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The IEA applauds Indian government initiatives to conduct large-scale renewable energy auctions, open coal mining for private enterprises, and promote foreign investors’ accessibility to petroleum & energy markets. The report makes several reform suggestions to help India achieve its aim of open and well-functioning energy markets in areas like coal, gas, and electricity. India’s energy policy is to enhance energy production and eliminate energy poverty, emphasising developing alternative energy sources, such as nuclear, solar, and wind power. Building strong regulators to assure nondiscriminatory accessibility, transitioning beyond state allocation to market pricing, and optimising energy subsidies are only a few. Let’s discuss more Indian energy in detail.
India’s Energy Requirements
By 2040, the country’s energy needs are expected to quadruple, with power demand potentially tripling.
India’s oil consumption is predicted to rise faster than any other big economy (including China). As a consequence, India’s economy must prioritise strengthening energy security.
India’s oil demand will increase to 6 million barrels a day (BPD) by 2024, up from 4.4 million BPD in 2017. Domestic output is only likely to increase modestly, leaving the country increasingly reliant upon crude imports, thus prone to Middle East supply disruptions.
India’s oil refining capacity will increase to 5.7 million barrels per day (BPD) by 2024, making it a very attractive market for refineries investment.
Indian Energy Policies
Indian energy strategy aims to improve energy production and eliminate energy poverty by focusing more than on establishing alternative energy sources, such as nuclear, solar, or wind power. In 2017, India achieved total energy self-sufficiency of 63 per cent.
The International Energy Agency (IEA) was established in 1974 to coordinate a collective response to widespread disturbances in oil supplies.
30 countries make up the organisation. It is also made up of eight countries members of the Association of Southeast Asian Nations.
It is a self-governing intergovernmental organisation under the Organisation for Economic Co-operation and Development (OECD), with just an Executive Director in charge.
The company’s headquarters are in Paris, France.
Review of Indian Energy Policy in 2020
The International Energy Agency (IEA) regularly performs in-depth peer assessments of its member and association countries’ energy policies. This method aids in creating energy policies and promotes the exchange of worldwide best activities and experiences. This is the first comprehensive examination of India’s energy policies. It looks at the country’s accomplishments in growing its energy industry and the problems it confronts in guaranteeing a long-term energy future. India sets an encouraging example for many countries worldwide by extending access to electricity and clean cooking for its inhabitants while rapidly adopting renewable energies. This research delves into India’s elevation in global energy markets.
The Report’s Main Conclusions
The Indian government is commended in the IEA report because of its great performance in broadening citizens’ access to electricity, affordable, effective lighting, as well as clean cooking at record speed across historic schemes such as UJALA, but also UJJWALA, while also seeking energy market reform measures and also the rapid development of renewable innovations.
India’s renewable energy sources: The research describes India’s rapid renewable energy growth, which constitutes approximately 23% of the country’s cumulative installed capacity.
From 2000 and 2018, India’s energy efficiency gains were reduced by 15% of increased energy consumption, oil and gas imports, air pollution, and 300 million tonnes of Emissions of co2, as per the study.
As per the IEA research, the country’s energy need is expected to almost double by 2040, and its power demand could quadruple. It further stated that Indian oil consumption would expand higher than any other large economy. As a result, India’s economy must prioritise strengthening energy security.
The Report’s Recommendations
The report makes several reform suggestions to help India achieve its aim of open and well-functioning energy markets in areas like coal, gasoline, including power. Among them are:
To ensure nondiscriminatory access, robust regulators are needed.
When it comes to transferring from state allocation to market pricing, there are a few things to keep in mind. and
Energy subsidies should be rationalised even more.
According to the report, NITI Aayog can help states achieve power sector improvements, enhance grid integration, improve mobility, and integrate energy policy choices by cooperating with them.
The review also strongly recommends India create a national energy set of policies to institutionalise energy policy coherence throughout the administration.
Conclusion
Dr Fatih Birol and also his IEA team for producing a detailed study covering India’s entire energy sector, Shri Pradhan said. IEA’s research results affirm the substantial progress formed in realising Hon’ble Prime Minister Shri Narendra Modi’s energy vision, anchored by Energy Access, Energy Efficiency, Energy Sustainability, and Energy Security with Energy Justice at the central part. Instruments are required in the short term to deal with unexpected supply outages. I hope now you have all the necessary information regarding Indian energy. For better understanding, you must read this topic thoroughly so that it will clear all your doubts.
