Saturday, October 1, 2022

India will have to deal with volatility in the energy market: Pradhan

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New Delhi: Union Minister of Petroleum and Natural Gas Dharmendra Pradhan has said that India will have to deal with volatility in the energy market due to geopolitics and play a significant global role in the energy sector.

‘India is a reliable voice’

“Today, India’s voice as a large, reliable energy-consuming nation is heard with respect. We have been able to convince the oil suppliers about India’s as well as all-consuming nations’ justified stand for responsible and reasonable pricing. We have raised the issue of responsible pricing and for abolishing Asian Premium with OPEC and its member countries. India has forged partnerships with major energy consumers like Japan and China to work together and synergize areas of our mutual interest in the oil and gas sector,” Pradhan said.

He added that secure, efficient, affordable and sustainable energy will have to be ensured to fuel the $5-trillion economy. Delivering a keynote address at Energy Horizons 2019, a flagship event of CEEW in New Delhi on Friday, he dwelt upon the trends that are crucial to India’s energy transition.

The disruptive trends

He said that transition in mobility is here, and we have to set the road map for India. Cautioning the businesses to prepare for disruption, he said that there will be disruptive trends, which shall call for out-of-the-box thinking, such as future refineries having to demonstrate flexibilities to switch products and if needed have petrochemical as an output. On the future of work and need to prepare workforce, the minister said that organisations and the country should assess their talent readiness and take action to prepare them for the disruptions.

“India and the US have established a Strategic Energy Partnership last year. With US, we also constituted a Joint Task Force on Natural Gas, which aims at increasing the share of gas in India’s primary energy mix. The increase in the supply-demand gap in energy sector is inevitable and will lead to greater innovations and investments in the ongoing energy transition.” Pradhan said.

Major energy transitions ahead

Pradhan said “We live in a world which is at the cusp of major energy transitions. India, as one of the fastest growing large economies in the world and the third-largest consumer of energy globally, is indeed embracing the energy transition.”

India’s energy consumption is projected to grow at 4.2 percent per annum up to 2035, faster than all major economies of the world. While India’s energy demand increased to 754 million tonnes of oil equivalent (Mtoe) in 2017, the per capita consumption of energy is still much lower than the world average.
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India’s share of total global primary energy demand is set to roughly double to about 11 percent by 2040, driven by strong economic development. Given the complex and fast-growing nature of our energy needs, we will depend on all sources of energy that are secure, efficient, affordable and sustainable. Coal, oil, gas, biofuels, nuclear, hydro, solar and wind will have to meaningfully contribute.

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