An US executive knows what PM Modi needs to fulfill renewables growth promise
energy storage is essential to enable the renewables growth Prime Minister Narendra Modi has promised, but so far incentives have been lackluster, according to the head of California-based Energy Vault Holdings Inc.
The promising renewables market in India could be stifled by the high cost of power storage, which will become an essential component of the transition away from fossil fuels, Robert Piconi, chief executive officer of the company, said in a interview.
Renewable electricity available at any time of the day and night “is sort of a holy grail,” Piconi said.
“It’s not achievable with the current technologies, because they are not economical.” He added that the lack of public finance is going to slow the pace of the transition.
Piconi is traveling in India to talk with potential partners, including coal giant NTPC Ltd. and clean energy company ReNew Energy Global Plc.
He said details of the partnership with NTPC will be disclosed later this year.
India’s potential for large-scale deployment means renewable power can be built on the cheap, and storage will be essential to support this expansion, Piconi said. But given the country’s price-conscious market, adding enough battery capacity to displace coal and meet evening demand peaks with clean energy is a tall order, he said.
