“India’s energy transformation requires
three things: investment, investment and investment,” IEA executive
director Fatih Birol said here releasing the agency’s “India Energy
Outlook 2015″.
“India is set to contribute more than
any other country to the rise in global energy demand over the next 25
years, underlining its ever-great influence in Asia and on the world
stage; even so, its energy demand per capita in 2040 would still be 40
percent below the world average,” he said.
“A lot is being done already to overhaul
the energy regulatory system and get the incentives in place. This is
vital, as India will need to call upon a wider range of investors and
sources of finance than it has in the past,” he added.
India needs around Rs.700,000crore ($110
billion) per year in energy supply, and a further Rs.200,000 crore ($30
billion) a year to improve energy efficiency, Birol said.
He also said that over the next 25
years, 315 million people, equal to the current population of the US,
will be added to India’s urban population, raising the demand for energy
exponentially.
India’s ministry of new and renewable
energy (MNRE) said on Thursday that the country has added 2,311.88 MW of
grid-connected power generation capacity from renewable energy sources
like solar and wind till October of this financial year, against the
full fiscal’s target of 4,460 MW.
India’s total grid-connected power generation capacity from all renewable sources at the end of October was 3,8096.49 MW.
