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Effect of petrol and diesel prices, so many people have bought electric vehicles in the country

New Delhi. For the last few days, after the skyrocketing of petrol-diesel prices, people’s interest in electric vehicles has increased. This is the reason why people in India have bought record breaking EVs in the last one year. With this, in the financial year 2021-22, the new capacity of non-hydro renewable energy stood at 15.5 GW, as against only 7.7 GW installed in the previous financial year. This has been revealed in the new edition of the Market Handbook of the Council on Energy, Environment and Water-Center for Energy Finance (CEEW-CEF), which was released today.

Further, during the financial year 2021-22, the increase in total coal based power generation capacity witnessed a decrease of around 33 per cent as compared to the previous financial year. While the peak power demand reached a high level, this resulted in a 1.4 GW shortfall in the peak power demand supply in March 2022, from just 0.5 GW in March 2021. With India’s renewable energy generation capacity (including hydroelectricity) of 150 GW, it is well short of the target of setting up 500 GW of power generation capacity from non-fossil fuels by 2030. To achieve the 2030 target, about 40 GW of capacity will need to be installed annually.

In this regard, Gagan Sidhu, Director, CEEW-CEF said, “More than 100% jump in renewable energy capacity addition in 2021-22 as compared to FY 2020-21 is good, but recently the power sector has been affected. Due to the pressure, many states are facing fears of power cuts. This underlines the fact that thermal power will continue to play a central role in energy needs in the future. While increasing the capacity of renewable energy can substantially overcome the problems with the supply of thermal energy, it also makes up for one of the major drawbacks of renewable energy – intermittency (disruption from natural causes, such as the use of solar energy when there is no sunlight). Large scale battery storage needs to be installed to avoid production stagnation. Newer forms of power purchase like hybrid and round the clock (R-T-C) also offer some degree of protection against intermittency.

Interestingly, 17.5 GW of renewable energy capacity was auctioned in FY 2021-22, of which 4.3 GW, or one-fourth, was under these new procurement formats. We can expect this share to increase further as it appears that discoms are turning to developers to tackle the problem of intermittency in renewable energy generation.

Dues of electricity supply companies increased

Overall, in terms of total power generation capacity addition, renewables accounted for a little over 89 per cent of the total 17.3 GW added in FY 2021-22, up from a little over 63 per cent in FY 2020-21. In addition, the share of solar power in the total renewable energy capacity increased by FY 2021-22 was 90 per cent, with the share of installed rooftop solar capacity rising by 21 per cent to 2.3 GW. The cost of solar PV modules has increased due to rising raw material cost and supply chain constraints. Due to high cost of solar PV modules and imminent imminent basic custom duty, the rate of solar power generated for the financial year 2021-22 stood at Rs 2.14/kWh as against Rs 1.99/kWh in the financial year 2020-21. this year Budget In 2016, the Central Government has announced an additional incentive of more than Rs 19 thousand crore to increase the domestic manufacturing of solar cells and modules. The CEEW-CEF handbook shows that the total dues of power distribution companies during this period increased by 32 per cent to Rs 1.28 lakh crore as compared to the previous financial year.

Electric vehicle sales up 230 percent

According to the CEEW-CEF handbook, sales of electric vehicles in FY 2021-22 grew by over 230 per cent to reach 4.2 lakh units as against 1.2 lakh units in the previous fiscal. Not only this, the share of electric vehicles in the total vehicles sold during the financial year 2021-22 was more than 2.6 percent, which was less than one percent in the previous financial year. Increase in petrol price and launch of new models along with government incentives under the Faster Adoption and Manufacturing of Electric and Hybrid Vehicles (FAME-II) scheme has boosted sales of zero-emissions vehicles, especially electric two-wheelers. Made a significant contribution in increasing The funds allocated for the FAME-II scheme in the Union Budget 2022-23 increased to Rs 2,908 crore from Rs 800 crore in the financial year 2021-22.

EVs account for 4 percent of total vehicle sales

Ruchita Shah, Research Analyst at CEEW-CEF, said, “Nationally, electric vehicles crossed the share of four per cent in total vehicle sales in March 2022. These figures show that this shift is heavily inclined towards electric two-wheelers and three-wheelers. Since charging of electric two wheelers and three wheelers does not require very efficient infrastructure, the participation of smaller towns/cities in this change is likely to be good.

Tags: Electric Scooter, Electric Vehicles, Electricity

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