Wind power tariffs hit new low in push for renewables

Wind power tariffs fell to a record low in a government-run auction on Friday, weeks after solar power rates too hit an all-time low, in one of the world’s biggest clean energy programmes aimed at cutting chronic electricity shortages. The government has set a target of raising its renewable energy generation to 175 gigawatt by 2022, around five times current usage, to supply power to its 1.3 billion people and fight climate change. 

The Centre’s push, personally monitored by Prime Minister Narendra Modi, has prompted companies to bid aggressively for solar and wind projects, pushing tariffs low enough to challenge power generated by fossil fuels such as coal over the long term. In an auction conducted by state-controlled Solar Energy Corporation of India (SECI) for various wind projects totalling 1 gigawatt, five companies separately quoted a tariff of Rs. 3.46 ($0.0519) per unit to win the projects.