India's power demand is set to double by 2030, which will require capacity addition and this will entail huge capital investment, Minister for Power R.K. Singh said on Friday.
He also noted that to achieve energy transition towards green hydrogen, distribution companies or DISCOMS across the country will have to follow prudent and sustainable financial practices to ensure that they are viable.
Singh made these observations while inaugurating the state power ministers conference in Udaipur.
"Capital investments would also be required for modernising the power systems and promoting new technologies like green hydrogen, storage, offshore wind etc. to help India achieve its energy transition trajectory. To this end, it is absolutely imperative that the DISCOMS across the country follow prudent and sustainable financial practices to ensure that they are viable," he said.
He also highlighted the achievements made in the recent years in power sector in terms of surplus generation capacity, development of national grid, universal access to all households and improved supply to rural areas.
At the same time however, he cautioned that there are existing challenges like continuous availability of 24x7 quality power, cyber security of the national grid and renewable energy integration, which need to be addressed through policy action and through collaboration and cooperation with all stakeholders.
It was highlighted that for the last four to five months, the demand for electricity has been growing at about 11 per cent, but the government has managed to meet the demand, even at a time when there is a global energy crisis.
"Coal prices have increased internationally but we have managed to keep electricity prices under control," Singh said.