Energy Transition, Renewables, Emissions, Carbon
February 4, 2026
ET Highlights: India looks at upward revision of renewable capacity target, EU installs record 27 GWh of battery storage capacity
Energy Transition Highlights: Our editors and analysts bring together the biggest stories in the industry this week, from renewables to storage to carbon prices.
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India’s 500 GW non-fossil fuel power capacity goal may be raised: ministry official
India may raise its target of 500 GW non-fossil fuel power capacity by 2030 if electricity demand grows at the projected 6%-7% annually and transmission upgrades come online as planned, Santosh Kumar Sarangi, secretary at the Ministry of New and Renewable Energy, told Platts, part of S&P Global Energy.
India announced the target for its non-fossil fuel power capacity at the UN Conference of the Parties in 2021. Since then, renewable power capacity additions have accelerated, and large companies have made major projections for clean energy.
"Creation of this capacity is not so much of a problem, but finding offtakers is," Sarangi said ahead of the Jan. 27-30 India Energy Week 2026 in Goa, pointing out that electricity demand will have to grow in step with the capacity additions. "We are sticking to the 500 GW target at this point in time. If a revision is required, we'll look at it, maybe in 2027."
According to Sarangi, there is a possibility of an upward revision of the key target if distribution companies buy more power and transmission infrastructure is ready for the new generation of solar, wind, and other non-fossil fuel-based power sources.
Benchmark of the Week
$3.26/kg (US 3.93 cents/kg)
Platts assessed India renewable hydrogen term contract on Jan. 29, down 8.7% from Dec. 11, when the assessment was launched.
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IEW 2026 INTERVIEW: EVs, data centers add to India’s power demand boom, challenge sustainability
Rising electrification across sectors is expected to further strain India's rapidly increasing power demand, intensifying pressure on sustainability in the highest CO2-emitting sector, Rajnath Ram, advisor – energy at NITI Aayog, a key policy planning body, told Platts. India generated about 1,830 TWh of electricity in fiscal year 2024-25 (April-March), up 5% year over year, to meet the rising demand of a growing economy.
Volatile sustainable aviation fuel prices highlight scaling challenges
Sharp price swings in sustainable aviation fuel highlight the limitations of current production pathways and raise concerns about the sector's ability to expand to meet rising mandates, according to industry professionals. The volatility in SAF prices is being amplified by the small size of the market and thin pool of suppliers, renewing concerns that today's dominant HEFA pathway will struggle to scale as mandates rise, an official at Aether Fuels told Platts.
EU installs record 27 GWh of battery storage capacity in 2025: SolarPower Europe
The EU installed a record 27.1 GWh of new battery storage capacity in 2025, driven by utility-scale projects that accounted for over half of new additions as the bloc races to build the flexible power capacity needed to support expansion of renewables, SolarPower Europe's EU Battery Storage Market Review 2025 said. This marks a 45% year-over-year growth with total EU battery storage capacity reaching 77.3 GWh by end-2025, up from 7.8 GWh in 2021, SolarPower Europe said.
S&P Global Energy Core
Tesla plans ‘very big capex year’ in 2026 with infrastructure investments
Tesla plans a massive leap in spending in 2026 on various new production lines for EVs, energy storage and autonomous robots, executives said, as the company transitions toward its autonomous future. Last year was a transition for the company away from being a “hardware-centric business” toward a “physical AI company,” CEO Elon Musk said. Now, the company aims to massively expand its spending, going from just under $9 billion in 2025 capex to over $20 billion in 2026.
Polish refiner Orlen signs Finnish green hydrogen supply deals
Polish refiner Orlen has signed cooperation agreements with three Finnish companies to secure supplies of renewable hydrogen and derivatives such as methanol for distribution to Central Europe, Orlen said in a statement. Orlen has signed agreements with companies ABO Energy Suomi, which has a project portfolio of 100,000 metric tons/year of hydrogen, e-methane developer Nordic Ren-Gas, and VolagHy Kuopio SPV, which is developing a 50,000 mt/year synthetic fuel project.
IEW 2026: BP eyes surplus ethanol for SAF feedstock as light transport electrifies
Oil producer BP expects rapid electrification of light-duty transport to free up significant volumes of ethanol globally, creating an opportunity to redirect surplus supply to sustainable aviation fuel through alcohol-to-jet pathways, a senior executive said at India Energy Week 2026. "There’s a significant amount of ethanol blending in the US, Brazil and India," Mahesh Natarajan, BP’s senior vice president for fuels and low-carbon technology, said.