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Wind Energy At Parity With New Coal In India

Wind energy is now cost competitive with new-build coal capacity in India, and solar is likely to follow suit sometime between 2016-18, according to a report by HSBC.

The report on India Renewables, Good bye winter, hello spring, published on April 30, says the growing cost-competitiveness of renewable energy with new-build coal – and the arrival of wind parity, despite the upper wind FiT range being around 15 per cent lower than the upper tariff range for new coal capacity (see chart 3 below) – is helping to drive strong renewables growth on the sub-continent.

India’s share of renewable generation in the total electricity mix increased to around 6 per cent in the 2012/13 financial year – an amount the government is hoping to grow to 20 per cent by the end of 2020, to help meet the nation’s a peak power deficit of 12GW, or around 9 per cent of its demand.

“With electricity demand expected to grow and conventional power capacity facing its own challenges, we expect developers and investors to favour renewable capacity addition,” says the report, pointing to increasing constraints on new-build coal, gas and nuclear, as well as increasing levels of water stress.
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