New Delhi [India], In India, during FY 23-24, renewable energy (RE) contributed more than 70 per cent of the 26 gigawatts (GW) of new electricity generated in the country. India's total installed energy capacity has now reached 442 GW. With R contributing about 33 per cent (144 GW) and hydro 11 per cent (47 GW), the share of coal in India's total installed capacity fell below 50 per cent, according to a CEEW Center for Energy Finance (CEEW-CEF) report. Is. For the first time, the percentage point report highlights that solar power, including both grid-scale and rooftop installations, dominated India's RE capacity addition, accounting for about 81 per cent of the total RE addition in FY24 ( 15 GW). Wind capacity addition almost doubled to 3.3 GW compared to 2.3 GW in FY2013.Additionally, nuclear capacity (1.4 GW) was added for the first time since FY2017. In line with India's ambitious renewable energy targets, RE auctions reached record highs, reaching nearly 41 GW of auctioned capacity in FY24. Additionally, the report highlighted the findings of eight. Auctions with energy storage components signal a growing shift towards innovative power procurement formats “About 95 per cent of India's targeted 50 GW annual RE bidding trajectory was completed in FY24. Bids issued for 47.5 GW RE capacity That's about three times the amount added annually in recent years, said Gagan Sidhu, director of CEEW-CEF.The report also notes growth in peak power demand, which reached a new high of 240G in FY24. Factors contributing to this include a rapidly growing economy, weather anomalies such as less than expected rainfall and higher than normal temperatures. "In renewable energy, FY24 saw several policy steps to shift gears beyond utility-scale RE. For example, the PM Surya Ghar: Free Electricity Scheme was launched to increase rooftop solar installation in the residential segment , which could result in an increase of 30 GW" said Riddhi Mukherjee, Research Analyst CEEW-CEF. The report also noted that the power ministry's amendments to the Electricity Rules 2022, mandating the sale of undemanded surplus power on exchanges, are expected to enhance supply side liquidity and promote competitive prices on power exchanges.