Govt ready for policy changes to support industry through energy transition: Amitabh Kant

Delivering his Chief Guest address at The Economic Times ETEnergyworld Smart Electricity Conclave, Kant said the energy transition trends create churn and disruption in the power sector but also create opportunities for new and innovative business models.

New Delhi: The government is ready to support the domestic industry through policy changes required to ensure companies are able to create growth opportunities amid the disruption in business models caused by the ongoing energy transition, Niti Aayog Chief Executive Officer (CEO) Amitabh Kant has said.

Delivering his Chief Guest address at The Economic Times ETEnergyworld Smart Electricity Conclave, Kant said the energy transition trends create churn and disruption in the power sector but also create opportunities for new and innovative business models.


"We have the opportunity today to affordably meet the electricity needs for economic growth. We can open up new investment opportunities while also meeting carbon emission targets. We can increase our energy security while also creating a large number of new jobs. I assure you that the government will stand ready to enact any policy changes that are required for this purpose," Kant said.

He listed out the transition trends that can be turned into growth opportunities including the increasing deployment of renewables, the rising prevalence of grid-connected distributed generation, the use of utility scale energy storage and the digitalization of the power grid.

"I am confident our dynamic private sector will be able to rise to these challenges leveraging its strengths in IT and manufacturing. Out of this churn, the "Sagar Manthan", will emerge the "Amrut" of ample, affordable, clean and high quality power for all," Kant said.

"Out of this churn, the "Sagar Manthan", will emerge the "Amrut" of ample, affordable, clean and high quality power for all"Amitabh Kant, CEO, Niti Aayog

Laying a roadmap for the overhaul of the electricity sector to make it future-ready, Kant said that with the aim of electricity connections for all already achieved, it is time to ensure 24X7 high quality power supply for all the consumers, including households and farmers, at affordable prices as that would be the next large driver of power demand.

"Secondly, we need to encourage the growth of Distributed Renewable Energy, including rooftop solar photovoltaic power. This will require a grid that can continuously balance rapid large scale fluctuations due to the intermittency and sudden variations inherent in solar and wind power generation," he said.

Finally, the country needs deployment of smart solutions across generation, transmission and distribution segments so that the electricity system of the future becomes reliable and resilient.

The Niti Aayog CEO said Indian energy landscape is undergoing changes at a breath-taking velocity with the government having declared a target of 450 GW of renewable power by 2030, representing a total of 55 per cent of the planned capacity.

"This will result in a sea change considering that the total generating capacity today, both renewable and non-renewable, is about 380 GW. The acceleration in the use of renewable energy will help decrease carbon emissions, increase ourt energy security and minimize land, air and water pollution," Kant said.

He also said the country is beginning to see energy storage deployed at grid scale and this is a critical technology because it is essential for the integration of renewable power into the grid.

Source :- ETEnergyWorld

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