Business News | Power Minister Holds Meeting on Generation and Demand of Electricity Under National Electricity Plan

New Delhi [India], December 4 (ANI): Union Minister for Power and Housing and Urban Affairs, Manohar Lal Khattar on Wednesday chaired a meeting of the Parliamentary Consultative Committee of the Members of Parliament on the generation and demand of electricity under the National Electricity Plan, the Ministry of Power said in a release.

During the meeting, Manohar Lal Khattar highlighted that power is a critical component in achieving the goal of a developed India by 2047. He noted that with the rising demand for electricity, it is essential to simultaneously increase power generation.

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Emphasizing India's commitment to achieving carbon net-zero, he stated that the focus would remain on non-fossil-based energy sources. The Union Minister also stressed the importance of enhancing storage capacity to ensure affordable and reliable power for everyone.

Union Minister, Khattar also emphasised that state and central government needs to work in coordination to achieve the targets.

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The meeting was attended by other Members of Parliament of various political parties from Lok Sabha and Rajya Sabha.

During the meeting Minister of State for New and Renewable Energy, Shripad Yesso Naik said that India is energy transition as per the NDCs and is on path of achieving SDGs .

He also said that the government is working towards skulking people in the field of energy.

During the meeting, the present scenario of the electricity was also evaluated. As per the ministry, the installed Generation Capacity as of October 31 this year stood at 454.5 gigawatts (GW) comprising 243.1 GW thermal, 8.2 GW Nuclear, and 203.2 Renewables including large hydro of 46.97 GW. The generation installed capacity achieved has grown at a CAGR of 5.97 since 2014-15.

The gross generation from all the sources during the year 2023-24 was 1739 BU comprising of 1326 BU (76 per cent) from thermal, 48 BU (3 per cent) from Nuclear, 365 BU (21 per cent) from RE Sources which includes 169 (10.4 per cent) from Hydro, as per the release.

Due to concerted efforts of the government, the gross generation has increased from 1033 BU during 2013-14 to 1739 BU in 2023- 24, which has grown at a CAGR of 5.4 per cent since 2013-14, as per the release.

The country has observed a maximum peak demand of around 250 GW in the month of May 2024 during the current year (2024-25). The peak demand has grown at a CAGR of 16 per cent from 2013-14 to 2023-24 while Energy Requirement has grown at a rate of 5 per cent during 2013-'14 to 2023-24.

The peak not met and energy not supplied by the country is observed to be very minimal over last five years and was on account of factors other than lack of generation capacity in the country.

As per the 20th EPS report published by the Central Electricity Authority (CEA), the peak demand and energy requirement is around 366 GW and 2474 BU by 2031-32.

The projected electrical energy requirement and peak electricity demand on the all-India basis are estimated as 1908 BU and 277 GW for the year 2026-27 respectively.

Energy Storage capacity is an important aspect in achieving the targets of NEP. Energy storage capacity of 16.13 GW/82.37 GWh with PSP based storage of 7.45 GW capacity and 47.65 GWh storage and BESS based storage of 8.68 GW/34.72 GWh is required by the year 2026-27.

The Projections of total capacity addition are in line with the target of the country to achieve a non-fossil based installed capacity of 500 GW by the year 2029-30.

The total fund requirement for the period 2022-2027 is estimated to be Rs 14,54,188 Crores, which also includes the likely expenditure during 2022-27 for advance action for the projects expected to get commissioned during 2027-32.

The average emission factor is expected to reduce to 0.548 kg CO2/kWh in the year 2026-27 and to 0.430 kg CO2/kWh by the end of 2031-32.

The share of non-fossil-based capacity is likely to increase to 57.4 per cent by the end of 2026-27 and may likely to further increase to 68.4 per cent by the end of 2031- 32 from around 46.5 per cent as on October 2024. (ANI)

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