POWER January 2021 - 11
GLOBAL MONITOR
2. Sources of power system flexibility in the IEA's STEPS. Courtesy: IEA, World Energy Outlook
2020
jectives, alongside local power market
structures, fuel taxes, and efficiency and
renewable support measures to enable
decarbonization of the power sector.
Carbon pricing, which introduces a price
signal for the cost of carbon emissions,
has been implemented in several regions
to provide investment signals and sway
electricity dispatch merit orders. In 2021,
joining 31 regional emissions trading systems
(ETSs), China will start a national
ETS to initially cover power and heat generation
from coal and gas plants. " When
operational it will be by far the world's
largest emissions trading system, alone
covering more than 14% of global CO2
emissions from fossil-fuel combustion, "
the IEA noted.
Several countries have meanwhile
announced net-zero targets, including
China, Japan, South Korea, and European
Union members. A number of
major power companies have also declared
net-zero ambitions, although longterm
strategies to achieve them remain
murky. In the U.S., despite the lack of
federal mandates to meet climate goals,
as of December, 70% of the 30 largest
electric and gas utilities had net-zero
equivalent targets.
While government targets are laudable,
long-term vision on how they can
be achieved sustainably must be a priority,
suggested Karthik Ganesan, Power
Sector Lead for India's Council for Energy,
Environment and Water, during an
IEA panel discussion on Nov. 17. India,
which has set a target to install 175 GW
of renewable energy by 2022, for example,
has " auctioned out a lot of capacity,
especially in the last two years in phenomenal
numbers, " but at least 20 GW
of capacity contracted to developers by
government intermediary Solar Energy
Corp. have no off-takers from distribution
companies (DISCOMs). Part of the issue
stems from declining utility finances,
which have suffered more owing to pandemic-related
payment waivers, he said.
Effecting real change will require " ultimate
innovation of moving the Indian
bulk procurement system or market to a
true market. It's still going to be through
[power purchase agreements (PPAs)], bilaterally
contracted [deals], which I think
precludes us from getting the efficiencies
that we see in the rest of the world,
and I think that is ultimately the biggest
challenge that India sees. "
Yet another issue that will emerge
is how governments deal with legacy
January 2021 | POWER
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POWER January 2021
Table of Contents for the Digital Edition of POWER January 2021
Contents
POWER January 2021 - Intro
POWER January 2021 - Cover1
POWER January 2021 - Cover2
POWER January 2021 - Contents
POWER January 2021 - 2
POWER January 2021 - 3
POWER January 2021 - 4
POWER January 2021 - 5
POWER January 2021 - 6
POWER January 2021 - 7
POWER January 2021 - 8
POWER January 2021 - 9
POWER January 2021 - 10
POWER January 2021 - 11
POWER January 2021 - 12
POWER January 2021 - 13
POWER January 2021 - 14
POWER January 2021 - 15
POWER January 2021 - 16
POWER January 2021 - 17
POWER January 2021 - 18
POWER January 2021 - 19
POWER January 2021 - 20
POWER January 2021 - 21
POWER January 2021 - 22
POWER January 2021 - 23
POWER January 2021 - 24
POWER January 2021 - 25
POWER January 2021 - 26
POWER January 2021 - 27
POWER January 2021 - 28
POWER January 2021 - 29
POWER January 2021 - 30
POWER January 2021 - 31
POWER January 2021 - 32
POWER January 2021 - 33
POWER January 2021 - 34
POWER January 2021 - 35
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POWER January 2021 - 37
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POWER January 2021 - 40
POWER January 2021 - 41
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POWER January 2021 - 45
POWER January 2021 - 46
POWER January 2021 - 47
POWER January 2021 - 48
POWER January 2021 - Cover3
POWER January 2021 - Cover4
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