India’s renewable energy-based power generation capacity crossed the 200 GW mark in September 2024, reaching 201,457.91 MW. Solar power contributes 90,762 MW, and wind power contributes 47,363 MW. If 8,180 MW of nuclear capacity is added, the country’s total non-fossil fuel-based power capacity becomes 46.3 percent of the total installed power generation capacity.
These States Are On The Top
State-wise, Rajasthan (31.5 GW), Gujarat (28.3 GW), Tamil Nadu (23.7 GW), and Karnataka (22.3 GW) are the top four states with the highest renewable energy capacity. A ‘Brainstorming Session on Indian Power Sector Scenario by 2047’ is being organized to complete 50 years of establishing the Central Electricity Authority (CEA).
This Is Its Future Plan
Union Power Minister Manohar Lal Khattar will inaugurate this session. It will include financial management for energy transition by 2047, building future-inspired transmission systems, the regulatory framework for renewable energy, the expansion of hydropower, the utilization of the capacity of pumped storage projects (PSP), and the role of green hydrogen in India’s vision of a net zero future by 2047.
Apart from this, according to the International Energy Agency (IEA), the solar module market is currently oversupplied. Module prices have fallen by more than half since the beginning of 2023. Due to difficult market conditions, about 300 gigawatts of polysilicon and 200 gigawatts of wafer manufacturing capacity projects have been cancelled, estimated to be worth around $25 billion.
There Has Been A Boom In Renewable Energy Projects
Although the number of renewable energy projects is increasing, it is not enough to reach the target of tripling renewable energy capacity by 2030 at the global level. By 2030, the global renewable energy capacity should be 11,000 gigawatts, but according to current trends, it can reach only 9,760 gigawatts. Another big problem is the grid. Investment is not happening according to the requirement for a grid connection. The total capacity of wind, solar PV, and hydropower projects was 1,500 gigawatts in 2023, which has increased to 1,650 gigawatts by July 2024.
