Wind power tariff falls to Rs2.62/kWh in second auction of 1000MW

"We expect that solar PV capacity growth will be higher than any other renewable technology through 2022."According to the IEA's report on Wednesday, renewables accounted for almost two-thirds of net new power capacity in 2016".

The report predicts that three countries will make up two-thirds of the world's renewables expansion by 2022: China, the United States, and and India.

The US is to be the second-largest growth market for renewables despite uncertainties about the policy.

Renewable electricity generation is expected to expand by more than one-third by 2022, to more than 8 PWh - equivalent to. "Overall, weaker electricity demand, overcapacity and limited visibility on forthcoming auction capacity volumes in some markets remain challenges to renewable growth". The price is half what new wind farms were built for just two years ago, and means off shore wind power will be cheaper than nuclear energy in the United Kingdom for the first time.

The Paris-based IEA, the West's leading energy forecaster, had been criticised by environment campaigners in previous years for underestimating the growth of renewables and over-emphasising the continued role of fossil fuels.

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Misjudged the huge increases in solar power, forecasting less than 1 gigawatt (GW) of installed solar by 2016 when the total was 46 times that amount, and no more than 18 GW of wind power, when it reached 82 GW - a almost five-fold increase.

It also predicts fast growth in off-grid solar PV, which could bring electricity to nearly 70 million more people in Asia and sub-Saharan Africa. The world is collectively expected to grow renewable electricity capacity by 43 per cent between 2017 and 2022. "We expect that photovoltaic cells capacity growth will be higher than any other renewable technology through 2022".

For the first time ever, there were more grid additions from solar power than another other type of fuel, the International Energy Agency said Wednesday.

According to the provisions of scheme, an additional 100 MW capacity can be allotted to central public sector enterprises (CPSEs) willing to undertake development of inter-state transmission system (ISTS) connected wind power projects at the lowest bid tariff of Rs2.64/kWh, for which they have to submit their proposal within 30 days from the declaration of results of the e-reverse auction.

IEA also said that in spite of rapidly rising sales of electric vehicles (EV), the share of renewables in road transport will likely rise only slightly to 4.5% in 2022 from over 4% in 2016.

  • Rita Burton