India’s new draft national electricity policy (NEP) pledged to increase installed solar power capacity by 2030, and reduce installed coal capacity when compared to Central Electricity Authority’s 2020 Optimal Generation Capacity Mix report.
The RE target is more than what India promised at COP26 last year. According to India’s updated nationally determined contributions (NDCs), India aims to increase its total share of installed non-fossil fuel capacity to 50% by 2030, but the draft electricity plan commits to 57% non-fossil fuel capacity by 2027 and 68% by 2032. In 2018, India expects 150GW of installed solar capacity by 2027, which is raised by an additional 36GW to 186 GW by 2027 in the new plan.
The world will save up to $12 trillion if it switches to renewable energy by 2050: Study
The world will save around $12 trillion (£10.2 trillion) if it switches from fossil fuels to renewable energy by 2050, according to a new study published in journal Joule. Based on historic price data for renewables and fossil fuels, the study predicted future prices and concluded that the cost of solar and wind power has fallen rapidly “at a rate approaching 10% a year”.
The research pointed out that industry has overestimated the future costs of transition to clean energy and dampened the confidence of investors and governments alike.
India needs 10 GW annual onshore wind capacity to get 70 GW by 2030: Study
Over the past five years (2017-21), India’s SECI tendered 3.5 GW of annual onshore wind capacity on average, this excluded hybrid tenders, which were at annual average of 1.6GW capacity between 2018-21, reported Global Wind Energy Council. According to the report, India will require 8-10 GW of annual tendering capacity to be able to install 70 GW inshore wind capacity by 2030, the report estimated.
EU mulls to cap profits of power companies to fight rising consumer power bills
The European Commission plans to impose a €180 per megawatt-hour revenue cap on “abnormally high profits” of energy companies to help households and businesses battling rising electricity prices, which have risen 10-fold in the past year, driven by the high price of gas due to Russia’s invasion of Ukraine and demand from global markets. The proposed temporary revenue cap on so-called “inframarginal” electricity producers will allow the member countries to collect estimated €140 billion (£121 billion) from the electricity producers, on an annual basis, which would go towards reducing bills for consumers, Renews reported.
China’s global wind turbine order intake break record, rise 36% in 2022
China witnessed a record 36% increase in wind turbine orders worth $18.1 billion globally, according to Wood Mackenzie. China’s global turbine orders rose to 43 gigawatts in quarter two of 2022, according to the new analysis. According to the research company, China aims to support an estimated average build of more than 55 GW per year over the next 10 years.
In Q2 alone, China accounted for a record 35 GW of activity and is at 45 GW year-to-date, Renews reported. World intake of offshore wind turbine orders exceeded 6 GW in Q2 this year. Europe’s intake grew to 3.8 GW, doubling its Q1 activity, and the US’ intake was at a low of less than 2 GW through H1, the report stated.
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