Published: 11th May, 2024
Context
In 2023–24, coal's historical share of India's installed power capacity dropped below 50%, which was a significant turning point in the nation's transition to renewable energy.
Key-findings of CEEW Centre for Energy Finance (CEEW-CEF) Market Handbook
- During the fiscal year, India installed 26 GW of new power generation capacity, of which 71% came from renewable energy sources.
- India's installed capacity totalled 442 GW, of which 144 GW (33%) and 47 GW (11%), respectively, came from renewable sources.
- Coal: For the first time, India's installed capacity percentage accounted for less than 50% of coal and lignite.
- From 54.8% in FY21 to 52.7% in FY22 to 50.9% in FY23 and 49.2% in FY24, the proportion of coal in installed capacity has gradually decreased. This is mostly due to the notable increase in renewable energy.
- Solar Power: At 15 GW (81% of additional renewable capacity), solar power, including rooftop and grid-scale installations, led India's expansion of renewable capacity.
- Wind Power: Wind capacity increased from 2.3 GW to around 3.3 GW in the preceding year.
- Nuclear Power: The addition of 1.4 GW of nuclear capacity marked a first since the 2017 fiscal year.
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