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Newer threats to the hydrocarbon model-I: Power at less than Rs 2/kwh will kill the oil & gas industry
Nov 14: New and significant research continues to point towards dramatic changes that can push the beleaguered oil & gas industry move into an abyss.
8It is now clearly established that a combination of hydro, wind and solar power will eventually be able to deliver power at less than Rs 2/kwh in selected parts of the world, including India.
8What is more important is that such low electricity prices could allow hydrogen to be produced at costs competitive with natural gas reforming, oil-cracking or coal gasification – without CO2 emissions.
8The low hanging fruit seems to be ammonia, which is used mostly to manufacture nitrogen fertilisers. When ammonia is produced from green electricity, the process requires only air and water.
8Beyond current ammonia production for various industrial uses, green hydrogen could serve many other purposes to help decarbonise industry. For instance, it could serve as a precursor to manufacture methanol and other chemicals.
8It is quite possible then for an entire new chain of chemicals to be produced through the "electric" rather than the hydrocabon route.
Package it as Ram Rajya?
India more than any other country needs to look at these exciting new possibilities with great amount of excitement. Going electric can transform Indian into a global superpower, exceeding the United States, if not China in the 21st century. Indian's oil dependency is likely to go up to 97% by 2040 under the business as usual scenario. If the renewable energy route to an all-electric future is pursued, as emerging technologies mature, the benefits will be unimaginable. All governmental efforts must be focused on identifying, supporting and inculcating these new technological miracles. Planners must work towards what is going to be India's golden future. And perhaps what the petroleum minister can do is to take ownership of this grand enterprise, of ushering India into what will be a truly golden era, a Ram Rajya of sorts.
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