MILESTONE UPDATES
Maharashtra has Achieved 9.7 GW of its 22 GW by 2022 RE Target Maharashtra has a renewable energy potential of 75 GW, which is 8.3 percent of the country’s total potential. As per the state’s National Electricity Plan 2018, Maharashtra has a renewable energy target of 22 GW to be achieved by 2022. And, as of June 2020, the state has an installed renewable energy capacity of 9.7 GW, as per the latest report issued by the Institute of Energy Economics and Financial Analysis (IEEFA). 9.7 GW/ 22GW is a number capable of diverse opinions, as some (notably the authors of the report) believe that it highlights the need for a strong policy and investment drive to achieve the target, while others might see it as glass half full situation with 44 percent of the target achieved with just over two years left on the target deadline. The report goes on to add that to promote the deployment of renewable energy in the state, Maharashtra Electricity Regulatory Commission (MERC) has, from time to time, set a renewable purchase obligation (RPO) target. And in the financial year 2018/19, the leading Discom in the state i.e. MSEDCL, which is also the largest in the country with a customer base
of 27 million, was short of its RPO target by 1.5 percent for solar and non-solar energy, respectively. It filled the gap by buying renewable energy certificates (RECs) worth Rs 150 crore. The state announced an integrated Renewable Energy Policy in 2015, with a focus on developing renewable energy
capacity in the state. The policy also emphasised development of hybrid and distributed solar projects. The state has also been instrumental in the promotion of renewable energy by providing various incentives such as an exemption of electricity duty and a capital subsidy for selected technologies under this policy.
bp Shifts Focus; Planning for 50 GW Renewable Capacity by 2030 bp has introduced its new strategy that will reshape its business as it pivots from being an international oil company focused on producing resources to an integrated energy company focused on delivering solutions for customers. Within 10 years, the firm aims to have increased its annual low carbon investment 10-fold to around USD 5 billion a year, building out an integrated portfolio of low carbon technologies, including renewables, bioenergy and early positions in hydrogen and CCUS. By 2030, it aims to have developed around 50 GW of net renewable generating capacity – a 20-fold increase from 2019 – and to have doubled its consumer interactions to 20 million a day. Over the same period, its oil and gas production is expected to reduce by at least one million barrels of oil equivalent a day, or 40 percent, from 2019 levels. Its remaining hydrocarbon portfolio is expected to be more cost and carbon resilient. By 2030, the firm aims for emissions from its operations and those associated with the carbon in its upstream oil and gas production (addressed by Aim 1 and Aim 2 of its net-zero ambition) to be lower by 30-35 percent and 35-40 percent respectively. One interesting example is how, unlike Reliance in India, it plans to divest its chemicals portfolio at some stage in the future, soon. The firm has also set out a new financial frame to support a fundamental shift in how it allocates capital, towards low carbon 50 n August 2020 n Saur Energy International
and other energy transition activities. “Energy markets are fundamentally changing, shifting towards low carbon, driven by societal expectations, technology and changes in consumer preferences. And in these transforming markets, bp can compete and create value, based on our skills, experience and relationships. We are confident that the decisions we have taken and the strategy we are setting out today are right for bp, for our shareholders, and for wider society,” said Helge Lund, chairman.
