India's energy needs will double : R K Singh

India's energy needs will double : R K Singh

Union Power and Renewable Energy Minister R K Singh on Thursday said India’s energy needs will double in the next 6-7 years at the present rate of growth of the economy.

Speaking at the curtain raiser for Renewable Energy-Invest 2017, the minister said green energy tariff will also fall in coming days as the competition and demand for energy increases.

RE-Invest 2017, which will be held from December 7 to 9 at Greater Noida, is the flagship event of the Ministry of New and Renewable
Energy to highlight the achievements and attract investments in the clean energy sector.

Union Ministry of New and Renewable Energy Secretary Anand Kumar said industry and developers had committed for 293 GW of renewables and in which, 39.3 GW capacity is commissioned or under implementation. As against the financial pledge of Rs 4 lakh crore by banks, Rs 1.8 lakh crore have been sanctioned.

Kumar also said that renewable energy tariffs that have already tumbled to a record low will fall further. Fall in tariff will help India achieve its ambitious targets for generating green electricity, he said.

In the recently held wind energy auction, conducted by Solar Energy Corporation of India, developers offered to supply power at Rs 2.64 per unit to win wind energy projects.

“In the years to come, with the technology improving, we expect the tariffs would go down further, both in solar and wind sector,” he told
reporters.

Lowering the tariffs will help the country realise its goal of adding 175 GW renewable energy capacity by 2022, Kumar said.

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