The novel coronavirus disease or COVID 19, a global pandemic has affected all the sectors of the Indian economy and the power generation sector is no different
The novel coronavirus disease or COVID 19, a global pandemic has affected all the sectors of the Indian economy and the power generation sector is no different
The nationwide lockdown has led to power generation segment to take a hit as the electricity demand faltered due to very minimal industrial and commercial load
The novel coronavirus disease or Covid-19, a global pandemic has affected all the sectors of the Indian economy, and the power generation sector is no different although its impact is less pronounced, as it is the most essential commodity in the present time which is necessary for almost all activities. But the nationwide lockdown led to all constructional activities at power projects to a standstill leading to less capacity addition and delays in project execution which is evident from the fact that only close to 2 GW of new capacity was added between December 2019 till May 2020. The raw material availability especially solar PV modules and also construction material was impacted due to the supply chain disruptions caused during the lockdown which led to low solar capacity additions of nearly 1.2 GW till May 2020 since Dec 2019. The power demand has been hit due to the closure of industrial and commercial complexes during the lockdown which has led to the shutting down of many thermal power units in this period although the renewable power plants have not been impacted due to the government's decision to give them must-run status. Due to the lockdown, the electric power demand in the country has declined significantly, worst decline are observed in southern and western regions with national demand tanking by 19%. The demand has seen a reduction of ~ 680 GWh from March 18 to April 18, 2020, which is a worrying sign for the power generation market.
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Key Highlights
A budget outlay of INR 9.20 billion ($130 million) for wind power in India.
TOTAL announced that it has invested USD 490 million in a joint venture with Adani Green Energy that will host 2.1 gigawatts of operational solar power projects.
UK government-backed Ayana Renewable to invest INR 1500 Crore to buy wind farms in Karnataka from ReNew Power
Report Insights
In a bid to minimise the impact of COVID-19 pandemic on the heavily import-dependent domestic solar industry, the Ministry of New and Renewable Energy (MNRE) has asked state and port authorities to identify land sites suitable for renewable energy manufacturing and export services hubs.
In a bid to motivate the project developers MNRE has granted a 30-day extension beyond the lockdown period for renewable energy (RE) projects so that the developers do not have to pay penalties for project delays
Power Generation companies suffered losses during lockdown due to decline in electricity demand as industries, factories and commercial complexes were all closed
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