The national transporter needs about 12 billion units of electricity a year, with consumption growing at an average 5% every year. Photo: Indranil Bhoumik/Mint
New Delhi: In an attempt to leverage its position as the largest consumer of power in the country, Indian Railways plans to reduce its electricity bills by nearly a third by seeking competitive bids from power producers, sourcing from electricity exchanges and reaching bilateral arrangements.
The national transporter needs about 12 billion units of electricity a year, with consumption growing at an average 5% every year. Its power bill is estimated at Rs.11,000 crore for the next financial year.
Prabhu also unveiled plans to set up 1,000 MW of solar power generation capacity.
The government has rolled out an ambitious programme to promote solar energy by enlisting the Indian Army, Indian Railways and central public sector units in the effort and providing them with grants on the condition that they source solar equipment from domestic manufacturers.
“To reduce dependence on fossil fuels, it is intended to expand sourcing of solar power as part of the solar mission of railways,” Prabhu said. “Further, 1,000 MW solar plants will be set up by the developers on railways/private land and on rooftop of railway buildings at their own cost with subsidy/viability gap funding support of the ministry of non renewable energy in next five years.”
The Bharatiya Janata Party (BJP)-led government has raised an earlier solar energy target of achieving 20,000MW capacity by 2022 fivefold to 100,000MW. The central government is also targeting wind power capacity of 60,000MW by then. Of India’s installed power generation capacity of 255,012.79MW, green energy has a share of 12.42%, or 31,692.14MW.
The railways has been trying to tap the renewable sources of energy to help the transporter avail of fiscal incentives, including tax breaks and depreciation benefits, besides a chance to earn carbon credits.
In Thursday’s budget, Prabhu set Indian Railways an operating ratio target of 88.5% for 2015-16, compared with 91.8% in the current year.
Operating ratio is a measure of efficiency and compares operating expense to net sales.
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