Govt likely to bring amendments to Electricity Act in monsoon session: RK Singh – EQ Mag Pro

New Delhi : Union Minister of Power and New and Renewable Energy R K Singh on Thursday said that the government is likely to bring the amendments to the Electricity Act in the monsoon session of parliament.

The amendment will have 2-3 added provisions, one of them is increasing the penalties on the renewable purchase obligations, he said while addressing the ‘India Energy Transition Summit 2022’, organized by FICCI, jointly with the Ministry of Power, Ministry of New & Renewable Energy and NITI Aayog.

‘The demand has increased, and market is not an issue currently. “The market is going to become more vibrant because of the increase in size of our product,” he added. Singh said 205 GW demand for electricity will be the new baseline for India and the demand will not fall below 160 GWs.

“Energy for growth is something which is non-negotiable, and we will not compromise on that. We are the only country which has achieved two of our NDCs well 8-9 years in advance,” he said.

Talking about the future of renewable energy Mr Singh added, “We are the largest and the fastest growing RE capacity and fastest rate of transition in the world. I am certain that we will
be able to sell renewable energy with storage at Rs 6.5 -7 and there will be demand for roundthe-clock renewable energy even at that rate.” Speaking on the storage, he said the government will bring down the price of storage and further add storage. “By and large, our future bids will transform to round-the-clock energy.”

Speaking on the potential of green hydrogen and green ammonia, Mr Singh said that both are the pathway to electrifying the economy.

“We have setup rules for green hydrogen and will come up with a further set of sweeteners to make green hydrogen. We plan to achieve 500 GW by 2030 and by adopting green hydrogen and green ammonia, we can reach 700 GW by 2030,” he said.

He also urged the industry to announce the dates of going green as industry will now be free to set-up their own capacity. The government will give free transmission and open access along with replacing the thermal captive with green captive, he said.

Source: UNI