Latest News | R K Singh Seeks States Cooperation to Achieve Rs 50 Lakh Cr Investment in Power Sector in Next Decade
Get latest articles and stories on Latest News at LatestLY. Union Power Minister R K Singh on Saturday sought states' cooperation to achieve the investment target of Rs 50 lakh crore in the power sector against the backdrop of estimates of doubling of electricity demand in the next decade.
New Delhi, Oct 15 (PTI)Union Power Minister R K Singh on Saturday sought states' cooperation to achieve the investment target of Rs 50 lakh crore in the power sector against the backdrop of estimates of doubling of electricity demand in the next decade.
Singh chaired the conference of power and renewable energy ministers of state/ UTs held on 14th and 15th October 2022 in Udaipur, Rajasthan.
"The Union Minister sought the cooperation from the states in achieving the ambitious goals that are set before the power sector," an official statement said.
According to the statement, ensuring 24x7 reliable electricity supply is critical to ensure the socioeconomic development of the country.
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The electricity demand in the country is set to double in the next decade and necessary capital investment, estimated over Rs 50 lakh crore, across power generation, transmission and distribution will be required to cater to such demand, it stated.
It is therefore essential to source funding for these investments from multiple sources, it also stated.
To ensure future energy security, implementation of energy storage including BESS (battery energy storage system) and Pumped Storage Hydro projects should be taken up on priority.
Future technologies including Green Hydrogen, Off Shore Wind, Off-grid and Decentralized Renewable Energy (DRE) applications need to be adapted.
Attracting large-scale investments requires ensuring ease of doing business in the country for effective private-sector participation.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)