The significance of data and the analytics that it enables in today’s world cannot be overstated and it spans across all industries. Data collection and analysis are considered as the essential building blocks for driving data-based decision-making, enhancing operational efficiencies and uncovering insights. Harnessing the power of data allows businesses to derive actionable intelligence and the same holds true for the energy sector as well, which is currently undergoing a significant transformation.
As energy transition becomes the most talked about concept in the realm of sustainable and green growth, it is important to have a proper assessment of energy demand, supply and its sources. This is required for efficient resource management and the grid optimisation. The data analytics plays a pivotal role in empowering utilities and the grid operators to forecast energy production, optimise consumption and manage effective and reliable clean energy distribution. Additionally, it empowers consumers by providing insights into their energy consumption patterns, enabling them to make informed decisions for optimising their energy consumption and costs.
Though the importance of predictive data tools can be challenged by one off incidents, like the pandemic or a war, yet planning for transition and investment of millions into a sector require an assessment of the overall picture; how the millions sit among sources of investments, how wide is the geographical spread, the status of execution and completion, and the project trends.
Analyzing Investment Towards Energy Transition
CII and EY have launched a “Dashboard on Energy Transition Investment Monitor” that captures projects in the renewable energy space in India. The dashboard was unveiled by Shri RK Singh, Minister for New & Renewable Energy and Power, Government of India on 15 September during the 4th Edition of International Conference & Exhibition on Clean Energy, organized by CII and the Ministry of New & Renewable Energy, in New Delhi.
The Energy Transition Investment Monitor is a collaborative analytics platform that tracks over 900 projects in pipeline across renewable energy services and technology supply chains. Initially, the dashboard carried data available in the public domain, which was then validated by the companies. It will need regular updating based on the status of projects. The objective is to have one stop information place showing projects of all companies.
Prospects in the Indian Energy Industry
These investment opportunities have tremendous potential for economic development as well as help lift social and economic indices in the project vicinity. The downstream benefits could also include building an awareness around green energy sources in the local community.
India’s overall energy transition is gaining momentum with India possessing the potential to emerge as a global champion for advancing renewable energy innovation and manufacturing. Supply chain resilience for India and rest of the world is crucial in this context, since any disruption in India’s renewable energy program has a wider consequence on the move towards carbon neutrality.
Building local manufacturing capacities can help reduce dependence on imports and build supply chain confidence. Most importantly, innovation and manufacturing will help bridge the sustainability-affordability gap for mass adoption of renewable energy technologies. This could contribute towards India’s long-term climate action goals and energy security objectives.
Forums like, the International Conference & Exhibition on Clean Energy, helps the stakeholders to come together at a public platform and build consensus on the roadmap for further action. Data portals and dashboards aid a more detailed discourse with independent information as the base.
This article was contributed by Dr Praveer Sinha, Chairman, Conference on Clean Energy and CEO & Managing Director, Tata Power. It was first published in CII Communique