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Vikas Yadav: We need to create the right policy ecosystem along with huge investments in battery storage manufacturing. Prime Minister Narendra Modi committed at COP26, to achieve 500 GW of Non-fossil fuel installed capacity by 2030 it shows that India's interest is rapidly moving towards clean energy and we can clearly see that Green incentives and the first phase of the green hydrogen policy have launched in the budget. This is really impressive.
India has set their climate goals and for making it happen it needs to increase renewable energy (RE) generation from the current 12-13 per cent to over a third of its total generation. Energy companies, policymakers, investors, the public sector, and financial institutions need to come together and make it possible at the grass root level.
Numbers say it all that how India is moving towards their climate goals like 300 GW addition of renewables in less than nine years and India’s remarkable journey in the solar sector alone, from a mere 35 MW in 2011 to 35,000 MW in 2021, Incredible!
Due to the nature of Renewable energy, we need unique flexible storage as per the requirements of the grid. This requires unique flexible storage systems. There are challenges in grid-balancing as India's synchronized grid faces increasingly variable generation and ever-changing demand patterns. The imbalance in demand and supply occurs at both seasonal and daily levels.
Across the world, the importance of batteries is increasing. It can be seen clearly how important this is for grid management. Here are some examples, In Australia, the 100MW Horns dale Power Reserve is realizing revenue from multiple applications like frequency support, market arbitrage, energy shifting, and renewable smoothening. Battery storage costs have declined sharply over the past decades a result, it can be seen that the battery storage grid in the US and UK is also providing an economically viable source of flexibility and reliability for the network.
Overall, battery storage is primarily being used to address three basic applications- frequency response management; energy transfer or mediation; and medium/long-term energy storage.
In India too, the demand for battery storage will see significant opportunities from electrified mobility as well as stationary storage requirements. India's battery storage market is expected to reach over 1000 GWh by 2030, which translates to a cumulative market size of $250 billion from today's extremely negligible as per NITI Aayog.
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