The Report charts CY24 for the Indian Power Sector, reaffirming that weather related variability has become the major determinant of power demand in India. Looking back at a stellar CY24 for renewable capacity additions, it points out that almost 25% of the incremental solar capacities added were of rooftop and off-grid applications. These segments have shown excellent growth in recent years driven by its two key end users – C&I and residential. The Report credits the rise of C&I to the significant tariff differential between hefty C&I electricity rates and that procured from IPPs through open access route, caveating the significant role of state level policy in determining viability. The residential segment is expected to grow sharply in the medium term as per the Report owing to the PM-SGMBY. These developments will foster a rich ecosystem including developers, EPC players, module makers, inverter suppliers, and mounting structure manufacturers.
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