GWEC Asia Member Networking Day – Singapore Edition
5 June, Singapore
GWEC India is organizing the launch of its flagship publication, the “India Wind Energy Market Outlook 2026“, jointly developed by GWEC India and MEC+. The outlook highlights India’s progress in the previous financial year and also discusses projections for the coming years. In this year’s edition, we are emphasizing the growing prioritization of decarbonization and how the role of wind energy becomes more pivotal.
Having committed to net zero by the 2070 target at the COP26, India is now ramping up efforts for the decarbonization of its economy. The government is pulling all stops to meet the target by moving away from fossils and promoting green power, green hydrogen, ESG targets, electrification of transport, as well as energy efficiency. To meet expectations created through these interventions and to be able to overturn existing reliance on fossil fuels, renewable energy capacity addition across resources available in the country is extremely important. India has set a target of adding 140 GW of installed wind power capacity in this decade out of which approximately 100 GW is yet to be added.
Wind’s role is critical for the green energy transition story of India. Owing to wind power’s availability during peak hours and also after daylight hours when solar is not available, it becomes a propellent of a resilient system by playing a complementary role as well as a grid balancing role. Wind energy is already cost-competitive with fossil fuel-based generation. Further, harnessing India’s wind resources shall help in gradually reducing import bills and enhancing energy security.
Why do we need to discuss- ‘Revitalizing wind growth in India‘? Wind capacity addition continues to be a challenging territory in the country, despite a strong pipeline and robust economics. Major reasons for the issue can be attributed largely to the rising cost of the supply chain for wind OEMs during 2021. The Indian wind industry has faced a chain of disruptive events: inflation in raw materials, supply chain disruptions due to the war in Ukraine, increase in logistics costs, continuous delays in land and grid availability, and changes in duty and concession structures. This has led to a slow-down of the new pipeline and the anguishing of the existing pipeline. It is expected that nearly 2 GW of cancellations might happen on account of inflation.
Despite the slow-down in capacity additions, wind energy will play a critical role in meeting the burgeoning demand for power from a growing pool of consumers and newer demand centres such as electric mobility and green hydrogen production units. The country requires a fast pace growth in renewable energy tenders and renewable energy capacity addition – solar and wind energy capacity additions. India’s power demand is already estimated to swell from 1,276 TWh in 2021 to 2,172 TWh by 2030.
As the market for green power consumption across all sectors of the economy continues to grow, availability; reliability; and adequacy shall become leading enablers for retaining consumers and demand growth. This can only be met if we can optimally use renewable energy sources while also ascertaining a win-win proposition for all stakeholders. The buyers in the market including utilities and corporates are experimenting with projects and tender design. The market has started attributing value to electrons produced at a certain time, in a certain quality. Here, hybrid and round-the-clock (RTC), peak power tenders and projects emerge as technically viable and cost-competitive solutions.
The Global Wind Energy Council (GWEC) India and the MEC+ are honored to host the launch of the “India Wind Energy Market Outlook 2026” which outlines the progress of the Indian wind energy sector during the financial year 2021-2022 and also presents recommendations to boost the Indian wind energy sector and facilitate a fast-paced post-pandemic green recovery.
The outlook release will be complemented by remarks from senior government and industry leaders on the topic- ‘Revitalizing wind growth to power the energy transition’. This shall bring in the perspective of policymakers, buyers, developers, and supply chain on how can India renew the pace of wind installations and the role that wind is expected to play as the country chases its ambitious decarbonization targets.
5 June, Singapore
15 June, London, and worldwide
June 2023 | Not Specified Yet
28 June, New Delhi