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India | Energy Storage Sector Review 2023

India | Energy Storage Sector Review 2023

Top Developments In Energy Storage Sector Across Policies, Regulations, Announcements in India in 2023 1

Framework for ESS and Guidelines for promoting Pumped Hydro, Guidelines issued for competitive bidding of RE+ESS projects

Viability Gap Funding (VGF) for 4 GWh of Standalone BESS projects (INR 3,760 Crores) approved by Government

Central Electricity Regulatory Commission (CERC) allowed ESS to participate in High Price – Day Ahead Market (HP-DAM) segment

Government identified 30 critical minerals for India, also 20 blocks of critical raw minerals were put to auction during the year

In 2022, Government set a target of 4% Energy Storage Obligation (ESO), till date 10 states has aligned the same in state RE Policies

Rajasthan became the first state to declare Energy Storage target for 2030, the state has put forward a target for 10 GWh by 2030

CEA revised India’s ESS Demand to 61 GW/336 GWh by 29-30. A total Investment of INR 368K will be required between 27-32

Lithium Reserves were discovered in the states of Jharkhand & Rajasthan

50 GWh of battery manufacturing capacity related announcement were done in 2023

A total of 25 Energy Storage Linked Tenders were released during the year associated with a capacity of 40 GWh ESS Capacity

Source; Economic Times; PIB.gov - Cabinet; PIB.gov - CERC; Critical Minerals; Economic Times - Mineral Blocks; MNRE.gov - Energy Storage Obligation; Mercom India- Rajasthan Energy Storage Target; Solarquarter - CEA; Jharkhand; CNBC - Rajasthan; Economic Times - 50GWh; JMK - ESS tenders

Extracted from the PDF; charts and images may read imperfectly.