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Friday, May 1, 2009

Energy Efficiency Could Save India 183.5 Billion kWh

With an investment of US $10 billion dollars in energy efficiency improvements, India's economy would benefit from its potentially vast annual energy savings of 183.5 billion kilowatt hours, according to a new report from the World Resources Institute (WRI).

“India’s energy demand is expected to more than double by 2030. There is a dramatic need for domestic and international energy efficiency technology providers, service providers, and equipment manufacturers to develop innovative ways to conserve energy,” said Robin Murphy, WRI vice president of external relations.

A key element in realizing this potential is the energy service company (or ESCO) sub-sector. ESCOs operate on the basis of energy-performance contracts, wherein revenue is earned based on the amount of energy cost savings produced. In India, the ESCO industry had an annual growth rate of 96 percent from 2002 to 2007 and is estimated to have grown by an additional 62 percent in 2008, according to financial information provided by these companies to WRI.

WRI’s report, Powering Up: The Investment Potential of Energy Service Companies in India is being released as part of the New Ventures India Investor Meet, a gathering of leading investors and other stakeholders interested in the intersection of environment and enterprise.

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