Power utilities to earn $11 billion from power demand of Electric Vehicles
India is all set to adopt large number of electric vehicles (EVs) by 2030. A joint study by Assocham and Ernst & Young LLP suggested that the overall electricity demand from large-scale adoption of electric vehicles (EVs) in India is projected to touch 69.6 terawatt hours by 2030.
)
03:09 PM IST
India is all set to adopt large number of electric vehicles (EVs) by 2030. A joint study by Assocham and Ernst & Young LLP suggested that the overall electricity demand from large-scale adoption of electric vehicles (EVs) in India is projected to touch 69.6 terawatt hours by 2030, helping power utilities earn an additional revenue of $11 billion
The report also added that, increasing adoption of EVs across India will be instrumental in transforming the country's power sector and reduce emissions by 40-50 per cent. This will help the country to achieve carbon emission reduction targets.
Further, this mass adoption of EVs is expected to help the power and utilities sector realise net cost and revenue benefits from both demand and supply side, reports PTI.
"By 2030, EVs are expected to reduce emissions by 40-50 per cent, compared to internal combustion engine vehicles in an aggressive renewable energy scenario," the study said, adding that even if the grid continues to be coal-heavy, emissions are likely to reduce by 20-30 per cent.
The study also highlighted that the rapid transformation underway in the country's power and utilities sector via reducing the dependence on imported coal, rising energy independence with renewables, reducing plant load factors and national grid integration.
Watch this Zee Business video here:
According to the report, the study suggested a national regulated rate that can be applicable to all charging stations across India, observing that the government will have to quickly facilitate standardisation of charging infrastructure and incentivise R&D for advanced charging technologies.
"We expect the government to take active measures to streamline regulatory challenges and provide further policy impetus to drive uptake of EVs," the report stated.
As per the report, the success of India's EV mission depends upon development and proliferation of domestic manufacturing ecosystem. The absence of the electric vehicle chain in India requires an immediate investment in research and development and local manufacturing capabilities. It further said that, given the huge amount of capital investment involved, a clear policy guidelines are essential for EV market to take-off.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
)
444-Day Special FDs: SBI, BoB, IOB & Indian Bank—Which fixed deposit scheme offers highest return on your Rs 6.25 lakh or Rs 7.25 lakh investment
)
Power of Rs 1,50,000 PPF: How many years will it take to generate over Rs 90,000/month tax-free income from Public Provident Fund?
)
8th Pay Commission Indian Army Salary Hike Projections: Sepoy to Subedar Major to Brigadier revised basic pay estimates vs 7th CPC
)
450-day BOI vs 444-day BoB Special FD Rates: Know what senior citizens and others can get on Rs 10,00,000, Rs 20,00,000, and Rs 30,00,000 deposits
)
Top 5 Smallcap Mutual Funds with Highest SIP Returns: Rs 15,000 monthly investment in No. 1 fund has grown to Rs 20.17 lakh in just 5 years
)
8th Pay Commission vs 7th CPC: IAS, IPS, IFS, IRS projected salary hike calculations at 2.08 and 2.57 fitment factors; see estimates
)
UPS vs NPS Rs 16 cr Corpus Calculations: Age 26, basic pay Rs 40,000? Which scheme can give you Rs 16 cr retirement fund, Rs 2.50 lakh+ pension at 60
)
Top 7 Mutual Funds With up to 25% Return in 3 Months: Top-performing fund has turned Rs 99,999 one-time investment into Rs 1,06,134
)
Monthly Gains From One-time Investment: How Rs 17,49,999 mutual fund investment can generate Rs 3,05,000 monthly income for 30 years
)
8th Pay Commission DA Calculations: How 2.57 fitment factor may impact Level 3-13 central govt employees' basic pay, dearness allowance
)
Top 5 Flexi Cap Mutual Funds with Highest SIP Returns: Rs 20,000 monthly investment in No. 1 fund has grown to Rs 22.69 lakh in just 5 years
03:09 PM IST