India's Energy Consumption Trends and Future Projections
Key Ideas
- India's energy consumption is expected to increase significantly in the coming decade, with the country projected to be the largest contributor to global energy demand between 2020-2040.
- Renewable energy capacity in India has been growing, with plans to deploy 500 GW of non-fossil fuel power generation capacity by 2030, surpassing investment in fossil fuels for the fifth consecutive year.
- Cost competitiveness of renewables is increasing, with solar and storage projects projected to have lower costs than existing coal capacity by 2030, demonstrating the effectiveness of energy storage in the country.
- Energy efficiency measures could potentially avoid significant additional load during evening peak hours, contributing to sustainable energy consumption practices in India.
The article discusses the energy consumption trends in India, highlighting the rapid growth in energy demand driven by industrialization, urbanization, and rising incomes. The India Energy and Climate Centre (IECC) report predicts a three to four-fold increase in energy consumption in the next decade, with India expected to lead global energy demand growth between 2020-2040. Despite lagging in energy infrastructure investment compared to other economies, India aims to deploy 500 GW of non-fossil fuel power generation capacity by 2030, emphasizing renewable energy expansion. The country has seen significant growth in renewable capacity, surpassing investment in fossil fuels, with increasing cost competitiveness of renewables compared to coal generation. The report also addresses concerns about the capacity value of renewable energy generation and highlights the potential of energy efficiency measures to reduce additional load during peak hours. Collaboration with key stakeholders and government bodies has enabled the preparation of this comprehensive report by the India Energy and Climate Centre.
Topics
Utilities
Renewable Energy
Climate Change
Energy Efficiency
Electricity Demand
Infrastructure Investment
Energy Consumption
Coal-generation
Technology Costs
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