The mechanisms for encouraging the use of green hydrogen to ensure 24-hour electrical support are being developed by India's Ministry of New and Renewable Energy.
A discussion on the use of green hydrogen in combination with other renewable energy sources, such solar and wind power, for 24/7 energy was recently presided over by Union Minister of Power and New and Renewable Energy, R.K. Singh.
The authorities engaged in thorough discussions about the range of viable solutions for storing green hydrogen to meet peak power demand as well as continuous power needs. Various government assistance options for these kinds of projects were also considered at the meeting. One of the policy methods under consideration is the Contract for Difference (CfD) technique, which is predicated on the distinction between the market price and a mutually agreed-upon "strike price.
In accordance with the economics, technologies, and present and prospective market conditions of the green hydrogen and power industry, the Union Minister for Power and New & Renewable Energy instructed the officials to prepare the scheme guidelines. In order to bring down the cost of renewable energy and make it more affordable, the Minister emphasized the need for 24/7 renewable energy in light of the rising need for electricity.
According to the Minister, larger projects will be undertaken in the future using the lessons learned from the first one of its kind.