AP Attracts Rs 9.57L Crore Investments in Energy Sector in 2023

 Vijayawada: Developmental Progress of Andhra Pradesh Power Sector touched peak in 2023 as state has attracted investments in energy sector worth Rs 9.57 lakh crore during the AP Global Investor Summit 2023 held in Visakhapatnam and among the MoUs signed, investment proposals worth Rs 52,015 crore were already grounded. This includes 10 GW of RE capacity, comprising solar, wind, PSPs and BESS which could generate 12,585 potential employment opportunities.

AP special chief secretary (energy) K. Vijayanand said that the per capita energy consumption of the state has increased to 1,357 kWh in FY23 from 1,234 kWh in FY19 which is a significant indicator of improved living standards and overall well-being for the citizens of Andhra Pradesh. The state’s installed generation capacity is 26,483 MW in which renewables contribute 40 per cent of the total installed capacity, with 4,287 MW of solar, 4,084 MW of wind, 1,780 MW of hydel and 521 MW of other RE sources. AP had supplied a maximum energy of 263.24 MU on June 16 without any deficit and met a maximum demand of 13,028 MW on October 13.

Vijayanand stated Andhra Pradesh is well-positioned to drive India's ambitious RE target of 500 GW by 2030 and blessed with abundant natural
resources that make it a natural fit for renewable energy production. He explained that in investments in the green energy sector, AP has huge
untapped renewable energy potential for setting up 38 GW of solar and 44 GW of wind power projects. He further said that AP has notified various policies and incentives for promotion of RE such as AP Renewable Energy Export Policy 2020, AP Pumped Storage Power Policy 2022 and AP Green Hydrogen & Green Ammonia Policy 2023. He pointed out that AP entered MoUs for development of Renewable Energy Projects with M/s. HPCL worth Rs 10,000 crore.

Vijayanand stated that the power sector has supported 39.64 lakh beneficiaries in 2023 in agriculture, aqua and animal husbandry, SC, ST, BC and other consumers through ‘Navaratnalu' schemes, providing tariff subsidies totaling Rs 46,581 crore under which 5 lakh houses are electrified in Jagananna Housing Colonies and individual sites across the state, supplied 10,324 MUs of free power to agricultural consumers and planned to supply around 13,185 MUs. He explained that AP has signed an agreement with Solar Energy Corporation of India (SECI) to purchase 7,000 MW of solar power at Rs 2.49/kWh to provide 9 hours of free power supply during daytime to around 19.58 lakh agricultural consumers and proposed installation of smart meters for 19.58 lakh agricultural consumers without any burden on the Discoms and their consumers.