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India Explores Multi-Source Electricity Grids For Renewables

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Synopsis:

India is exploring multi-source electricity grids to boost renewable energy capacity. The Union Government aims to use existing transmission capacities to support various energy sources, contributing to India's renewable energy goals.

Union Government news today

The Union Government is exploring an innovative approach to enhance renewable energy capacity by allowing multiple energy sources to utilise the same electricity grid infrastructure. This multi-source strategy aims to increase the efficiency of the existing grid network, enabling a smoother transition to renewable energy.

Expanding transmission capacity

The plan focuses on optimising the use of existing transmission capacity for different energy sources at various times of the day. By allowing multiple energy sources to share the same grid infrastructure, renewable energy projects can be developed more effectively. This approach will also permit more projects to connect to substations, helping to augment overall transmission capacity.

Bhupinder Singh Bhalla, secretary of the Ministry of New and Renewable Energy, has highlighted that India already has ample transmission capacity, with some areas even experiencing underutilisation. The government is working closely with states to manage and plan for additional capacities to ensure renewable energy transmission grows efficiently.

Renewable energy goals for 2030

India has set ambitious targets for renewable energy growth, with the goal of reaching 500 GW of renewable energy capacity by 2030. Currently, there is a gap of 300 GW that needs to be filled, primarily through renewable energy sources such as solar and wind power. To achieve this target, the Union Government estimates that over ₹30 lakh crore in investments will be required.

The government is committed to ensuring that both public and private sector investments will support this energy transition. Financial institutions, including banks and non-banking financial companies (NBFCs), have pledged approximately ₹32 lakh crore over the next six years to help drive the renewable energy sector forward.

Green bond prospects

The Union Government has also been considering the use of green bonds as part of its strategy to fund the renewable energy transition. Although there are no specific plans for public sector units (PSUs) to access green bonds currently, the potential for such financial instruments remains on the radar.

India’s exploration of multi-source electricity grids marks a significant step toward achieving its renewable energy goals. By optimising the use of existing transmission infrastructure, the Union Government aims to boost renewable energy projects and meet the country’s energy demands for the future.

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This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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