Developing a 100% renewable energy power system can help India halve its power costs and reach net zero carbon emissions before 2050, according to The Institute for Energy Economics and Financial Analysis (IEEFA), citing a power system modeling study launched by Wärtsilä and the Finnish Lappeenranta-Lahti University of Technology.
Increasing the share of Indian renewable energy in the electricity structure from the current 25% to 100% in 2050 could cut the cost of power generation by 48%, from 6,000 rupees/MWh in 2020 to 3120 rupees /MWh ($41.54/MWh), the modeling showed.
The power generation cost includes the standardization cost of power generation, energy storage cost, transmission interconnection, and the curtailment of surplus renewable energy power generation costs.
According to this study, the combination of renewable energy and flexible power generation technologies, such as thermal balancing power plants and energy storage, can improve the affordability of electricity while ensuring the reliability of power system operation.
The research also shows that by 2050, India's electricity demand will increase to 5,921 TWh, up 340% from 1,345 TWh in 2020, with the peak load reaching 1.023 GW.
According to this modeling, India can affordably meet this increased power load through renewable energy, with low-cost solar energy.
(Writing by Emma Yang Editing by Harry Huo)
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