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1、Apoorva Bahadur+91(22)6616-9325 Goldman Sachs India SPL Nikhil Bhandari+65 6889-2867 Goldman Sachs(Singapore)PteEQUITYRESEARCH|July 18,2023|10:45PM ISTIndia Clean EnergyGoldman Sachs does and seeks to do business with companies covered in its research reports.As a result,investors should be aware th

2、at the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment decision.For Reg AC certification and other important disclosures,see the Disclosure Appendix,or go to employed by non

3、-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.The Goldman Sachs Group,Inc.Balancing Growth with DecarbonisationIndias electricity sector is undergoing a generational shift in our view,as the country attempts to grow and decarbonise,simultaneously.Years of pea

4、k demand growth(rising electrification and appliances penetration)alongside less reliable capacity additions(renewables accounted for c.75%of new power capacity additions in the last 7 years)have absorbed the systems supply surplus.We foresee the beginning of a peak power deficit cycle,elevating the

5、 criticality of storage-backed round-the-clock renewable energy(RTC RE).Our analysis suggests the viability of RTC RE in certain use cases which will provide an economic incentive for transition,and unlock a superior business model for utilities.The need to balance energy security along with the tra

6、nsition would result in a premium for pumped hydro storage(PSP)capacity.We also see upside risk to our and the governments coal capacity targets,which could lead to a valuation re-rating of legacy thermal businesses.We highlight 4 key inferences:#1 Superior return profile of PSP-backed RTC RE(20-25%