Adequate power will produced as demand set to rise, says Union Power Minister RK Singh; to bring Electricity Act amendment soon

The government will continue to produce power as per the requirements and any compromise with it is unacceptable, Union Power Minister RK Singh said on Thursday. Singh said that energy was vital for the country's economic development, and it cannot be taken lightly. 

The minister informed that country's per capita emissions are 1/3rd as compared to the world.

The minister also highlighted how increasing the number of grids has made it easier the generation of electricity, procurement, and transmission. The country's capacity is surplus, although the production is neck to neck, he added.

The country needs more coal to increase power generation. Therefore, imposing production/mining limits on coal is unfair, he said.

He further said that the capacity of renewable energy will continue to increase. Presently there is immense investment potential in the energy sector, he said, adding that rising demand is a good trend.

PLI scheme has been introduced to increase the storage. This will reduce the prices. Whereas the cost of renewable energy may range from Rs 6.50 to Rs 7, which will be due to storage.

The power minister announced that if a renewable energy plant is set up anywhere in the country, then free transmission and cheap finance will be provided. This will reduce the hurdles of the states, he added.

He further said that green hydrogen is the new focus of the world. That's why the industry should invest in it. Adding to that Singh said he would soon announce more concessions and policy support to boost green hydrogen production in the country.

Apart from this, the Union Power Minister said on June 16, 2022, that the Electricity Act amendment will be introduced soon. The electricity bill will be presented in the monsoon session. 

There will be a clause on DISCOM portability under which the licensed system will end and any government or private company can start service in any area and the customer will be able to port at their convenience.

It is to be noted that till now this is done with the approval of the state. Along with this, fines are also imposed for non-compliance with renewable energy.

The minister said the government will soon sign MoU with Arunachal Pradesh for a 30 thousand MW hydro project. The same will be done in Kashmir as well.