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Today Date : Monday, June 17, 2024

Budget lays encouraging steps in the right direction, says Wartsila Corporation

Budget lays encouraging steps in the right direction, says Wartsila Corporation

“India has pledged to achieve net zero emissions by 2070. The announcements made in Budget 2024 are encouraging steps in the right direction. Hon’ble Finance Minister has allocated significant resources to bolster the green energy sector, with a focus on harnessing India's vast offshore wind energy potential. The emphasis on 'Green Growth' underscores the holistic approach, recognizing the integral role of environmental sustainability in economic development. 

Wärtsilä’s recently launched its report  ‘Every Second Counts’ for India covers the three crucial principles for policy makers and the wider energy industry to follow when designing the future power systems. The build out of wind and solar power must be matched with flexible grid balancing engines and energy storage to ensure the optimal, lowest cost power mix. Secondly, we must design our energy markets to support flexibility for example creating capacity markets to ensure developers receive a return on their investment, even if a plant runs only intermittently to balance demand. And finally, we should introduce shorter time frames i.e. using 15 or even 5-minute time resolution in the power market trading.” quoted,  Venkatesh R., Managing Director & Director Energy Business, Wärtsilä India.