About Rs 15 lakh crore fund is required to add electricity generation capacity during 2022-27, which includes expenditure for projects to be commissioned in 2027-32, a power ministry statement said.

The projected electrical energy requirement and peak electricity demand on all-India basis is estimated as 1908 BU (billion units) and 277 GW, respectively for 2026-27.

The projections were made during a Meeting of the Parliamentary Consultative Committee of Members of Parliament for Ministry of Power here last evening. Union Power Minister Manohar Lal chaired the meeting.

As per 20th Electric Power Survey (EPS) report published by the Central Electricity Authority (CEA), the peak demand and energy requirement is pegged at around 366 GW and 2474 BU by 2031-32, it stated.

Energy Storage capacity is an important aspect in achieving the targets of NEP. Energy storage capacity of 16.13 GW/82.37 GWh with PSP(pumped storage) based storage of 7.45 GW capacity and 47.65 GWh storage and BESS based storage of 8.68 GW/34.72 GWh is required by 2026-27.

The projections of total capacity addition are in line with the target of the country to achieve a non-fossil based installed capacity of 500 GW by 2029-30, it stated. The ministry said that the total fund requirement for the period 2022-2027 is estimated to be Rs 14,54,188 crore, which also includes the likely expenditure during 2022-27 for advance action for the projects expected to get commissioned during 2027-32, it stated.

The average emission factor is expected to reduce to 0.548 kg CO2/kWh in the year 2026-27 and to 0.430 kg CO2/kWh by the end of 2031-32, it stated.

The share of non-fossil-based capacity is likely to increase to 57.4 per cent by the end of 2026-27 and may further increase to 68.4 per cent by the end of 2031-32 from around 46.5 per cent as on October 2024, it stated.

Members of Parliament provided several suggestions concerning various initiatives and schemes. They commended the plan for its ambitious green energy goals and achievements in electricity generation capacity.

The meeting also included discussions on issues related to storage, renewable energy generation, and compensation for farmers.

He further directed officials to take appropriate actions to incorporate the suggestions made by Members of Parliament and prioritize the welfare of the people. Emphasizing India’s commitment to achieving carbon net-zero, he stated that the focus would remain on non-fossil-based energy sources. The Union Minister also stressed the importance of enhancing storage capacity to ensure affordable and reliable power for everyone. He also emphasised that state and central governments need to work in coordination to achieve the targets.

Minister of State for Power Shripad Yesso Naik said that India is energy transition as per the NDCs and is on path of achieving SDGs .

He said that the National Electricity Plan (NEP) is a short-term framework of five years while giving a 15-year perspective.

The fourth NEP prepared by Central Electricity Authority includes a review of the period 2017 -22, detailed capacity addition requirement during the years 2022-27 and Perspective Plan projections for the years 2027 -32.

Installed generation capacity as on October 31, 2024 was 454.5 GW comprising of 243.1 GW thermal, 8.2 GW Nuclear, 203.2GW Renewables including large hydro of 46.97 GW.

The peak demand has grown at a CAGR of 16 per cent from 2013-14 to 2023-24 while energy requirement has grown at a rate of 5 per cent during 2013-14 to 2023-24.

The peak not met and energy not supplied is very minimal over last five years and was on account of factors other than lack of generation capacity in the country.