If India abandons coal by 2040, electricity costs might drop by 40%.

India can cut electricity bills by about 40% by eliminating coal from its power industry as soon as 2040, according to a recent report . Coal-dependent states, such as Uttar Pradesh, Odisha, West Bengal, Maharashtra, Gujarat, and Jharkhand, can phase out coal as early as 2040 .

Nagpur (Nagar): According to a recent report from researchers at the Lappeenranta-Lahti University of Technology (LUT), India can cut its electricity bills by about 40% by cutting coal from its power industry as soon as 2040.According to the report, some of the coal-dependent states, such as Uttar Pradesh, Odisha, West Bengal, Maharashtra, Gujarat, and Jharkhand, can phase out coal as early as 2040.Solar and wind power costs have decreased significantly relative to coal, according to researchers, who predicted a deflationary cost for renewable energy by 2050.Also, the cost of electricity from coal-based power is predicted to increase by 70% per megawatt, while that for nuclear power will rise by more than 13%.

Since these plants have very low-capacity requirements during the transition years, the planned coal capacities are in jeopardy.Researchers speculated that shifting to solar would be the obvious choice for India as the number of renewable energy sources rises, lowering revenues and profitability of operation of these power plants.The cost of solar energy will decrease even higher, making grid balancing and coping with peak demand much more difficult.According to Manish Ram, one of the study's lead author, any new investments in fossil-fuel based thermal energy capacity are now economically ineffective and may serve as a barrier to a future flexible power system.

The country also increased its battery storage goal from 27 gigawatts (GW) of 4-hour storage to 51GW of 5-hour storage.India already has ambitious renewable energy targets in place by 2030, but there are more ambitious long-term goals with the aim of climate non-violence that would send a strong message to global players and stakeholders.According to co-author Christian Breyer, India has a rare opportunity to be a trendsetter in the sunbelt for emerging and developing countries.POWER GAMES- India could cut electricity prices by 40% by 2040 by eliminating coal from its power sector, according to co-author Christian Breyer.Energy GAMES: Uttar Pradesh, Odisha, West Bengal, Maharashtra, Gujarat, and Jharkhand can phase out coal by 2040.