The energy sector is going through a grand transition as conventional energy entities across the entire value chain need to adapt through innovation, collaboration and adoption of new business models. The World is witnessing a revolution that is fundamentally changing the way we live, work and relate to one another through revolutionary technological penetration which is termed ‘Energy 4.0’.
The 7th India Energy Congress organised by the Council’s Indian member committee, convened key players within the Indian and global energy sector, earlier this month under the theme ‘Energy 4.0- Energy Transition towards 2030’. More than 400 experts discussed the ‘fourth energy revolution’ and outlined a map for 2030, in light of increasing digital disruptions.
Delegates agreed Energy 4.0 will need to address issues of future market design, balance relationships between market partners, and evolve the need for policy and regulatory regimes, to keep pace with digital technological advancements in the face of the grand transition.
This year the congress was much more ambitious on renewables than three years ago with energy Ministers predicting that India will exceed its target of 175GW renewable capacity and reach 200 GW by 2022.
Christoph Frei, Secretary General, World Energy Council, commented: “Renewable integration will be a critical focus going forward. As coal prices go up, renewable prices go down, there will be a shifting appetite towards renewables."
Piyush Goyal, Minister for Coal, said India should strive for 50 per cent of its power generation capacity from renewable sources by 2030 on the back of technological advancements in solar and wind energy.
"With technological advancements in solar power and large turbines in wind energy, the country should strive for 50 per cent generation capacity from renewable sources by 2030," Goyal said while addressing the Congress.
Sub-themes during the congress included:
Political and energy environment 2030
Energy investments in an uncertain world
Variable Renewable Energy sources integration
In addition to Dr Frei, key speakers included: Mr R. K. Singh, Honourable Minister of State (IC) for Power and New & Renewable Energy; Mr K Dharmendra Pradhan, Honourable Minister of Petroleum and Natural Gas and Skill Development & Entrepreneurship; Mr Piyush Goyal, Honourable Minister of Coal & Railways; Dr Rajiv Kumar, Honourable Vice Chair NITI Aayog; Mr Ajay Kumar Bhalla, Secretary, Ministry of Power and Chairman, World Energy Council India; Mr Susheel Kumar, Secretary, Ministry of Coal; Anand Kumar, Secretary, Ministry of New & Renewable Energy; Mr K. D. Tripathi, Secretary, Ministry of Petroleum & Natural Gas; Dr Ahmad Kaikaus, Secretary (Power Division) Ministry of Power, Energy & Mineral Resources (MPEMR), Government of Bangladesh & Chairman, BIFPCL; Mr Gurdeep Singh, Chairman & Managing Director, NTPC & Secretary, World Energy Council India; and the presence of organisations such as Deloitte, PwC, KPMG and McKinsey.
The event also provided a platform to promote the 24th World Energy Congress in Abu Dhabi, 2019.