India to Have Second Largest Power Capacity in Asia This Year

A consultancy firm based out of London, BMI research has predicted that India will soon overtake Japan in terms of power capacity. The report further added that by the year 2020 there are chances that India has potential to overtake US in terms of energy production.

India is home to states like Tamil Nadu that utilizes more renewable energy than Sweden and Denmark. Even though the country is on renewable energy growth trajectory, a report by London based firm says that India is set to have second largest power capacity in Asia this year.

A consultancy firm based out of London, BMI research has predicted that India will soon overtake Japan in terms of power capacity. The report further added that by the year 2020 there are chances that India has potential to overtake US in terms of energy production.

The experts believe that the expected change is due to reduction of prices for solar and wind energy, given the fact that as of now solar and wind energy is cheaper than coal. Solar has positioned itself at par with coal in the country and that in fact has made India third largest solar market in the world.

The report further says that despite growth in cleaner source of energy like nuclear, non-hydro renewables and natural gas, the coal will continue to dominate the landscape. If the trend of other source of energy continues, the account of dependence on coal will be reduced by 10 percent. The current installed capacity of coal accounts to 85% which will be reduced to 75% by 2027.

The conclusion of the report has been premised on the fact that India will manage to complete its target of installing an additional 175 GW of renewable energy capacity by 2022.

Source: BI