Summary:
A recent government report highlights a significant rise in India's renewable energy share in electricity generation, reaching 12.1% in FY24 from 6% in FY15. The industrial sector led in electricity consumption, making up 42% of the total usage, followed by the domestic sector at 24%, agriculture at 17% and commercial sectors at 8%. Additionally, per capita energy consumption saw a notable increase of 25.4%, rising to 18,410 megajoules per person in FY24 from 14,682 megajoules per person in FY15. Coal continued to dominate India's energy supply, contributing approximately 79% of the total domestic energy in FY24. The electricity sector emerged as the primary consumer, utilizing 69% of the total coal consumption. However, the country made progress in energy efficiency, reducing energy consumption per unit of gross domestic product (GDP) to 0.22 megajoules per rupee in FY24, down from 0.27 megajoules per rupee in FY15.
Despite advancements in renewable energy and efficiency, India’s reliance on energy imports has grown to meet its rising demand. Crude oil import dependency increased to 88.9% in FY24 from 83.5% in FY15. While coal import dependency declined from 28.7% in FY15 to 25.9% in FY24, natural gas import reliance surged to 46.6%, up from 35.6% during the same period. In a notable development, Waaree Renewable Technologies Ltd secured a solar project worth Rs. 232.30 crore (US$ 27.12 million) from a domestic client. The project involves the installation of a 170 MW solar power plant, encompassing Engineering, Procurement and Construction (EPC) services along with long-term Operation & Maintenance. This initiative is projected to reduce CO2 emissions by 225,000 metric tonnes annually, equivalent to removing 50,000 fossil fuel-powered vehicles from the roads.
Source: IBEF
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