The energy landscape is likely to see unprecedented transition and transformation driven by energy security, climate change, technology, and consumer behavior.
New Delhi, November 15 2016: The energy landscape is likely to see unprecedented transition and transformation driven by energy security, climate change, technology, and consumer behavior. Organisations will need to be prepared for these changes. KPMG in India’s 7th annual energy conclave ‘ENRich 2016’ deliberated these subjects, implications that this will have on stakeholders’ and how businesses are working towards overcoming some of these challenges facing the sector. The day- long event, spread across five panel discussions, saw participation from eminent speakers such as Richard Rekhy, CEO, KPMG in India, Vikram S Mehta, Chairman & Senior Fellow, Brookings India, Akhil Bansal, Deputy CEO, KPMG in India, Anil Kumar Jain, Adviser, NITI Aayog, Lalit Jalan, Director, Corporate Strategy and Affairs, R-ADAG Group, Hemant Sahai, Founding Partner, HSA Advocates, Sumant Sinha, Chairman & CEO, ReNew Power, Nitin Atroley, Partner and Head, Sales and Markets, KPMG in India and Manish Aggarwal, Partner and Head – Energy and Natural Resources, and Head, Corporate Finance, Infrastructure & Government, KPMG in India, among others.
Speaking at the conclave, Manish Aggarwal, Partner and Head – Energy and Natural Resources, and Head, Corporate Finance, Infrastructure & Governance, KPMG in India said: “The power sector in India is undergoing quite a bit of transition. On one hand the sector continues to grapple with stressed assets issue, and on the other distribution segment needs substantive reforms. Renewable continues to grow and gets integrated in the grid. The government has launched a very comprehensive and bold initiative in Ujjwal Distribution Assurance Yojna (UDAY), which is expected to address the distribution problem, and everyone hope to get execution right in its entirety. Energy security, sustainable development, affordable power supply and technology are going to shape future business models and utilities of the future. This transition would be disruptive some times and all stakeholders need to work together for making it a success. Lastly, regulatory capacity needs to be further strengthened for all the key initiatives by government to succeed on ground.”
Santosh Kamath, Partner and Lead - Renewables, KPMG in India said: “The coming 5-10 years will see unprecedented change in the power sector. The sharp rise of renewable energy will make a significant impact in the way our grids need to be managed. Rise of storage technologies and electric vehicles will add to the dynamics of the grid. Finally, digital technologies such as internet-of-things will get integrated into management of the power grids and consumer technologies like mobile apps will make a difference in how consumers are served. Change is coming fast, and stakeholders need to understand and prepare for a smooth transition.”
The conclave highlighted the need for investments across the energy value chain including in commodities such as coal, hydrocarbons, generation assets, smart grids and in creating efficient market structures. The government’s initiatives of 24X7 Power for All, the new Hydrocarbon Exploration and Licensing Policy (HELP), COP21 commitments, UDAY, etc. have created renewed interest from foreign investors. ENRich 2016 also focused on the need to overcome challenges of asset productivity, process efficiency and sustainability. Cyber-security was also one of the areas that stakeholder deliberated upon.
ENRich 2016, saw participation of more than 220 clients of KPMG. About 20 industry experts shared their views and deliberated on issues and evolving trends related to changing energy landscape, the distribution sector, innovation imperative for companies in Energy and Natural resources sector, utility of the future, stressed assets conundrum, and energy investments.
A number of solutions and suggestions came from the distinguished panelists and the learned participants on working towards overcoming the issues that are likely to impact the sector. KPMG in India intends to capture all the valued suggestions into a short document and will share with the government, policy makers, and all stakeholders. KPMG looks forward towards working with the industry and concerned stakeholders to address this transformational journey.
About KPMG in India
KPMG in India, a professional services firm, is the Indian member firm of KPMG International and was established in September 1993. KPMG has offices across India in Gurgaon, Noida, Chandigarh, Ahmedabad, Mumbai, Pune, Chennai, Bengaluru, Kochi, Hyderabad and Kolkata. We strive to provide rapid, performance-based, industry-focused and technology-enabled services, which reflects a shared knowledge of global and local industries and our experience of the Indian business environment.
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