The ever-increasing cost of fossil fuels is changing the c of the energy market. Especially, renewable energy is gaining momentum not only on environmental merits, but also on price, making the power market more competitive. Against the present consumption levels of oil and natural gas, global supplies of fossil fuels would be depleted within decades. Estimates indicate that prices are expected to rise significantly long before supplies run out, making these fuels too expensive to use at current levels.
This is compelling consumers to think of and switch over to alternative sources of energy. On the other hand, technological breakthroughs, government mandates and tax credits are increasing the availability of renewable energy further.
However, it is not without its downside. Wind doesn't blow always and strong wind resources are restricted to only some regions. Despite this, attempts to harness wind energy are picking up, as it can protect the users from volatility in the price of fuels.
India's wind energy program was initiated in the early 1980s, but there has been some progress in the sector only recently. With its thousands of miles of coastline, the country is best suited for offshore wind generation projects. Today, the country is the fourth largest generator of wind power in the world after Germany, Spain and the US. It is not only the largest wind power market in Asia-Pacific, but is also emerging as the manufacturing hub for wind turbines and related parts and equipment. |
