Renewables' share in electricity generation surges to 12% in nine years

According to a government report, India’s share of renewable energy in electricity generation surged to 12.1% in FY24 from 6% in FY15. The industrial sector was the largest electricity consumer, accounting for 42% of total consumption, followed by the domestic sector at 24%, agriculture at 17%, and commercial sectors at 8%. Per capita energy consumption increased by 25.4% to 18,410 megajoules per person in FY24 compared with 14,682 megajoules per person in FY15. Coal remained the backbone of India’s energy supply, accounting for nearly 79% of the total energy supplied domestically in FY24. The electricity sector was the largest consumer, accounting for 69% of total coal consumption. India has improved its energy efficiency over the years, with energy consumption per unit of gross domestic product (GDP) declining to 0.22 megajoules per rupee in FY24 from 0.27 megajoules per rupee in FY15.  

However, India’s energy imports have increased over the years to meet growing domestic demand, with crude oil dependency reaching 88.9% in FY24 from 83.5% in FY15. While coal import dependency declined to 25.9% in FY24 from 28.7% in FY15, reliance on natural gas imports surged to 46.6% from 35.6% over the same period. Waaree Renewable Technologies Ltd has secured a Rs. 232.30 crore (US$ 27.12 million) solar project from a domestic entity to install a 170 MW solar power plant. The project includes Engineering, Procurement, Construction (EPC) services, and long-term Operation & Maintenance. It aims to reduce CO2 emissions by 225,000 metric tonnes annually, equivalent to removing 50,000 fossil fuel-powered cars. 

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.