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The Union Minister for Power and New & Renewable Energy, Shri R. K. Singh, chaired a meeting in New Delhi on February 22, 2024, to finalise the structure for operationalising the scheme for Viability Gap Funding (VGF) for the development of Battery Energy Storage Systems (BESS) with a capacity of 4,000 MegawattHours (MWh). Senior officers from relevant ministries and organisations were present. The Minister highlighted the decreasing prices of BESS and emphasised the government's commitment to encouraging BESS's capacity to meet growing power demand and energy transition needs.
He noted the future potential for excess solar and wind energy, underscoring the importance of deploying adequate storage systems to utilise this surplus efficiently. The government aims to create enabling structures for investment in BESS, ensuring energy availability when needed most.
The BESS is intended to deliver electricity during peak demand periods while stabilising the grid. Power will be supplied through different market segments, primarily sourced from renewables. Various models for procuring BESS, including energy and capacity contracts, were discussed, along with their pros, cons, and implementation challenges.
Potential BESS sites in renewable-rich states were identified to maximise the storage system's benefits.
The meeting focused on finalising the structure for Viability Gap Funding to develop BESS capacity. The government aims to encourage investment in BESS to meet power demand and utilise surplus renewable energy efficiently, thereby contributing to the energy transition. Various procurement models and potential sites for BESS were discussed to ensure effective implementation of the scheme.
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