, emphasized the critical role of electricity as a fundamental infrastructure for development, highlighting its impact on distinguishing developing and developed nations. Singh stated that India’s power shortage has decreased from 4.5% in 2014 to less than 1% today. He lauded the achievement of universal electricity access, connecting 29 million homes in a record 19 months, as recognized by the International Energy Agency.
Providing details on power capacity additions, Singh revealed that India added approximately 194 GW of power capacity, with around 107 GW coming from renewables. The country expanded its transmission network, constructing 193,000 circuit km of transmission lines, resulting in the world’s largest integrated grid. Rural power availability increased from 12.5 hours in 2015 to approximately 21 hours today, with urban areas enjoying 23.8 hours of electricity.
Singh declared that India is at the forefront of the energy transition, surpassing its target of 40% non-fossil-fuel capacity by 2030, currently standing at 44%. The new target aims for 50% non-fossil-fuel capacity by 2030, eventually reaching 65%. The Minister highlighted the government’s commitment to renewable energy, with investments of about 17 lakh crores in the past nine years and additional construction worth 17.5 lakh crores.
Addressing power sector transformation, Singh noted a significant reduction in AT&C losses from 27% to 15.41% and emphasized the government’s commitment to further decrease losses to 10%-11%. He announced a 24*7 power supply as a right, imposing penalties for gratuitous load shedding.
Discussing rising power demand, Singh revealed a significant increase from 130 GW in 2014 to around 243 GW today, projecting a peak demand of over 400 GW by 2030. To meet this demand, the government plans to exceed 500 GW of renewable capacity by 2030, with a focus on green hydrogen manufacturing.
Singh highlighted India’s competitiveness in renewable energy, with the country having the world’s cheapest renewable energy despite subsidies and protectionist measures. He discussed plans for energy storage capacity, including 35 GW of pumped storage projects, and introduced a Production Linked Incentive Scheme for grid-scale storage to reduce storage prices.
Singh emphasized India’s leadership in achieving its Nationally Determined Contributions, showcasing a commitment to reducing emissions intensity and implementing world-leading energy-saving programs. The government has adopted business-friendly regulations, such as General Network Access and Green Energy Open Access Rules, to facilitate seamless connectivity and transactions in the power sector.
