Table of Contents
Prospects of geothermal energy in India: An eco-friendly source for the production of electricity is Biomass also holds considerable potential for India. Our estimates indicate that, with this utilization pattern of crop residues, the quantity of surplus biomass materials is about 150 million tonnes, which could generate about 16,000 MW of power. In Prospects of geothermal energy in India, Hydro projects up to 25 MW capacities are termed as small hydro, and this energy stream features a potential of over 15,000 MW.
At present, capacity addition of about 300 MW per annum is being achieved from small hydro projects – about 70% is coming through the private sector. So far, hydropower projects with a capacity of over 2,700 MW are found out within the country, and projects for about 900 MW are in various stages of implementation. The aim is to double the present rate of growth and take it to a capacity addition of 500 MW per annum in the next two-three years.
Reducing Costs of Prospects of geothermal energy in India
The challenge before us within the renewable energy sector generally, and in India particularly, is to scale back the per-unit cost of renewable energy. Hence, there’s endless got to innovate to extend efficiencies and convey down costs. Innovations are often caused in various ways – it’s possible to harness lower wind speeds; the energy of tides and waves are often channelled to supply electricity; alternate transport fuels can make our journeys less carbon-intensive; hydrogen is often perfect energy storage and carrier, and it’s possible to possess a bigger grid with lower losses of electricity. In the Prospects of geothermal energy in India, Innovations need not always be technology-based. Insightful policy interventions also can significantly increase the utilization of renewable energy.
For instance, in India, we are working with the regulators to get down the framework for tradable renewable energy certificates. While this may enable us to realize a bigger share of renewable energy in our electricity mix, the federal regulator’s recent announcement of normative guidelines for provincial regulators provides a better mechanism for returns for renewable energy developers. We are confident that each one of these policy interventions will further boost investments within the sector. We also are working towards closer engagement with the banks and lending agencies to assist developers to gain access to easy and cheaper sources of finance.
Immense Opportunities for Prospects of geothermal energy in India
Today’s technology provides us with a true opportunity to rework the promise of boundless and clean energy into reality. From rooftop solar energy in urban agglomerations to decentralized and off-grid solutions in remote rural communities – the opportunities in renewable power are immense. We believe that governments, in their facilitative role, need to create enabling ecosystems, which can, in turn, in facilitating the healthy unleashing of the entrepreneurial spirit of the private sector and cause the rapid development and deployment of renewable energy. Learn More Magma geothermal energy source
