Latest news with #PradhanMantriSuryaGharYojana
Time of India
an hour ago
- Business
- Time of India
PM solar scheme faces hurdles in six states despite national rooftop solar push
Pradhan Mantri Surya Ghar Yojana ( PMSGY ) beneficiaries are facing biggest hurdles in Andhra Pradesh, Karnataka and West Bengal, with less than 5 per cent applications resulting in installations. The scheme is facing major challenges in Meghalaya, Nagaland and Arunachal Pradesh as well, according to official data. These six states have performed much below the national conversion rate of 24.4 per cent under the scheme which has led to 1.14 million rooftop solar installations across the country till date. The absence of easy financing, despite directives issued by the Centre, is a major bottleneck hindering PMSGY implementation, said experts. Another key reason, according to them, is the lack of trained technicians, which has resulted in poor application to installation conversion rate in the eastern and north-eastern states. Gujarat, Maharashtra, Uttar Pradesh, Kerala and Rajasthan account for 78 per cent of rooftop solar installations in India. With a 75.7 per cent conversion rate, Gujarat has the highest efficiency with regard to PMSGY implementation. "High conversion rates indicate effective policy implementation and consumer awareness," said a study by The Energy and Resources Institute ( TERI ). The Centre approved a ₹75,021 crore outlay for PMSGY in February 2024. It aims to provide up to 300 units of electricity for free to 10 million Indian households which opt to install rooftop solar generation projects. The scheme offers 60 per cent subsidy on the cost of rooftop solar projects (up to 2 kW capacity) and 40 per cent of additional system cost for those with 2-3 kW capacity. "Bank loan is one of the major hurdles for marginalised segments seeking benefits under PMSGY as it is taking more time than envisaged," Alekhya Datta, associate director, electricity and renewables division, TERI, told ET.
Time of India
9 hours ago
- Business
- Time of India
PM solar scheme lags in Andhra, Karnataka, Bengal
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel New Delhi: Pradhan Mantri Surya Ghar Yojana ( PMSGY ) beneficiaries are facing biggest hurdles in Andhra Pradesh, Karnataka and West Bengal, with less than 5% applications resulting in installations. The scheme is facing major challenges in Meghalaya, Nagaland and Arunachal Pradesh as well, according to official six states have performed much below the national conversion rate of 24.4% under the scheme which has led to 1.14 million rooftop solar installations across the country till absence of easy financing, despite directives issued by the Centre, is a major bottleneck hindering PMSGY implementation, said experts. Another key reason, according to them, is the lack of trained technicians, which has resulted in poor application to installation conversion rate in the eastern and north-eastern Maharashtra, Uttar Pradesh, Kerala and Rajasthan account for 78% of rooftop solar installations in India. With a 75.7% conversion rate, Gujarat has the highest efficiency with regard to PMSGY implementation."High conversion rates indicate effective policy implementation and consumer awareness," said a study by The Energy and Resources Institute ( TERI ).The Centre approved a ₹75,021 crore outlay for PMSGY in February 2024. It aims to provide up to 300 units of electricity for free to 10 million Indian households which opt to install rooftop solar generation projects. The scheme offers 60% subsidy on the cost of rooftop solar projects (up to 2 kW capacity) and 40% of additional system cost for those with 2-3 kW capacity."Bank loan is one of the major hurdles for marginalised segments seeking benefits under PMSGY as it is taking more time than envisaged," Alekhya Datta, associate director, electricity and renewables division, TERI, told ET.
United News of India
30-05-2025
- Business
- United News of India
Op Sindoor a testament to success of 'Aatmanirbhar Bharat': Yogi
Kanpur, May 30 (UNI) Chief Minister Yogi Adityanath on Friday saluted the valour of the Indian Army, saying that due to the bravery of its soldiers under the guidance of Prime Minister Narendra Modi, the whole world now exemplifies India for its power and capability. During the launch of projects worth Rs 47,000 crore by Prime Minister Modi in Kanpur, the CM praised and congratulated the PM on his first visit to Uttar Pradesh after 'Operation Sindoor'. He said the bravery that the Indian forces have displayed by destroying the enemy's air defence system also made the world realise the power of 'Made in India' started by Prime Minister Modi 10 years ago. "This is also a great example of the success of self-reliant India," he said. Yogi said projects worth Rs 47,600 crore received by the state are the foundation of a developed India. Welcoming the PM in the industrial city of Kanpur, located on the banks of the Ganga, Yogi said: "I welcome him wholeheartedly on behalf of the people of the state. This land was once the pioneer of the industrial revolution, and today, it is going to write a new saga of development." The CM described 'Operation Sindoor' as a symbol of India's military power and self-reliance and said that first surgical strike, then air strike and now 'Operation Sindoor', the Indian Army under the leadership of Prime Minister Modi has shown the world that India now believes not only in responding but also in deciding the style of responding. "This is a strong example of Made in India and self-reliant India," he said. On the foundation stone laying and inauguration of projects worth Rs 47,600 crore in Kanpur by Prime Minister Modi, the CM said that this programme is a big step to take UP forward as a 'growth engine' of a developed India. He said that after the first phase of Kanpur Metro launched by PM Modi in the year 2021, now the second phase has been inaugurated, which will make the public transport system of the city modern and convenient. Referring to UP's energy sector, Yogi said with the start of thermal power plants in Panki, Ghatampur, Jawaharpur (Etah), Obra (Sonbhadra) and Khurja (Bulandshahr), the power capacity of the state has increased from 15,000 MW to 25,000 MW. He said that by the end of the year, it will increase by another 4,000 MW. While counting UP's achievements, he said that electricity has reached 1.21 lakh hamlets of the state and free connections have been given to 1.78 crore poor families. "Under the Pradhan Mantri Surya Ghar Yojana, free rooftop solar facility has been provided to 1.31 lakh houses and the target of more than 11 lakh applications will be completed soon." UNI AB PRS
Time of India
28-05-2025
- Automotive
- Time of India
EVs, green hydrogen, data centres to catalyse India's electricity demand in next 5 years: ICRA
A trifecta of accelerating electric vehicle (EV) adoption, green hydrogen (GH), and an increase in data centre capacity is expected to significantly catalyse electricity demand between FY26 and FY30, according to ICRA. The electricity demand in India over the next five years will achieve a healthy compound annual growth rate (CAGR) of 6-6.5 per cent, higher than the nearly 5 per cent CAGR achieved in the last 10 years, driven by the abovementioned three sectors, the ratings agency said in a research note, which ETAuto has reviewed. 'These three segments are expected to contribute to 20-25 per cent of the incremental demand over the next five-year period from FY26 to FY30. The growth in demand for grid capacity is expected to be offset to some extent, by the rising adoption of rooftop solar and off-grid projects, driven by schemes such as the Pradhan Mantri Surya Ghar Yojana,' said Vikram V, vice president & co-group head (corporate ratings), ICRA. For the EV, in particular, ICRA said the sector is expected to witness an increase in penetration across the segments, primarily led by the adoption of three-wheelers, followed by two-wheelers, e-buses, and passenger vehicles. Regarding GH, ICRA said it considered a gradual scale-up in capacity, given the relatively higher cost of GH against grey hydrogen currently. 'While a major portion of the incremental demand is expected to be met through increase in the renewable energy (RE) capacity, the Central and state governments are encouraging new thermal power projects to ensure sufficient buffer in the installed capacity to meet the growing demand,' ICRA said. The ratings agency has projected a modest 5–5.5per cent growth in electricity demand in FY26, lower than the country's expected GDP growth of 6.5per cent, attributing it to an early monsoon that is likely to affect demand for cooling and for agricultural activities. Though this marks an improvement over the 4.2 per cent growth seen in FY25, it falls short of the 8 per cent growth between FY22 and FY24. Despite renewable energy driving most of the upcoming 44 GW power capacity addition in FY26, coal-based capacity is also expected to grow by 9–10 GW as a buffer. This dual strategy reflects government efforts to ensure grid reliability while managing clean energy transitions, said ICRA. Discom finances remain a concern amid EV-driven load increase Distribution companies (discoms), which are key to delivering reliable charging infrastructure, continue to face financial strain. Discom debt rose to ₹7.4 trillion by March 2024, and tariff hikes remain subdued. ICRA projects the all-India cash gap at 35 paise per unit for FY2026 and maintains a negative outlook on the distribution segment. 'ICRA's outlook for the power distribution segment remains Negative amid limited tariff hikes and continued lossmaking operations. The progress in the smart metering programme along with the timely implementation of fuel & power purchase cost adjustment framework would play an important role in improving the discom finances, going forward,' said Vikram V.
Time of India
28-05-2025
- Business
- Time of India
Electricity demand to grow 5-5.5% in FY26; 44 GW capacity addition likely: ICRA
New Delhi: India's electricity demand is projected to grow by 5.0–5.5 per cent in FY2026, trailing the anticipated GDP growth of 6.5 per cent, according to ICRA. The lower projection is attributed to the early onset of monsoon and the expectation of an above-average rainfall, affecting cooling and agricultural demand. The projected growth is higher than the 4.2 per cent reported in FY2025 but lower than the over 8.0 per cent growth recorded between FY2022 and FY2024. ICRA estimates the all-India thermal plant load factor (PLF) to remain flat at 70.0 per cent in FY2026, compared to 69.5 per cent in FY2025. This is despite an expected addition of 9–10 GW thermal capacity, with renewable energy sources contributing significantly to the generation mix. "Over the next five years, ICRA expects the electricity demand to achieve a healthy compounded annual growth rate (CAGR) of 6.0–6.5 per cent, higher than the ~5.0 per cent CAGR achieved over the past decade, driven by the demand from rising adoption of electric vehicles (EVs), green hydrogen (GH) and the increase in data centre capacity," said Vikram V, Vice President & Co-Group Head – Corporate Ratings, ICRA. EVs, green hydrogen, and data centres are expected to contribute 20–25 per cent of the incremental power demand during FY2026–FY2030. Rooftop solar and off-grid installations, supported by initiatives like the Pradhan Mantri Surya Ghar Yojana, are likely to partially offset the increase in grid-connected demand. Total power generation capacity addition is expected to touch 44 GW in FY2026, the highest-ever addition in a single fiscal, surpassing the 34 GW added in FY2025. This would take the overall installed capacity to nearly 520 GW by March 2026. Of this, thermal capacity additions are estimated at 9–10 GW, while the remaining would come from renewable energy. The under-construction thermal capacity has increased to over 40 GW in the last 12 months. In the spot market, average power tariffs on the Indian Energy Exchange declined to ₹4.4 per unit in FY2025 from ₹5.2 in FY2024, owing to slower demand and higher available capacity. Coal stock at thermal plants stood at around 20 days as on May 21, 2025, the highest in five years, due to improved supply and lower growth in thermal generation. Lower imported coal prices and improved availability are expected to keep short-term tariffs stable in FY2026. Book losses for distribution companies (discoms) declined in FY2024 over FY2023, helped by tariff hikes, subsidies and state grants. However, the cost-tariff gap continues across most states. Gross debt for state-owned discoms rose to ₹7.4 lakh crore as of March 2024 from ₹6.6 lakh crore in March 2023, driven by borrowings for settling past dues and funding capex and working capital requirements. "The tariff orders for FY2026 have been issued in 19 out of the 28 states as of May '25, reflecting a moderate progress in issuance of tariff orders. Despite the loss-making operations of the discoms, the tariff hikes approved for FY2026 remain muted across most states, similar to FY2025," Vikram V added. ICRA projects the cash gap per unit for discoms at the all-India level to remain high at 35 paise per unit in FY2026 and maintains a "Negative" outlook for the power distribution segment. The implementation of smart metering and timely execution of fuel and power purchase cost adjustment mechanisms are identified as crucial for financial recovery of discoms.
