India, Aug. 16 -- The first phase is a problem of cost, and competition solves it. The second is a problem of matching supply to the hours and locations where it is needed, and lower prices do nothing to solve it.

A few days ago, the cabinet approved 5,000 megawatts of floating solar, backed by Rs 5,070 crore. It stressed that every project must carry a minimum of two hours of storage alongside it. A plain solar scheme would not have carried such a condition a few years ago. Its appearance now marks a shift that every country decarbonising its electricity supply eventually encounters. The first phase is a problem of cost, and competition solves it. The second is a problem of matching supply to the hours and locations where it is needed, ...