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The CEEW Centre for Energy Finance (CEEW-CEF) report states that India’s total installed energy capacity is currently 442 GW, of which RE accounts for roughly 33% (144 GW) and hydro for 11% (47 GW).
Over 70 per cent of the 26 GW (GigaWatt) of new power generated in India in FY 23–24 came from renewable energy (RE).
The CEEW Centre for Energy Finance (CEEW-CEF) report states that India’s total installed energy capacity is currently 442 GW, of which RE accounts for roughly 33% (144 GW) and hydro for 11% (47 GW).
For the first time, the proportion of coal in India’s total installed capacity dropped below 50%.
Furthermore, the report emphasizes that India’s RE capacity addition has been dominated by solar energy, including both rooftop and grid-scale installations. In FY24, solar energy accounted for approximately 81% (15 GW) of all RE capacity additions.
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From 2.3 GW in FY23 to 3.3 GW in FY24, the increase in wind capacity almost doubled. For the first time since FY17, nuclear capacity (1.4 GW) was also added.
With about 41 GW of auctioned capacity in FY24, RE auctions reached a record high in keeping with India’s aggressive targets for renewable energy.
Additionally, the report emphasized the outcomes of eight energy storage-related auctions, suggesting a growing trend toward creative forms of power procurement.
In FY24, about 95% of India’s planned 50 GW yearly RE bidding trajectory was reached. According to Gagan Sidhu, Director of CEEW-CEF, “the 47.5 GW of bids that were issued are roughly three times the RE capacity that has been added annually in recent years.”
Peak power demand increased as well, according to the report, hitting a record high of 240 GW in FY24. A rapidly expanding economy and unusual weather, such as less rain than anticipated and higher than usual temperatures, were factors in this.
“Several policy changes were made in the field of renewable energy in FY24 to move away from utility-scale RE. As per Riddhi Mukherjee, Research Analyst, CEEW-CEF, “PM Surya Ghar: Muft Bijli Yojana was introduced to increase rooftop solar installation in the residential segment, which could result in the addition of 30 GW.”
The Ministry of Power‘s amendments to the Electricity Rules of 2022, which require the sale of surplus power that has not been requisitioned on exchanges, are expected to improve supply-side liquidity and encourage competitive prices on power exchanges, as the report also notes.
