Power Surge: The Next Five Years of Energy Expansion
The country's power demand is expected to grow by 6-6.5% over the next five years due to rising electric vehicle and green hydrogen adoption, along with data center expansion. The generation capacity is projected to hit 44 GW by FY2026, with significant contributions from renewable energy.
- Country:
- India
The nation's power demand is set to surge by 6-6.5% annually over the next five years, spurred by the increasing adoption of electric vehicles and green hydrogen, according to ICRA's recent analysis.
Electric vehicles, green hydrogen, and expanding data center capacities will drive 20-25% of the new demand through FY2026 to FY2030. Vikram V, Vice President at ICRA, noted this in a recent webinar, highlighting the projected all-time high of 44 GW in generation capacity by FY2026.
While renewable energy will play a vital role in this expansion, the thermal segment is also expected to see an under-construction capacity increase, contributing 9-10 GW. This growth is somewhat counterbalanced by the rising adoption of rooftop solar and off-grid projects, supported by initiatives like the Pradhan Mantri Surya Ghar Yojana.
(With inputs from agencies.)
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