Energy Storage - Pumped Storage To Take High Ground In Near Term: CareEdge

CareEdge Research Report

Given the new renewable purchase obligation and energy storage obligations norms, there is an increased impetus on capacity augmentation of energy storage systems. Assuming four hours of storage per giga watt, India requires ~12 GW storage capacity in FY24, which is likely to increase further to ~70 GW by FY30.

The industry would necessitate ~Rs 14 lakh crore incremental debt financing for the installed renewable energy capacity to reach 425 GW, pumped storage projects capacity of 19 GW and battery-enabled storage solutions (BESS capacity) of 42 GW by 2030.

Levelized cost of storage from PSP remains competitive at Rs 4.81 per unit as against Rs 11.64 per unit from BESS.

Assuming round-the-clock supply of RE, the landed cost from PSP is ~Rs 4.74 per unit as against Rs 6.59 per unit from BESS. Significant technological advancements, cost economies and financing stimulus are needed to uplift BESS.

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