Renewables’ Share in Electricity Generation Doubles in Nine Years
India’s renewable energy contribution to electricity generation has surged to 12.1% in FY24, up from 6% in FY15, according to a government report.
- The industrial sector remained the largest electricity consumer, accounting for 42% of total consumption, followed by domestic (24%), agriculture (17%), and commercial (8%).
- Per capita energy consumption rose by 25.4%, reaching 18,410 megajoules per person in FY24, compared to 14,682 megajoules per person in FY15.
Coal Continues to Dominate Energy Supply
Despite the growth in renewables, coal remained India’s primary energy source, supplying 79% of the total domestic energy in FY24.
- The electricity sector was the largest consumer of coal, accounting for 69% of total coal usage.
- Energy efficiency has improved, with energy consumption per unit of GDP declining to 0.22 megajoules per rupee in FY24, down from 0.27 megajoules per rupee in FY15.
Rising Energy Imports to Meet Demand
India’s energy imports have increased to support growing domestic demand, particularly in crude oil and natural gas.
- Crude oil dependency rose to 88.9% in FY24, up from 83.5% in FY15, highlighting the need for domestic energy security.
- While coal import dependency declined to 25.9% in FY24 from 28.7% in FY15, natural gas import reliance surged to 46.6% from 35.6% over the same period.
Waaree Secures Rs. 232.30 Crore Solar Project
Waaree Renewable Technologies Ltd has won a Rs. 232.30 crore (US$ 27.12 million) solar project to install a 170 MW solar power plant for a domestic entity.
- The project involves Engineering, Procurement, and Construction (EPC) services along with long-term Operation & Maintenance.
- It is expected to cut CO2 emissions by 225,000 metric tonnes annually, equivalent to removing 50,000 fossil fuel-powered cars from the roads.
India’s renewable energy expansion and clean energy investments will be critical in reducing fossil fuel dependency and promoting sustainable energy solutions.
