India’s 50% energy to be ‘renewable by 2030’
Coal Minister Piyush Goyal said renewables will cover 50% of India’s energy requirements by 2030, thanks to fast-improving solar and wind technology and India will exceed the 175GW renewable target by 2020 and touch 200GW by 2022.
Solar tariffs rise by huge 50 paise
Solar tariffs rose by a ‘striking’ 50 paise to Rs 2.94 per unit in the latest auctions in Karnataka from its previous lows of Rs 2.47 and 2.44 in Rajasthan. Experts blame the rising costs of Chinese equipment, and India’s 7.5% import duty. Developers are doubly worried about the proposed 70% ‘safeguard’ duty on solar imports to protect domestic manufacturing. With projects worth over Rs 15,000 crore at risk of turning into NPAs, rating agencies have sought clarity from the government. The minister has assured safety.
Budget 2018: Govt to drop 5% tax on solar glass
The 2018 budget has proposed to end 5% customs duty on tempered glass imported to make solar cells. The Budget also included Rs 1,40,000 crore Kusum scheme to solarise agricultural pumps and encourage use of barren land for setting up solar plants. Farmers will be given 60% subsidy on solar pumps, 30% through bank loans. Farmers to bear 10% upfront cost.
Shell buying spree cranks up race for clean energy
The oil and gas giant Shell is on renewable buying spree, spending $400 million to buy solar and electric car charging products. Oil and gas biggies such as BP, Exxon Mobil and Chevron, are also banking on rising demand for gas, to power the expected surge in electric vehicles in the coming decades.
Power after sunset: China plans 2 GW high-tech solar plant
China plans to set up the largest 2GW solar plant based on concentrated solar power (CSP) technology in Mongolia. The $7.27 billion plant is China’s push to boost energy storage expertise.
Unlike photovoltaic (PV) plants, CSP technology generates solar power by using mirrors. CSP plants store thermal energy in molten salt or synthetic oil, allowing CSP plants to continue generating power after sunset. China plans to set up 5 GW of CSP by 2020.