Can India Create an Incentive Based Regime for Significant Power Industries on Renewable Energy? Rajiv Lall Managing Director, IDFC

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1 Can India Create an Incentive Based Regime for Significant Power Industries on Renewable Energy? Rajiv Lall Managing Director, IDFC Washington DC, 15 th October 2008

2 Renewable Energy Outlook Renewable energy key pillar in India s energy policy Ability to energise remote areas in an economically efficient, environmentally friendly way & provide energy security Creating an attractive investment destination India ranks 3 rd in the Ernst & Young all renewable country attractiveness index for third quarter of 2006 India is the only country to have a dedicated ministry (MNES) for renewable energy Huge untapped potential; only 13% of estimated potential achieved Source: Annual Reports, MNES, GOI, 2008 India ranked 4 th in world in wind energy capacity & biomass based generation: solar huge untapped potential and mission mode granted through NAPCC 2

3 Key Issues Financial: High capital cost coupled with low PLF Poor creditworthiness of state discoms Heavily subsidised electricity regimes makes renewables less attractive Grid connectivity and evacuation: Inadequate transmission capacity and poor grid connectivity in remote areas Dispatch and scheduling of power difficult due to infirm nature of renewable power Land acquisition: Increased competition for land use R&D: Technological challenges faced by the developer related to equipment 3

4 Promotional policies to encourage renewables Renewable Capital subsidies, Investment, excise, Sales tax, energy tax, Tradeable ren. Public investment, Feed-in-Tariff Portfolio Standard grants or rebates other tax credits VAT reduction energy certificates loans, financing Australia Austria Belgium Canada Cyprus Czech Republic Denmark Estonia Finland France Germany Greece Sweden United Kingdom United States Brazil India China Source: Renewables 2007: Global Status Report, REN 21,

5 Key Regulatory, Fiscal & Financial Initiatives Regulatory Minimum percentage of renewable electricity to be procured by discoms Preferential tariffs for each of the renewable sources Regulations facilitating grid connectivity and dispatch of renewable power Fiscal & Financial 80% accelerated depreciation for tax purposes for renewable energy devices Tax holiday for any 10 of the first 15 years of project s operation Customs duty exemption for equipment/parts 5

6 Problems with the existing incentive regime India apparently has a fairly extensive incentive regime for the sector but; Relative capital cost still very high for renewable energy against non-renewable Incentives often misused to avail tax breaks (e.g accelerated depreciation claimed but non-utilisation of capacity) Uncertainty on continuation of existing policies & regulations (e.g possible reduction of preferential tariffs in future) Restrictive conditionalities (e.g: for generation based subsidy, developer must sell power to state discom generation based subsidy (for wind) is capped at <50 Mw capacity 6

7 Way Forward Both capital and generation subsidies required Link capital subsidy to capacity utilisation rather than capacity installed Accelerated depreciation benefit for equipment manufacturers Reduction of VAT on equipment Removal of 50 MW cap for eligibility of generation based subsidy Extend generation based subsidy to captive and 3 rd party sales & set up a monitoring mechanism to ensure subsidy not misused Abolish wheeling charges in case of 3 rd party wheeling 7

8 Way Forward Regulatory certainty through common preferential tariff methodology Revenue sharing mechanism between network provider and developer for set-up of new grid In case of rural electrification/off-grid solutions, capital subsidies by the Government should be extended to grid as well Incentivise R&D through eligibility for additional deduction from income tax Sharing of land and infrastructure for multiple renewable energy options wherever possible (eg. setting up of solar panels in wind farms) Increase specified percentage for blending of ethanol and jatropha in bio-fuels 8

9 Thank You

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