The traditional model of centralised power generation is seeing the integration of distributed energy resources and localised energy storage systems, which allows consumers to actively participate in energy generation.
India is on a massive economic growth trajectory, and it is projected to be the world’s 3rd largest economy by 2030 with an estimated gross domestic product (GDP) to reach $ 7.3 trillion and India has to transit to a manufacturing hub to achieve the same. The Indian power sector is undergoing a remarkable transformation, with sustainability taking centre stage. As the world grapples with the challenges of climate change and environmental degradation, the power industry is witnessing a paradigm shift towards cleaner and sustainable energy solutions. In this article, we will explore the key sustainability trends shaping the power sector and driving it towards a greener and more resilient future:
Enhancing renewable energy resilience through integration
Integration of renewable energy sources in order to build a carbon-free futureis one of the most prominent trends in the power sector. As things stand today, India is poised to be a powerful player in the realm of renewable energy. Globally, it ranks 4th in renewable energy installed capacity and wind power capacity and 5th in solar power capacity. The Ministry of New and Renewable Energy is implementing the National Green Hydrogen Mission with an outlay of Rs 19,744 crore.
With solar, wind becoming increasingly cost-effective alternatives to traditional fossil fuels, organizations operating in the power sector are increasingly recognizing the importance of aligning their strategies with Environmental, Social and Governance (ESG) principles. The falling costs of renewable technologies, coupled with advancements in energy storage solutions, are making it easier for utilities to transition towards a more sustainable energy mix. Governments and businesses alike are setting ambitious targets to increase the share of renewables in their energy portfolios, contributing to a reduction in greenhouse gas emissions. In line with Prime Minister Narendra Modi’s announcement at COP26, the Union Ministry of New and Renewable Energy is working towards achieving 500 GW non-fossil-based electricity generation capacity by 2030, thus not only reducing greenhouse gas emissions but also mitigating the environmental impact of energy consumption.
Developing a robust energy storage system
As the share of intermittent renewable sources grows, the need for reliable energy storage solutions becomes paramount. Energy storage technologies, such as advanced Battery Energy Storage Systems, are experiencing a revolution, providing a means to store excess energy generated during peak times for use during periods of low renewable generation. This not only ensures a more stable and resilient power grid, but also enables better integration of renewable sources, making them more dependable contributors to the overall energy supply.Recent advancements in energy storage technologies have contributed significantly to enhancing efficiency, reliability, and scalability in the quest for cleaner energy systems. The Government of India, for instance, has taken a proactive step by issuing the 'National Framework for Promoting Energy Storage Systems.' This framework aims to promote the development and deployment of energy storage systems, creating an environment conducive to a seamless energy transition within the country. Such policy initiatives are crucial in providing the necessary support and infrastructure for the integration of energy storage solutions into the national energy landscape.
At the same time, research into flow batteries, supercapacitors, and novel materials for traditional lithium-ion batteries is contributing to more efficient and sustainable energy storage solutions. These developments are crucial for enhancing the reliability and performance of renewable energy sources.
Digitalization
As India moves steadfastly towards sustainability, companies in the power sector are strategically aligning their operations with a focus on reducing carbon footprints and achieving net-zero goals. They are adopting a multifaceted approach that includes implementing energy-efficient technologies, and re-evaluating supply chain processes to minimize their environmental impact. The adoption of smart grid technologies is transforming the power sector by enhancing efficiency, reducing losses, and improving overall reliability. Smart grids leverage digitalization, data analytics, and automation to optimize the distribution of electricity, monitor consumption patterns, and respond dynamically to changes in demand. This results in a more efficient use of resources, reduced transmission and distribution losses, and improved grid resilience against natural disasters or cyber-attacks.
With the evolving energy landscape, smart grid technologies guarantee responsive and reliable electrical grids capable of meeting the demands of the future.As the industry navigates toward a more sustainable and technology-driven future, companies are getting well-equipped to embrace digitalization, artificial intelligence, and data analytics to optimize operations.
Decentralization and Distributed Energy Resources
The traditional model of centralized power generation is giving way to a more decentralized approach. The integration of distributed energy resources (DERs) such as rooftop solar panels, small-scale wind turbines, and localized energy storage systems allows consumers to actively participate in energy generation. This shift towards decentralization not only enhances the resilience of the power grid but also promotes community engagement and empowerment. Moreover, distributed energy systems, including microgrids and decentralized power generation, are expected to gain prominence, offering resilience and energy access even in remote areas.
As the global community grapples with the urgent need to address climate change, transitioning tosustainable, green energy solutions are not merely options, but imperatives for the industry. The transformation towards a greener, more sustainable power sector is a collaborative effort involving governments, businesses, private players,and consumers alike. Embracing these trends will not only drive environmental benefits but also foster economic growth, job creation, and a more resilient and reliable energy infrastructure for the generations to come.In the coming years, the Indian power sector is set to embark on a dynamic andtransformative growth journey, marked by anticipated trends, innovations, and a collective pursuit of energy self-reliance for Viksit Bharat @ 2047.