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Home News Power Sector News Private sector will be promoted in renewable energy - Farooq

Private sector will be promoted in renewable energy - Farooq

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farooq AbdullahUnion Minister for New and Renewable Energy Farooq Abdullah said the government was encouraging private participation in the non-conventional/renewable energy sector through a mix of fiscal and financial incentives and policy measures. Buoyed by the nod given to the Jawaharlal Nehru Solar Mission programme by the Union Cabinet, Dr. Abdullah said the measures taken for active participation of the private sector includes capital/interest subsidy, accelerated depreciation and concession in excise and customs duties.

Under the Electricity Act 2003, it has been made obligatory upon State Electricity Regulatory authorities to fix a minimum percentage for purchase of electricity from renewable sources. Preferential tariff for grid interactive renewable power is being given in most potential States, following the provisions made under the National Electricity Policy 2005 and National Tariff Policy 2006.

Uniform guidelines by CERC for fixation of such preferential tariffs have been issued recently. Generation Based Incentives Scheme on a pilot basis for Solar Power has also been introduced to attract private investment by Independent Power Producers not availing Accelerated Depreciation benefit.

Dr. Abdullah said the promotional efforts have led to grid-interactive renewable power generation capacity addition of around 6,367 MW during the last three years — 2006-07 (2,138 MW), 2007-08 (2,146 MW) and 2008-09 (2,083 MW). Further capacity of around 1056 MW has been added during the current financial year 2009-10 up to October-end. The total capacity addition of 7,423 MW is against the plan target of 14,000 MW and has taken place with mostly private investment, which is estimated at over Rs. 30,000 crore.

Source - Hindu

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