India has huge opportunities in energy and e-mobility solutions in future with smart infrastructure and renewable energy playing a crucial role in this transformation, said Cedrik Neike, CEO, Smart Infrastructure, and Member of the Managing Board, Siemens AG, Germany.
"India is close to my heart and the country also needs to adopt smart energy solutions to reduce carbon emissions and air pollution. It can be also different from others, like e-mobility solutions for three wheelers," Cedrik Neike told Business Today in a virtual media roundtable conference on Smart Grids. He said Siemens in India has been working on numerous energy innovations with its clients in various sectors, noting that the country has made considerable progress in renewable energy and fossil fuel power generation.
He said the COVID-19 pandemic taught the world many lessons and the need for continuing innovations to ensure uninterrupted power supply. Future needs require sustained and cost-effective reliable power, with smart solutions like decentralised generation, flexible grids, better storage, smart meters and electric vehicles. "Global energy consumption is likely to fall by 6 per cent this year due to the COVID-19 lockdown, which is equivalent to the energy consumption of India," Neike said.
He said the option is to continue investing in better transmission, decentralised distribution, storage and future technologies to get ready for future, as the world will get out of the pandemic. Siemens is maintaining its investment in research and development despite the economic slowdown and Covid-19 scenario. "Siemens is one of the world's biggest investors in technology research and development a year, spending more than 5.4 billion euros," he said.
Some countries are pushing more renewable energy into the grid to compensate reduced fossil fuel generated power, but there needs to have better technologies, intelligent grid management and innovative storage solutions to ensure stability in grid operations. Now many connected technologies exist between the energy supply side and the energy demand side, he said.