IBEF: December 22, 2021
Energy technology pioneer Octopus Energy and one of India’s leading power transmission company, Sterlite power have signed an agreement aimed at promoting green power to consumers around the world.
Memorandum of Understanding (MOU) was signed at COP26 and is first of such agreement post the launch of green grid announcement launched by UK Prime Minister Mr. Boris Johnson and Indian Prime Minister Mr. Narendra Modi at COP26 in November 2021.
Sterlite power has been an advocate for unleashing market forces in the transmission sector, making the Indian power grid more competitive and cheaper to run. By doing so the sector has been able to operate power grids more efficiently, almost 40% cost reduction compared to legacy method.
Both Octopus Energy and Sterlite power aims to build renewable energy generation and storage assets in India and supply cheap green power to domestic consumers as and when proper regulations. Agreement also marks the worldwide expansion plans of Octopus Energy which has now expanded in 13 countries in just over 5 years.
As Industrial boom continues, India has become the third-largest carbon-emitting country in the world, producing over 2.6 billion tonnes of carbon dioxide. Project by Octopus and Sterlite power will help in driving down the needs of coal and natural gas, thereby decarbonizing the country’s energy demand and additional savings to consumers.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.