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HomeNewsIndia to Support Progress of Energy Storage Systems

India to Support Progress of Energy Storage Systems

The Ministry of Power has unveiled a framework aimed at reshaping the nation’s energy sector, with a strong emphasis on enhancing energy storage systems (ESS). This blueprint encompasses a wide range of measures, spanning from financial incentives to regulatory reforms, all geared towards fostering the development of ESS.

One of the most significant proposals within this framework is the introduction of Viability Gap Funding (VGF) support for Battery Energy Storage Systems (Bess) projects. If approved, this funding mechanism could potentially cover up to 40 percent of the initial capital expenses, provided that projects are completed within a tight 18- to 24-month timeframe.

Remote regions are poised to benefit from this plan as it extends its support to pumped storage projects. These projects, while primarily focused on energy storage, will play a crucial role in facilitating infrastructural development and extending transmission infrastructure to remote areas.

In a bid to incentivise ESS adoption, the framework recommends the waiver of electricity duty and cross-subsidy surcharges on input power used for charging ESS. States are also encouraged to waive stamp duty and registration fees for land designated for ESS installations.

Specialised waste management facilities will also be instituted to address electronic waste concerns. A structured mechanism, complete with predefined criteria and essential standards, will be established to facilitate the repurposing of ESS components.

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