They are worried in Mumbai. The city, like others in India, is a driving force behind the national economy that can no longer operate at full capacity. Increasingly frequent power cuts are penalizing local business activity. The first victims are the thousands of small businesses that cannot afford expensive generators. The Indian government is multiplying its efforts to prevent the power shortage situation from becoming a major catastrophe. “
We need to be very ambitious today to have a hope of meeting the demand of tomorrow,” says Vivek Pandit, head of the energy division at the Federation of Indian Chambers of Commerce and Industry (FICCI).
Africa, with its considerable hydrocarbon resources, lies at the heart of India’s plans. Over the next three years, the country will account for 25% of the increase in the Dark Continent’s oil supplies, and its resources are still relatively untapped. Vivek Pandit stresses that “
better co-operation between Africa and our oil and gas companies is essential.” Twenty-six African energy ministers visited India in November to work out future investment plans. African resources will, however, be highly coveted due to the growing presence of China and the United States.
The diversification of energy supplies is also a priority. In addition to other planned undertakings, six large-scale projects are currently underway, involving the construction of hydroelectric and nuclear power plants, and wind farms. The government anticipates electricity requirements of 778,000 MW by 2032, compared with 127,700 MW at the end of 2006. As Vivek Pandit points out, “
this is the minimum required to maintain annual economic growth of 8%.” Other projections point to the need for the country to double its power capacity every five years to meet demand.
The challenge ahead is huge. Over the course of the last five-year development plan, which came to an end in March 2007, India managed to reach only half of its targets for creating new sources of energy.
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