The Flexible Resources Initiative (FRI) of the U.S.-India Clean Energy Finance Task Force recently found that India’s electricity requirements, expected to double by 2030, can be economically met through the use of renewable and flexible energy plans including thermal power production already present in the country, hydropower and solar.
The study, ‘Least Cost Pathway for India’s Power System Investments through 2030,’ released by the Lawrence Berkeley National Laboratory (LBNL), includes policy and regulatory recommendations that can help India reduce electricity cost by 8-10% and emissions by 43-50% from 2020, a U.S. Department of State press release said.
“These recommendations include a nuanced long-term resource adequacy framework for system planning and procurement, and reforms of India’s gas pipeline operations to enable cost-effective, flexible operations of India’s existing gas power plants for seasonal balancing,” the release said. “These recommended regulatory changes will promote optimal investments, help avoid overbuilding assets, and assure the rapid retirement of uneconomic assets.”
The significant cost decline of renewable and flexible energy resources makes it possible for India’s energy demand to be met reasonably while reducing further damage to the environment, the release said.
"The LBNL study validates the cost-effectiveness of Prime Minister Modi’s goal of installing 500 GW of non-fossil electricity capacity by 2030," the release said. “These targets are critical to meeting global climate goals as India is the world’s third-largest energy consuming country.”
The study also found that the use of battery storage will reduce the amount of coal required for India’s power system as long as “battery storage costs continue to decline, supply chain issues are addressed, and adequate financing is secured,” the release said.
FRI, a program that aims to aid India’s transition to clean energy alternatives through cost-effective approaches that improve the country’s energy efficiency, conducted the study, the release said. The study was financed by the State Department’s Bureau of Energy Resources.
