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Green Hydrogen propels India towards affordable 24/7 renewable energy

September 21, 2023 3:34 pm

Green Hydrogen propels India towards affordable 24/7 renewable energy
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India Explores Carbon Credit Incentives for Green Hydrogen and Ammonia Exports, Driving Affordable, Round-the-Clock Renewable Energy.

Union Minister for Power and New & Renewable Energy, R. K Singh, has revealed that round-the-clock renewable energy in India can be achieved for as low as ₹  6 per unit if green hydrogen is harnessed for energy storage. Speaking at the Fourth International Conference & Exhibition on Clean Energy in New Delhi, Singh emphasized that India’s green hydrogen costs would be among the world’s cheapest, making it a viable storage solution, surpassing gas and battery systems.

Singh announced a pilot bid for approximately 100 MW to set a benchmark for green hydrogen utilization in energy storage. This move is poised to resolve supply chain challenges associated with lithium-ion batteries. The Minister highlighted that the current average power price in the energy exchange stands at ₹  8 per unit, making₹  6 per unit for round-the-clock renewable energy a promising prospect for the future.

The Indian government has taken significant steps in establishing a legal framework for carbon markets, allowing the industry to gain carbon credits for green hydrogen and green ammonia exports. This strategic move aims to enhance the competitiveness of the Indian industry globally.

Singh urged industry leaders to transition from thermal to renewable energy sources, emphasising that the renewable energy sector in India is now globally competitive. The government has paved the way for industry growth through policy reforms and initiatives like Green Open Access Rules, facilitating capacity setup and transfer.

The Electricity Act of 2003 promotes open access, ensuring timely grants or deeming access if not granted within stipulated timelines. Consumer rights have also been enforced, with investigations into violations and legal prosecutions for offenders.

Recognizing India’s soaring energy demand due to a rapidly growing economy, Singh reaffirmed the nation’s commitment to renewable energy, with 42 percent of its capacity already sourced from renewables. India is emerging as a manufacturing hub for renewable energy, with 88,000 MW under construction and plans to add 50,000 MW annually, making it a notable exporter.

Singh predicted a surge in renewable energy investments, citing the UAE’s interest in India’s renewable energy sector. He attributed this interest to the government’s efforts to de-risk the system and enhance transparency in the energy sector, reducing legacy dues of distribution companies and ensuring profitability for power generators.

Under the National Green Hydrogen Mission, India is setting up 5.8 million tons of green hydrogen capacity, positioning itself as a global exporter with the lowest costs. Additionally, a bid for grid-scale storage is on the horizon.

Singh encouraged industry players to seize the opportunities presented by the growing demand for renewable energy. He emphasized the importance of competitiveness and staying current with global standards for success.

A CII – EY Report released during the event underscored India’s potential to become a global champion in renewable energy innovation and manufacturing, while also proposing an energy transition investment pipeline.

The event also unveiled the “Energy Transition Investment Monitor,” a platform to track global energy transition investments, aiming to facilitate knowledge sharing and collaboration among industry leaders, experts, and policymakers.

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