MODERNIZING AND OPTIMISING EFFICIENCY OF THE GRID INFRASTRUCTURE FOR DECARBONIZATION

This paper concludes that any system that may be employed for decarbonization in the big market may be applied to other electricity markets around the world. For e.g., The Eastern region in India, boasting substantial wind and solar power resources, presents a significant opportunity for decarbonizing the electricity sector. Transitioning to a generation system primarily reliant on renewable energy sources is technically feasible but necessitates substantial capital investments in new wind, solar, and potentially nuclear units, as well as energy storage and regeneration infrastructure. However, the implementation of such investments in a freemarket economy is projected to increase electricity generation costs for corporations by a factor ranging from 2.9 to 3.7. Given that these costs are typically passed on to consumers through price hikes, decarbonization efforts may disproportionately affect the less affluent segments of the population, exacerbating poverty and inequality within the region. In alignment with U.N. sustainability goals and to mitigate the adverse impact of decarbonization on vulnerable communities, it is imperative to introduce energy subsidies targeted at lower-income citizens as part of public policy measures. These subsidies can help alleviate the financial burden of increased electricity costs, thereby promoting equity and inclusivity within the state while advancing towards a cleaner and more sustainable energy future.