India surpasses 200 GW-mark in renewable energy production
Notable because
As of September 2024, India’s non-fossil fuel-based energy capacity reached 201 GW, with RE-based sources surpassing 150 GW, standing at 154.5 GW, per CEA. However, the share of these sources in the country’s overall energy generation mix remains relatively low, at ~28% and ~14% respectively, as of Q2 FY25, per CEA. RE’s share in generation can be impacted positively once the recently completed series of storage-based tenders become operational.
What to look out for in the months ahead
Following the recent surge in standalone energy storage (ESS) tenders, tariff discovery saw a ~17% decline over a span of three months in Q1 FY25. Additionally, state utilities have begun announcing their own standalone ESS tenders. In Q2 FY25, three states issued ESS tenders to address the intermittent nature of RE-based generation. Will tariff discovery for these tenders match the tariff discovery of the REIA-announced CTU-connected ESS auctions, or will there be a premium?