India can halve electricity costs by 2050, says study

Chennai: India can cut its overall cost of electricity in half and reach net zero before 2050 by developing a 100 per cent renewable energy power system, according to modelling by global technology company Wärtsilä and the Finnish Lappeenranta-Lahti University of Technology.

The modelling shows a clear, actionable pathway to achieve a net zero electricity system that can bring enormous environmental and economic benefits to India, one of the world’s largest and fastest growing economies:

Increasing renewable energy from 25 per cent today to 100 per cent before 2050 cuts the cost of India’s electricity by 48 per cent, from $88 USD per megawatt hour in 2020, to $46 USD in 2050, it said.

A flexible 100 per cent renewable system provides large levels of excess power that can address India’s rising energy dependency, forecast to double by 2030.

Increasing renewable energy could also generate major new revenues from hydrogen production, creating a technology market worth $39.8 billion USD.

The modelling makes a clear case for immediate action to accelerate the development of a 100 per cent renewable energy system in India.

 

NT Bureau