Ajay Shankar, Distinguished Fellow at The Energy and Resources Institute (TERI), outlines India’s strategy for its green energy transition, stating that building new thermal power plants is no longer commercially viable. A TERI study indicates that electricity from renewables combined with storage is significantly cheaper than power from new thermal plants. To meet the country’s needs, Shankar asserts that the required scaling for energy storage is ‘gigantic,’ necessitating annual bids for storage that match those for renewable energy. He advocates for a technology-agnostic approach, allowing the market to determine the most viable solutions, including battery storage, pump storage, and concentrated solar thermal. This integration is necessary at all levels to provide round-the-clock green electricity. Shankar also suggests a policy of paying a slightly higher price in the short term to foster a self-reliant domestic manufacturing ecosystem, which would ultimately position India as a global leader in energy storage and give its industry a competitive advantage under Europe’s Carbon Border Adjustment Mechanism (CBAM).
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