IANS | 18 Sep, 2023
The Union Minister for Power and New & Renewable Energy, R.K.
Singh, said on Saturday that the cost of round-the-clock renewable
energy will fall to just about Rs 6 per unit from Rs 8 per unit at
present if green hydrogen is used for storage.
Speaking
at the special ministerial session of the Fourth International
Conference & Exhibition on Clean Energy here, Singh said that the
cost of green hydrogen would be cheapest in India and that it would
become a viable energy storage alternative.
“Green
hydrogen is cheaper than gas and battery energy storage systems. We
have come up with a pilot bid for about 100 MW which we hope will
establish the benchmark. Once we are able to use green hydrogen for our
energy requirements, all supply chain issues such as availability of
lithium-ion batteries will be resolved. We will make green hydrogen and
use it as storage,” he said.
“The
average price of power in the energy exchange has recently been Rs 8
per unit, so if our cost for round-the-clock renewable energy comes to
Rs 6 per unit, we are in business. That is what the future is:
Renewables. The future is here, not far away,” the minister remarked.
The
theme of the special ministerial session, held on the closing day of
the two-day summit, was 'Global Champions for Advancing Clean Energy
Innovation & Manufacturing'.
The
Minister informed the captains of industry that the basic legal
framework for the carbon market has been formulated and that the
government is thinking of permitting industry to gain carbon credits for
green hydrogen and green ammonia which is exported from India. With
this, the industry will have yet another advantage, which will make
Indian industry totally competitive, the minister added.
“If
our price for round-the-clock renewable energy is anything to go by,
then we will not have to go the thermal way, we will adopt the renewable
path. About 42% of our capacity is from renewable sources
already,” Singh said.
The minister pointed out that India is emerging as a manufacturing powerhouse of renewable energy.
“Around
88,000 MW renewable energy capacity is under construction and our plan
is to add 50,000 MW of renewable energy capacity every year. We are
already emerging as an exporter. The world will come to rely on us more
and more. So, all those who are setting up capacity have made a good
bet. At the same time, we need to keep ourselves at the leading edge of
technology,” he added.
He
also said that India is going to emerge as the biggest exporter of
solar cells and modules and that more grid capacity is being added.
