The installed capacity of renewable energy
has touched 32,269.6 Mw or 12.95% of the total potential available in
the country, as on March 31, 2014. With this, the renewable energy,
including large hydro electricity, constitutes 28.8% of the overall
installed capacity in India.
According to the India Renewable Energy Status Report 2014 released at the ongoing Green Summit 2014
in Bangalore on Thursday, the total renewable energy potential from
various sources in India is 2,49,188 Mw. The untapped market potential
for overall renewable energy in India is 2,16,918.39 Mw that shows huge
growth potential for renewable energy in India.
The Ministry of New & Renewable Energy (MNRE), Government of India
has set a target of achieving overall renewable energy installed
capacity of 41,400 Mw by 2017. This creates an opportunity worth $10.51
billion for the renewable market in India till 2017.
India has the world's fifth-largest electricity generation capacity,
which currently stands at 243 Gw. The power sector in India is highly
diverse with varied commercial sources for power generation like coal,
natural gas, hydro, oil and nuclear as well as unconventional sources of
energy like solar, wind, bio-gas and agriculture. The demand for power
has been growing at a rapid rate and overtaken the supply, leading to
power shortages in spite of manifold growth in power generation over the
years, the Report said.
Focused efforts are going to bridge this demand-supply gap by way of
policy reforms, participation from private sector and development of the
Ultra Mega Power Projects (UMPP). "The power sector offers tremendous opportunities for investing
companies due to the huge size of the market, growth potential and
returns available on capital. Industrialisation, urbanisation,
population growth, economic growth, improvement in per capita
consumption of electricity, depletion of coal reserve, increasing import
of coal, crude oil and other energy sources and the rising concern over
climate change have put India in a critical position," the Report said.
The government has to take a tough stance between balancing economic
development and environmental sustainability. One of the primary
challenges for India would be to alter its existing energy mix, which is
dominated by coal, to a larger share of cleaner and sustainable sources
of energy, the Report said.
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