Tata Power Renewable Energy and ONGC, two of India’s energy powerhouses, are strategically aligning to bolster India’s energy storage capabilities – a move that reflects a wider industry trend towards embracing innovative storage technologies amid a pivot to green energy.
The partnership aims to tackle one of the most pressing issues in renewable energy: the integration of unstable solar and wind energy sources into a reliable grid infrastructure via superior battery energy storage solutions (BESS).
India’s renewable sector witnessed a sharp rise last year, with installed capacity surpassing 150 GW, according to the Ministry of New and Renewable Energy. However, the intermittency of renewable energy sources like solar and wind remains a critical bottleneck. Effective energy storage solutions are essential for stabilizing grid operations, especially with peak power demand consistently rising, reaching a historic 199 GW in July 2023, per data from the Central Electricity Authority.
The global energy storage market was valued at $12.4 billion in 2022, with forecasts predicting it will surge to $28.4 billion by 2027, according to Mordor Intelligence. The Indian subcontinent’s market share is expected to grow significantly, bolstered by initiatives such as the Tata Power and ONGC collaboration. By leveraging Tata’s domain expertise in renewables and ONGC’s expansive infrastructure capabilities, the alliance seeks to mitigate the inefficiencies plagued by current energy capture and storage systems.
This partnership arrives at a critical juncture as India forecasts a cumulative demand of over 200 GWh of energy storage by 2030. The government’s policy support, manifest in initiatives like the National Mission on Transformative Mobility and Battery Storage, is pivotal in overcoming these barriers. Incentives and subsidies could effectively lower entry costs, fostering a conducive environment for both domestic and foreign investments in the energy storage sector.
The global scientific community is delving into alternative technologies such as solid-state batteries and flow batteries with higher energy densities and improved safety profiles. These advancements are anticipated to play a crucial role in the scalability and sustainability of storage solutions. As the Tata-ONGC partnership underscores, collaboration across sectors and geographies will be critical in striving toward an energy-secure future.
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