The Council for Energy, Environment and Water (CEEW) recently conducted an analysis on India’s battery energy storage system (BESS) and pumped storage hydro (PSH) needs in relation to the country’s renewable energy goals. According to the report, if India sets up 500 GW of renewable energy by 2030, it will require 132 GWh of BESS and 100 GWh of PSH under a moderate demand scenario. However, in a high demand scenario of 600 GW, the storage requirement will increase to 280 GWh of BESS and 100 GWh of PSH. This aligns with India’s energy storage obligation for 2030, as the current operational BESS capacity stands at only 360 MWh. The report emphasizes the urgent need for investments in energy storage to bridge this gap.
Furthermore, the report highlights the benefits of setting up 600 GW of clean energy across more states, including reduced generation costs, elimination of the need for new coal plants, savings in power procurement costs, job creation, and a significant reduction in carbon emissions. To achieve this goal, significant investments in flexible resources such as battery storage, pumped storage hydro, and retrofitting coal capacity are necessary. The report points out the declining cost of battery storage, with tariffs dropping by 65% in the last two years without subsidy support, favoring a high renewable energy pathway.
In other news, the public sector power equipment major BHEL has submitted a bid to build two floating solar plants on the Rengali reservoir in Odisha, with capacities of 100 MW and 200 MW. The project is a joint venture between NHPC and Green Energy Development Corporation of Odisha. The bid is currently under evaluation after being floated again in April 2023 due to previous bidding issues.
Overall, the report underscores the importance of fast-tracking investments in energy storage to meet India’s rising power demand and achieve its renewable energy targets for 2030.