India’s small steelmakers could save money and cut emissions with switch to renewable power
The report says joint renewable projects and cluster-based buying could lower annual power costs by $250,000 to $275,000 per unit.
- Smaller steel companies responsible for nearly 40% of India's crude steel production could cut electricity bills by up to 34% by switching to renewable energy, according to a report released Wednesday.
- The steel sector accounts for as much as 12% of India's annual emissions, yet only about 11% of smaller steelmakers currently use renewable power, according to the report.
- Prabhakar of JMK Research suggests a cluster-based approach, though some, like Rajkot steel owner Dhirubai Patel, report that state authorities in Gujarat often force them to curtail solar power production by up to 80%.
- Switching could reduce annual power costs by 22 million to 24 million rupees per unit, helping firms maintain profits while meeting climate goals, said Vinoth Balakumar of the Confederation of Indian Industry.
- High capital costs and inadequate grid infrastructure remain significant hurdles, notes Sanjay Tripathi, a steel company owner in Chhattisgarh, who argues that government cooperation is essential to facilitate the industry's transition.
16 Articles
16 Articles
MSMEs in India's secondary steel sector can reduce their power bills by up to 34 pc per year: Report
Indian MSMEs in the secondary steel sector can reduce power bills significantly. Switching to renewable energy offers substantial annual savings for these businesses. This transition also helps slash greenhouse gas emissions from steel production. A cluster-based approach makes renewable energy procurement more feasible for MSMEs. Adopting renewables lowers costs and carbon footprints simultaneously for producers.
India's small steelmakers could save money and cut emissions with switch to renewable power
Smaller steel firms in India can reduce electricity bills by one-third and cut carbon emissions by adopting renewable energy, which will offer substantial annual cost savings for these companies. For them, joint investments in clean power projects present a practical and viable solution. High costs and regulatory hurdles currently make this essential clean energy transition slow.
Associated Press News
India’s small steelmakers could save money and cut emissions with switch to renewable power
Switching to renewable energy can help smaller steel companies reduce electricity costs and cut millions of tons of carbon emissions.
Group captive renewable power can cut electricity costs for India’s secondary steel MSMEs by up to 34%
Group captive renewable power can cut electricity costs for India’s secondary steel MSMEs by up to 34%, with participating companies able to recover their initial equity investment in one to two years, according to a new report by JMK Research & Analytics, in collaboration with WWF-India, Climate Catalyst and CII-Green Business Centre (CII-GBC). In group captive procurement model, several units jointly own a renewable plant and draw power in pro…
Coverage Details
Bias Distribution
- 40% of the sources lean Right
Factuality
To view factuality data please Upgrade to Premium
