Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
India is seeks to add over 25 gigawatts (GW) of wind energy between fiscal years 2025 and 2028, increasing from the approximately 9 GW added between 2021 and 2024. This denotes that the country has the ability to enhance its wind energy capacity. According to Crisil Ratings, the capital expenditure for this expansion will range from ₹1.8 lakh crore to ₹2 lakh crore.
Wind power capacity is expanding due to rising demand for renewable energy to offer grid balancing and continuous power supply, as opposed to solar power, which is only available during daylight hours.
"Hybrid and storage-linked projects would push higher wind additions. Nearly 30-50% of capacity of these projects will comprise wind power as these require developers to provide renewable power throughout the day, especially demand peaks during evening and night hours," Ankit Hakhu, Director, Crisil Ratings, mentioned.
India's focus on wind energy had previously slowed, with annual capacity additions dropping to 1.7 GW from 2018 to 2023, down from approximately 3.0 GW annually from 2014 to 2018. The decline was attributed to a lack of connected sites with high wind potential and diminished returns for developers following aggressive bidding.
In response, the government has rolled out several policies to boost the sector, including setting a target to auction 50 GW of renewable projects annually, with 10 GW dedicated to standalone wind projects. Since fiscal 2023, around 5 GW of standalone wind projects have been auctioned, compared to about 3 GW in fiscal years 2021 and 2022.
Auctions of hybrid and storage-linked projects have also risen, from 4 GW in fiscal years 2021 and 2022 to nearly 18 GW in fiscal years 2023 and 2024. "Average tariffs have stabilised around ₹3.2 per unit in fiscals 2023 and 2024 and are expected to continue in fiscal 2025, vis-à-vis ₹2.8 per unit over fiscals 2020-2022.
These tariffs are expected to be viable and remunerative to developers at the expected project costs over the medium term," Varun Marwaha, Associate Director, Crisil Ratings, said. The projected expansion of wind power capacity highlights India's efforts to bolster its renewable energy infrastructure to meet growing energy demands sustainably.
Also Read : India's coal production to touch 1 billion tonne for first time India to implement new renewable energy consumption norms from April 1, 2024
The Steel Authority of India Limited's (SAIL) Bhilai Steel Plant (BSP) has made tremendous progress...
Defence 30-Apr-2024
British power plant operator Drax intends to establish an independent business focused on becoming t...
Europe 25-Jan-2024
BHEL has received an order of over ₹3,500 crore from Adani Power Limited to build a thermal power fa...
Large Corporate 07-Jun-2024
Copper and aluminium, the most often used industrial metals, have increased significantly in recent...
Non-Ferrous 29-Apr-2024
JSW Steel showed a record output of 26.43 million tonnes (MT) of crude steel during financial year 2...
Large Corporate 08-Apr-2024
Aluminium prices advanced by 0.34% yesterday, closing at 236.8, driven by supply concerns stemming f...
Non-Ferrous 25-Apr-2024