India’s Energy Storage Plans Need Subsidies, US Executive Says

The promising renewables market in India could be stifled by the high cost of power storage, which will become an essential component of the transition away from fossil fuels, Robert Piconi, chief executive officer of the company, said in a interview.

Piconi is traveling in India to talk with potential partners, including coal giant NTPC Ltd. and clean energy company ReNew Energy Global Plc. He said details of the partnership with NTPC will be disclosed later this year. India will soon accept bids for the construction of a 100 megawatt round-the-clock clean energy system, backed by storage, but until the technology’s price drops, new coal plants will continue to be planned in order to meet the needs of a growing economy, Power Minister Raj Kumar Singh said earlier this month.

Richer economies are deploying more aggressive subsidies to kick-start the energy storage market. In 2017, the European Union launched the European Battery Alliance, which so far has attracted about €100 billion in investment commitments. This year, the US issued a $9.2 billion conditional loan to Ford Motor Co. to build three battery factories.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Analysis-Europe heads more comfortably into winter without Russia's Nord Stream gasBy Kate Abnett, Nora Buli and Julia Payne BRUSSELS/OSLO (Reuters) - High levels of gas storage, lower energy prices and new sources of fuel mean Europe ...
Source: SaltWire Network - 🏆 45. / 63 Read more »

Boost in solar energy and electric vehicle sales gives hope for climate goals, report saysThe window to limit human-caused warming to a globally agreed goal is narrowing but still open because of the huge growth of solar energy and electric vehicles sales worldwide, a report said Tuesday. For the last two years, the rate of the build up of solar energy and electric vehicle sales were in line with achieving emissions reductions targets that will help cap warming to 1.5 degrees Celsius (2.7 degrees Fahrenheit) above pre-industrial levels, the Paris-based International Energy Agency sai
Source: YahooFinanceCA - 🏆 47. / 63 Read more »