• By 2050 the country’s electricity generation capacity will increase from current 3,700 MW to about 34,000 MW
• Report proposes a gradual phasing out of fossil fuels from the country’s electricity mix.
Reuters reports renewable energysources such as wind and solar will attract two-thirds of all investment in
power-generating plants between 2016 and 2040 in spite of persistently cheap
coal and gas prices. According to a joint study by the UN Development Programme
(UNDP) and the Asian Development Bank (ADB), Sri Lanka can meet its current and
future electricity demand through the judicious use of renewable energy by 2050.
According to the report, by 2050
the country’s installed electricity generation capacity needs will increase from
the current 3,700 megawatts (MW) to about 34,000 MW. Of this, 15,000 MW will be
wind energy and about 16,000 MW will be solar energy. The balance capacity is
expected to be met by hydro- and biomass-based power plants. Further to the
addition of renewable electricity generating sources, the study has identified
the need to introduce an electricity storage solution which should provide
instantaneous power of 3,600 MW and an energy storage capacity of 15,000 MWh.
This will ensure the stability of
the electricity grid. Acknowledging this need, Sri Lanka saw an increase in the
share of renewable energy (RE) in the electricity mix when in 2014 the country
met its target of generating at least 10% of its electricity using renewable
energy.
Source:
Report on SL Power Sector by ADB & UNDP
Sri Lanka as one of the countries
disproportionately affected by climate change has agreed to ambitious renewable
electricity generation targets by 2050. Sri Lanka is among the 48 countries of
the Climate Vulnerable Forum that agreed to make their electricity generation
100 per cent renewable as rapidly as possible and by 2050 at the latest,” the
report said.
The assessment indicates that the
substitution of imported fossil fuel with renewable energy until 2050 provides
direct monetary benefits and will reduce Sri Lanka’s fuel import bill by about
$ 18 billion cumulatively. The report also identifies the need for structural
changes in the retail tariffs of Sri Lanka to warrant financial sustainability
of its operations.
The report estimates that total
investments to the tune of $ 54-$ 56 billion will be necessary in the powersector to achieve the 100% electricity generation by renewable energy. Further,
it emphasizes the need to develop the ancillary services market in light of
these changes in the generation system.
Considering the high costs and
technical challenges associated with integrating renewables into the
electricity generation mix, especially in terms of ancillary and balancing
needs, the report proposes a gradual phasing out of fossil fuels from the
country’s electricity mix.
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