WEMO24-Compiled Report-Interactive compressed (002) 4154-7882-8116 v.1 - Flipbook - Page 183
MARKET
DATA
• India has allocated $4.3 billion for the energy transition in the shape of increased power transmission for renewables, biogas and green fertilizer support. Further, Finance Ministry has
stated that the budgeted sum would improve energy security and help achieving the target of net zero emissions by 2070.
• New rules under the Electricity (Amendment) Rules 2024 aim to facilitate easier grid connections for bulk consumers and energy storage systems. This is expected to enhance grid
reliability and provide more affordable electricity.
Individual State grids were interconnected to form 5 regional grids covering
India. 5 power grids consist of Northern Region, Eastern Region, Western
Region, North-eastern Region, and Southern Region grids.
ONGC announced a ₹2 trillion roadmap to achieve net-zero emissions by
2038, aiming to o昀昀set 9mt of CO₂., ONGC became the 昀椀rst fossil fuels
company to outline a detailed climate plan, aligning with India’s 2070 net-zero
target.
0%
3%
2023 Electricity Mix
GHG Emissions (million tons of CO₂ equivalents)
12%
Oil
8%
Natural Gas
Coal
Nuclear Energy
2%
4000
3000
3121.5
2705.6
2865.0
Hydro
Renewables
Others
2000
New Generation Capacity development Solar (in GW)
1000
75%
0
2021
2022
2023
Sources: Statistical Review of World Energy 2024
300
217.7
Sources: Statistical Review of World Energy
200
New Generation Capacity Development -Wind (in GW)
84.3
2023 Electricity consumption by sector
5%
8%
0
2023
2030
Solar
Sources: Invest India
150
Industry
119.9
Domestic
100
50
17%
46.4
42%
2023
• Power distribution companies (DISCOMs) in India are being encouraged to
shift from long-term PPAs to a more dynamic power market. This shift is
necessary for integrating large volumes of renewable energy into the grid.
• The Central Electricity Regulatory Commission (CERC) is pushing for market
coupling, a move that will likely lead to increased trading volumes in the
electricity markets.
• The Ministry of Power (MoP) notified the guidelines for tariff based
competitive bidding process for procurement of power from grid
connected wind power projects on July 26, 2023.
• U.S. DOE Secretary signed a memorandum reaffirming the commitment to
purchase clean energy from Indian Tribes to support U.S. clean energy
goals
Traction and Railways
Agriculture
0
2030
Wind
Commercial
2%
26%
Sources: Invest India
Sources:
CO₂ emissions + Electricity mix
https://www.energyinst.org/statistical-review
Electricity consumption by sector:
https://mospi.gov.in/sites/default/files/publication_reports/EnergyStatistics_India_publication_2024N.pdf
Carbon pricing
https://greentree.global/publications/state-of-carbon-emissions-and-carbon-markets-in-india-2023-24/
https://www.businesstoday.in/industry/energy/story/carbon-pricing-gaining-momentum-in-india-431712-2024-06-01
New generation capacity: Invest India
https://www.investindia.gov.in/sector/renewable-energy#:~:text=India%20aims%20for%20500%20GW,have%20been%20approved%20in%20India.
Power purchase agreements:
https://www.investopaper.com/news/nepal-india-sign-landmark-power-trade-agreement-10000-mw-electricity-export-to-india-in-10-years/
Others
https://ieefa.org/resources/fixing-indias-power-market-help-add-more-renewables
https://www.energy.gov/indianenergy/articles/secretarial-memorandum-indian-energy-purchase-preference
https://www.mondaq.com/india/renewables/1394716/regulatory-updates-clean-energy-july-to-october-2023
https://www.policycircle.org/environment/ongc-clean-energy-roadmap/
Others
Sources: EnergyStatistics India 2024
Carbon Pricing: ETS
• As of 2024, India is preparing to launch a Carbon Market to address carbon emissions amid
its economic growth.
• After adopting the legal framework for a carbon market and setting up governance
structures in 2022 and 2023, India plans to implement a Carbon Credit Trading Scheme
by 2026.
Sources: GreenTree Global Publication
WEMO 2024
100
183
India
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