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THE GOVERNMENT HAS APPROVED PHASE II OF THE GREEN ENERGY CORRIDOR, COSTING $12,000 CRORE.

by admin

Date & Time: Jan 07, 2022 3:00 PM

Read Time: 2 minute



Highlights:

  • Union Minister Anurag Thakur announced the decision, saying the second phase will be implemented from fiscal years 2021-22 to 2025-26.
  • The Green Energy Corridor (GEC) Phase-II is approved by the Cabinet Committee on Economic Affairs.
  • It aims to add 10,750 circuit kilometers (ckm) of transmission lines and 27,500 Mega Volt-Amperes (MVA) of substation transformation capacity.

What is in the News?

Union Minister Anurag Thakur announced the decision, saying the second phase will be implemented from fiscal years 2021-22 to 2025-26.
Gujarat, Himachal Pradesh, Karnataka, Kerala, Rajasthan, Tamil Nadu, and Uttar Pradesh have all authorised a Rs 12,031 crore intra-state transmission programme to transport renewable energy from 20 Gw power plants across seven states.

Approval of the Green Energy Corridor Phase II

On January 6, the government approved the second phase of the Green Energy Corridor, with a budget of Rs 12,031 crore, to help grid integration and power evacuation for nearly 20 GW of renewable energy projects across seven states.

"The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, approved the scheme on Green Energy Corridor [GEC] Phase-II for Intra-State Transmission System (InSTS) for addition of approximately 10,750 circuit kilometers [ckm] of transmission lines and approx. 27,500 Mega Volt-Amperes (MVA) transformation capacity of substations," according to an official statement.
About 20 GW of renewable energy (RE) projects in Gujarat, Himachal Pradesh, Karnataka, Kerala, Rajasthan, Tamil Nadu, and Uttar Pradesh would benefit from the scheme, which will make grid integration and power evacuation easier.

Execution of the second phase

The second phase would be executed between the fiscal years 2021-22 and 2025-26, according to Union Minister Anurag Thakur, who announced the decision.
According to the Minister, 80 percent of phase one work has been finished. The first phase cost a total of Rs. 10,142 crore.
The plan (Phase-II) is expected to be implemented at a cost of Rs 12,031.33 crore, according to the release. The Central Financial Assistance (CFA) would cover 33% of the project's total cost, or Rs 3,970.34 crore.

Role of CFA (Central Financial Assistance)

The CFA will aid in reducing power costs by offsetting intra-state transmission tariffs. As a result, the government's assistance will benefit the end users, according to the report.
The programme will assist in meeting the 2030 goal of 450 GW of installed renewable energy capacity.

Its Significance

By minimizing the carbon footprint, it will also contribute to the country's long-term energy security and support environmentally sustainable growth.
Furthermore, it will provide numerous direct and indirect job possibilities in the electricity and associated sectors for both skilled and unskilled workers, according to the statement.
It is scheduled to be finished this year.

Details of Phase I

Phase I entails the construction of 9,700 km of transmission lines and 22,600 MVA capacity substations at a cost of Rs. 10,141.68 crore, with a CFA of Rs. 4,056.67 crore.

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