India's Growing Energy Landscape and Ambitious Renewable Energy Plans
Key Ideas
  • India's power consumption in October 2023 saw a one percent increase over the previous year, driven by demand from the industrial and agricultural sectors.
  • The International Energy Agency forecasts that India is set to become the third-largest economy in the world by 2028, with a significant increase in energy demand across all sectors.
  • While coal is expected to retain its position in India's energy mix, the country is also making significant strides in promoting renewable energy, with plans to transmit over 500 GW of renewable energy by 2030.
  • India's National Electricity Plan includes the development of storage systems and transmission infrastructure to support the growth of green energy, including plans for Green Hydrogen and Green Ammonia Manufacturing hubs at coastal locations.
India's power consumption surged to 140.47 billion units in October 2023, showcasing a one percent increase from the previous year. The International Energy Agency (IEA) highlighted India's rapid economic growth and projected it to become the third-largest economy globally by 2028. The report also emphasized the substantial rise in energy demand, particularly from sectors like iron, steel, and cement production, as well as the increasing use of air conditioners. While coal is expected to maintain a significant role in India's energy landscape, there is a parallel focus on expanding renewable energy capacity. The National Electricity Plan aims to transmit over 500 GW of renewable energy by 2030 and includes plans for storage systems and transmission infrastructure to support green energy growth. The plan also outlines the development of Green Hydrogen and Green Ammonia Manufacturing hubs at strategic coastal locations. Additionally, the transmission plan involves significant expansions, including cross-border interconnections with neighboring countries and potential interconnections with nations like Saudi Arabia and the UAE.
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