Page 52 - Policy Economic Report - October 2024

POLICY AND ECONOMIC REPORT
OIL & GAS MARKET

The minister also addressed the challenges of integrating variable renewable energy sources into the grid,
emphasising the need for advanced storage solutions. "We are exploring innovative technologies in pump
storage facilities and battery storage to ensure 24/7 power availability to our citizens," the Union Minster
explained.

Recognising the transformative impact of rapid urbanisation and industrialisation on power demand, the
government is focusing on grid infrastructure expansion and upgradation. The Union Minister stressed
the importance of creating a skilled workforce to support this modernisation, stating, "We must develop
a workforce capable of meeting the demands of a 21st-century energy system."

On occasion, Minister of State for Power and New & Renewable Energy, Shri Shripad Yesso
Naik, emphasised the need for meticulous planning to align the power sector with emerging priorities. He
called for a swift transition towards a diverse and cleaner energy mix, driven by ambitious sustainability
targets. "Significant investment will be needed in renewable technologies, energy storage solutions and
grid modernisation," Shri Naik stated. He highlighted the pivotal role of the Central Electricity Authority
in shaping the sector's transformation, noting its wide-ranging responsibilities from formulating national
electricity plans to setting technical standards. MoS stressed the importance of developing new skills,
regulatory frameworks, and market structures to manage the evolving energy landscape, asserting that
"electricity is not just a commodity, but a catalyst for growth, development and a sustainable future."

Among other speakers at the inaugural session, Shri Pankaj Agarwal, Secretary, Ministry of
Power, outlined India’s roadmap for a modern, energy-efficient power sector, emphasizing India's critical
role in the vision of ONE SUN, ONE WORLD, ONE GRID for a sustainable future.

He underscored the multifaceted nature of energy security, stating that it encompasses three critical
elements: affordability, adequacy coupled with reliability, and sustainability. He further alluded to the
recent G20 New Delhi Leaders’ Declaration, highlighting the ambitious targets set for the sector. "The G20
members have resolved to triple renewable energy capacity and double the rate of improvement in
energy efficiency," he noted. Looking ahead to COP29, the Secretary added, "We anticipate a requirement
for a sixfold increase in storage capacity.” He also underlined the need for a comprehensive planning
framework to meet demand optimally and securely while calling for the flexibilisation of Power Purchase
Agreements and reduced power costs for consumers.

India and Bhutan to Strengthen Hydropower Cooperation: Bhutan’s Minister of Energy & Natural
Resources Meets Union Minister Shri Manohar Lal

Minister of Energy and Natural Resources of Bhutan, His Excellency Lyonpo Gem Tshering, met with the
Union Minister of Power and Housing & Urban Affairs, Shri Manohar Lal, in New Delhi. The meeting
focused on strengthening the longstanding cooperation between the two nations in the hydropower
sector.

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