Page 56 - Policy Economic Report_Jan 25

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

Record Capacity Additions

As of December 2024, India’s total renewable energy installed capacity has reached 209.44 GW, marking
an impressive 15.84% increase compared to 180.80 GW in December 2023. The total capacity added
during 2024 amounted to 28.64 GW, representing a significant year-on-year increase of 119.46%
compared to the 13.05 GW added in 2023.

Solar and wind surge

In 2024, solar power spearheaded this growth with the addition of 24.54 GW, reflecting a 33.47% rise in
its cumulative installed capacity from 73.32 GW in 2023 to 97.86 GW in 2024. Wind energy also
contributed to this expansion, with an additional 3.42 GW installed in 2024, increasing the total wind
capacity to 48.16 GW, a growth of 7.64% from 2023.

Growth in Bioenergy and Small Hydro Power

Bioenergy has shown remarkable growth, with its installed capacity rising from 10.84 GW in December
2023 to 11.35 GW in December 2024, reflecting a 4.70% increase. Small hydro power projects saw
incremental growth, with installed capacity increasing from 4.99 GW in 2023 to 5.10 GW in 2024,
representing a 2.20% rise.

MNRE issues Operational Guidelines for implementation of various components under PM-Surya Ghar:
Muft Bijli Yojana

Union Ministry of New and Renewable Energy has notified Scheme Guidelines for implementation of
‘Payment Security Mechanism’ Component and ‘Central Financial Assistance’ Component for RESCO
Models/ Utility Led Aggregation Models under PM-Surya Ghar: Muft Bijli Yojana.

The scheme offers two alternative implementation models for the installation of rooftop solar plants for
consumers: the RESCO (Renewable Energy Service Company) model, where third-party entities invest in
rooftop solar installations, allowing consumers to pay only for the electricity consumed without bearing
the upfront costs; and the Utility-Led Aggregation (ULA) model, where DISCOMs or state designated
entities will install rooftop solar projects on behalf of individual residential sector households.

Under this scheme component, ?100 crore corpus fund has been earmarked for Payment Security
Mechanism (PSM) for de-risking investments in RESCO-based grid-connected rooftop solar models in the
residential sector, which may be supplemented through other grants, funds and sources after due
approval of the Ministry.

It is clarified that these guidelines are in addition to the existing mode of implementation undertaken by
consumers (capex mode) through the national portal (https://www.pmsuryaghar.gov.in/), and these
alternative models will supplement the national portal-based implementation of the scheme.

January 2025 Page | 55