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telegram中文群组(www.tel8.vip):Insight - Ambani’s US$75bil plan aims to make India a hydrogen hub

admin2022-02-0242

Business strategy: A bird flies past a Reliance Industries logo in Ahmedabad. Analysts say Reliance is likely to opt for hydrogen in a bid to avoid India’s wholesale electricity market. — Reuters

BILLIONAIRE Mukesh Ambani’s ambitious effort to pivot his conglomerate Reliance Industries Ltd toward green energy could transform India into a clean-hydrogen juggernaut.

Ambani, Asia’s richest man, announced plans earlier this month to invest US$75bil (RM314.31bil) in renewables infrastructure including generation plants, solar panels and electrolysers.

There is growing speculation that the strategy entails transforming all of that clean power into hydrogen, one of the largest endorsements in the next-generation fuel.

Analysts say Reliance is likely to opt for hydrogen in a bid to avoid India’s wholesale electricity market, which is dominated by financially stressed utilities and plagued by delayed payments.

“Reliance is preparing itself to capture the entire value chain of the green hydrogen economy,” said Gagan Sidhu, director at the Centre for Energy Finance at New Delhi-based think tank CEEW. “They clearly have seen the writing on the wall.”Ambani, Asia’s richest man, announced plans earlier this month to invest US$75bil (RM314.31bil) in renewables infrastructure including generation plants, solar panels and electrolysers.

Green hydrogen – made from water and clean electricity – is seen as crucial for the world’s emissions reduction goals, helping consumers and key industries such as steel transition to lower-carbon fuels.

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Prime Minister Narendra Modi last year announced a plan to make India, the world’s third-biggest emitter of greenhouse gases and a major energy importer, into a global hub for production and export of the fuel.

While Reliance hasn’t broken out how much will be devoted to hydrogen, the US$75bil (RM314.31bil) investment in clean energy is by far the biggest in the country.

Other companies such as Adani Enterprises Ltd and state-run energy firms NTPC Ltd and Indian Oil Corp also have set plans for green hydrogen.

The number of countries with a hydrogen strategy doubled last year to 26, and expected plans from the United States, Brazil, India and China could reshape the global market, according to BloombergNEF.

But the sector is still experimental and far from commercially viable. India is relying on the country’s billionaires, including Ambani and his rival Gautam Adani, to lead the way.

A key challenge will be to produce it at affordable costs. Green hydrogen produced by renewables is far from competitive compared to other fuels, costing nearly double the price using coal, India’s main source of electricity generation.

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