India expects 708 GW demand by 2047; 2,100 GW power generation capacity: Power Minister

New Delhi:  India must quadruple its power generation capacity to 2,100 GW by 2047, according to Union Power Minister Manohar Lal, in order to meet the expected demand of 708 GW. According to official figures, India had a power generation capacity of approximately 453 GW as of September 30, with the government estimating the peak power demand for the year to be 260 GW. Nevertheless, access was hindered by the cool weather caused by rain, with peak power demand hovering at approximately 250 GW.

"We expect our power demand to reach 708 gigawatts by the year 2047." "We must quadruple our capacity to 2,100 gigawatts to achieve this," Lal stated while speaking at the 'Brainstorming Conclave on Indian Power Sector Scenario by 2047', which was arranged by the Central Electricity Authority (CEA) in collaboration with industry association Ficci. Former Ficci president Subhrakant Panda mentioned that the Indian power industry offers huge possibilities in switching to renewable energy by 2070. The promising growth prospects can be found in the renewable energy sector's expansion. Panda, the Managing Director of Indian Metals & Ferro Alloys, stated that increasing local manufacturing and investing in R&D will create opportunities for innovation. Continuing ISTS waivers and enhancing the transmission and power evacuation system will lead to increased sector expansion, generating multiple investment and business prospects.

The National Electricity Plan (Transmission) was also introduced by the minister after consulting with different stakeholders. It outlines the necessary transmission infrastructure to sustain 500 gigawatts of renewable energy capacity by 2030, increasing to more than 600 gigawatts by 2032. The addition of 1,90,000 circuit kilometres of transmission lines in the next ten years presents an investment opportunity of over Rs 9 lakh crore in the transmission sector. The strategy includes new features such as incorporating 10 gigawatts of offshore wind farms and 47 gigawatts of battery energy storage systems.