The global energy storage market is set to grow 13-fold to 230 GW by 2025 with the total energystorage investment projected to increase from $18 billion in 2019 to $100 billion by 2025, research and consultancy firm Wood Mackenzie said.
The unprecedented nationwidelockdown that shut businesses, suspended flights and stopped all modes of transport will cost the Indian economy almost USD 4.64 billion every day and the entire 21-day lockdown will result in a GDP loss of almost USD 98 billion, Acuite Ratings & Research Ltd said.
The rapid spread of Covid-19 has not only disrupted the global economy but also triggered a partial shutdown in many parts of India from early March and an almost complete shutdown from March 25. It expects the overall GDP growth for FY21 (April 2020 to March 2021) to be in the band of 2-3% which takes into account a significant economic revival in the second half of the financial year.
Solar energy continued to lead capacity expansion, with an increase of 98 GW or an increase by 20%, followed by wind energy with 59 GW. Hydropower capacity increased by 12 GW, and bioenergy by 6 GW. Geothermal energy increased by just under 700 MW, IRENA said.
Western Coalfields Ltd (WCL), a subsdiary of Coal India Limted (CIL), has surpassed its production target for the year 2019-20, by more than 1 million tonnes (MT). As against the target of 56 MT for the financial year, the company has extracted 57.4 MT of coal. This is a growth of 8.4% which is the highest rate among all CIL subsidiaries, as per a press release issued by the company. WCL has been given a target of 62 MT for 2020-21 and take it to 75 MT by 2023-24.
According to the provisional production and offtake performance numbers of CIL, it has closed 2019-20 with an annual production of 602.14 million tonne (mt), which was marginally lower than 606.89 million tonne (mt) of coal produced in FY19.