Energy Storage Market in India Outlook Update Q1 2020
With growing solar PV installations and further gaining up in renewable power capacity additions clubbed with the enticing business for electric vehicles in India
Energy Storage Market in India Outlook Update Q1 2020
With growing solar PV installations and further gaining up in renewable power capacity additions clubbed with the enticing business for electric vehicles in India
COVID 19 outbreak across the Globe to hit Renewable Capacity Additions in India – Cascading effect on Energy Storage Enabled Projects expected in Q1 2020
Indian Energy Storage Market is expected to grow at a CAGR of 6.1% by 2026. Having said so, in CY 2019 the capacity additions pace for the renewable sector in the country was low as compared to erstwhile year-on-year capacities being added from CY 2014, but owing to strong push by Government & decline in the cost of storage technologies, CY 2019 witnessed a rise in the number of storage tenders. Though, a lot of new energy storage tenders are issued in CY 2019, the arrangement of implementation of the projects of these tenders make their implementation unsustainable. Further, the capacity of the storage is so high that it leads to unfeasible project tariffs leading to the cancellation of such projects. The sector is already plagued with many issues, above it, amidst force majeure circumstances witnessed from COVID 2019 outbreak, the supplies to Indian renewable industry has halted completely from China and with uncertainty in future the situation for capacities look grim. This for sure will have cascading impact upon the Energy Storage enabled projects in first two quarters of 2020.
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Key Highlights
Large-scale adoption of energy storage is expected to attract investment over $3 billion in the next three years in India. Already, over 1 GWh of annual assembling capacity is being set up for converting imported li-ion cells into battery modules by various Indian companies.
Greenko Energy Holdings has secured rights to develop 900 megawatts of capacity with a peak period tariff of INR 6.12/kWh (US¢8.55/kWh) and an off-peak period tariff of INR 2.88/kWh (US¢4.02/kWh). ReNew Power secured a capacity of 300 megawatts with peak period tariff of INR 6.85/kWh (US¢9.57/kWh) and off-peak period tariff of INR 2.88/kWh (US¢4.02/kWh).
Report Insights
As on March 2020, approximately 1888.55 MWh of Energy Storage Backed Renewable Energy Projects have been tendered in the country. Out of this 1888.55 MWh, 27.2 MWh of tenders have been cancelled in their earlier stages due to high costs.
Grid scale energy storage installations in India are mostly in the form of pumped hydro storage plants, at capacity of 4.8 GW. Deployment of large-scale battery energy storage projects in India started in 2017 with POWERGRID installing their first pilot projects for frequency regulation. The projects have been designed for multiple grid service application.
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