Daily News Wrap-Up: Solar’s Share in Renewable Capacity Rises to 40%

India’s 500 GW non-fossil energy target moved to 2031-32

February 12, 2024


Solar power accounted for 16.9% of the total installed power capacity and 40.1% of the total installed renewable capacity at the end of December 2023. Solar power’s share increased by 0.3% from the last quarter, when it accounted for 39.5% of the total renewable capacity. India’s renewable energy capacity, including large hydroelectric projects, made up 42% of the country’s cumulative power capacity, with 179.5 GW installed at the end of the calendar year 2023.

The government has moved the target year to install 500 GW of non-fossil energy capacity to 2031-32 from 2030, Union Minister for Power and New & Renewable Energy R K Singh has informed Parliament. Prime Minister Narendra Modi announced India’s commitment to achieving the milestone at the COP26 Summit in Glasgow, Scotland, in November 2021. He had also said India aimed to become a carbon-neutral economy by 2070.

The Maharashtra Electricity Regulatory Commission has directed Maharashtra State Electricity Distribution Company (MSEDCL) to refund the energy wheeling charges to three solar developers, holding that there was no merit in MSEDCL’s claim that the 33 kV line is part of its distribution system. Three open-access consumers and solar generators had filed cases under the Electricity Act 2003.

Coal India has invited expressions of interest to empanel engineering procurement and construction-cum-operation and maintenance contractors for ground-mounted and floating solar power projects. The empanelment will be for two years with a further two years extension provision.

Jharkhand State Electricity Regulatory Commission (JSERC) has formulated regulations for group net metering and virtual net metering in the state. The rules are expected to help achieve the goals outlined in the Jharkhand State Solar Policy 2022. Referred to as the Jharkhand State Electricity Regulatory Commission (Group Net Metering and Virtual Net Metering) Regulations, 2024, these rules will be effective upon their publication in the Jharkhand State Government Gazette.

Gujarat-based power company Torrent Power recorded a profit after tax (PAT) of  ₹3.74 billion (~$45.05 million) for the third quarter of the financial year 2023-24, a year-over-year (YoY) decrease of 46%. The decline in PAT was primarily due to increased expenses, notably fuel costs, which surged by 142% YoY to ₹10.4 billion (~$125.28 million).

JSERC has issued Jharkhand State Electricity Regulatory Commission (Verification of Captive Generating Plants and Captive Consumers) Regulations, 2024. The regulations aim to specify a methodology to verify the status of captive generating projects and captive consumers when consumers import power from their respective captive generators located either within the state or outside and the consequences of their not meeting the conditions.