India’s solar power growth hits 6-year low amid rising coal dependency, data shows
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India’s solar power growth slowed to its lowest rate in six years during the first half of 2024, according to data from the federal grid regulator. The country increasingly relied on coal to meet rising electricity demand.
India is the world’s fastest-growing major economy that has prioritized coal in recent years to meet escalating power demands. Last year, coal-fired electricity output exceeded renewable energy output for the first time since the 2015 Paris accord.
Also read: Renewable energy, power transmission to drive India’s power sector, reports say
Coal-fired electricity generation in India increased 10.4% in the six months ending June 30, surpassing the overall power generation growth of 9.7%, according to Grid-India‘s daily load despatch data.
Solar power generation in India, the world’s third-largest solar electricity producer, reached 63.6 billion kWh in the first half of 2024. This marked a 14.7% rise from the same period last year and an 18.5% increase from the full year of 2023.
Moody’s ICRA forecasts a notable increase in renewable energy installations to 25 gigawatts (GW) by the end of the fiscal year ending March 2025, marking a growth of over one-third from current levels.
Also read: India’s hydropower plummets to 38-year low amid erratic rainfall, leading to CFPP dependence
India anticipates its electricity generation for the fiscal year ending March 2025 to increase at its quickest rate in more than ten years, primarily driven by an 8.9% rise in coal-fired power output, surpassing the 8.2% growth in renewable energy.
Analysts predict that renewable energy generation will accelerate in the following fiscal year, supported by increasing activity in tendering and commissioning green energy projects.
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