New Energy research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 08/08/2012 -- BMI View: In light of India's economic and demographic growth, we expect power consumption to increase from an estimated 747.26 terawatt hours (TWh) in 2011 to 1,386.40TWh in 2021. The country's 12th Five Year Plan forecasts energy demand will grow 6% per annum and electricity capacity will expand by 100 gigawatts (GW). Critical to the new plan is the focus on measures to combat the continued rise in India's dependence on imported energy, and a move to favour diversification towards renewable sources as well as nuclear. The recent FY2012/13 budget announcement is indicative of this focus, with the Indian government initiating a series of incentives and measures that will benefit the power sector
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From this perspective, key trends and recent developments in the Indian electricity market include:
- The recent FY2012/13 budget introduced numerous positive regulatory reforms that will benefit the conventional thermal generation sector. The Indian government has approved full exemptions for power plant fuels such as natural gas, liquefied natural gas (LNG), uranium concentrate and sintered uranium dioxide in natural and pellet form. Meanwhile, the countervailing duty on imported coal fell from 5% to 1%.
- In April 2012, government officials in India announced that they had commissioned 89% of the allocated capacity under the first stage of the Jawaharlal Nehru National Solar Mission (JNNSM). The first stage involves the completion of around 1,100 megawatts (MW) of solar power generation capacity by 2013 - with an increase to 10,000MW by 2017 under the second stage. The project's capacity was split equally between photovoltaic (PV) and solar thermal.
- India has launched its first tidal project. In April 2012, the state of Gujarat, located in western India, announced plans to spend INR250mn (US$4.8mn) to help develop the nation's first tidalenergy project. The project, a 50MW plant at the Gulf of Kutch, will be developed by tidalturbine maker Atlantis Resource Corporation. There are currently plans to expand the plant to 200MW, but this expansion plan is contingent on the successful commissioning of the first phase.
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