Ocean energy now a renewable source
Ocean energy has been included in renewable energy to give a further boost to ocean energy in India. Power Minister R K Singh approved the proposal. It has been clarified by the Ministry of New and Renewable Energy to all the stakeholders that energy produced using various forms of ocean energy such as tidal, wave, ocean thermal energy conversion, etc. shall be considered as renewable energy and shall be eligible for meeting the non-solar Renewable Purchase Obligations (RPO).
- The total identified potential of tidal energy is about 12,455 MW, whereas the total theoretical potential of wave energy in India along the country’s coast is estimated to be about 40,000 MW.
- Ocean Thermal Energy Conversion (OTEC) has a theoretical potential of 180,000 MW in India if suitable technological support is provided.
- In another move towards boosting renewable energy, the government has decided to relax the condition of mandatory charging of lease rent of Rs. 30,000 per MW for wind power projects.
- The government envisages to meet maximum energy requirement by tapping renewal energy resources and, to achieve the target of clean energy in a time-bound manner, various policies and regulations are being constantly updated. The move is aimed to boost investment in wind power projects and to help in providing wind power at a cheaper rate.
- At present, wind power project establishment needed additional mandatory charges compensatory afforestation and Net Present Value (NPV).
- In addition to mandatory charges, the wind power companies had to pay additional lease rent of 30,000 per MW, which the government has now decided to ease. As a matter of fact, this mandatory additional cost is not applicable to other renewable energy projects such as solar power and hydel electric projects.
- The additional cost of power generation increases the per-unit cost to the consumers. Further, the government underlined that currently India has overachieved the target and is well on track to ensure that more than 50% of the installed capacity comes from renewable sources by 2030.
What Is a Renewable Resource?
- A renewable resource is a substance of economic value that can be replaced or replenished in the same or less amount of time than it takes to draw the supply down.
- Some renewable resources have, essentially, an endless supply such as solar energy, wind energy, and geothermal pressure, whereas other resources are considered renewable even though some time or effort must go into their renewal (e.g., wood, oxygen, leather, and fish).
- Most precious metals are renewable also. Although precious metals are not naturally replaced, they can be recycled because they are not destroyed during their extraction and use.