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Value Creation - Greenko way

Creating and Sharing Value

Epilogue From President & JMD

Download Full IR 2018-19

Greenko envisions the decarbonization, digitalization and decenralization as an opportunity and is in the process of transforming its business models to GKO 3.0 - transforming renewable energy into reliable, schedulable, and flexible energy and GKO 4.0- Energy value chain moving closer to customers. To Greenko, it is a continued pursuit of its vision ‘‘To lead Decarbonization, Digitalization & Decentralization of India’s Energy Sector’’.

The digital revolution as well as renewables, distributed generation, and smart grids are triggering new business models and regulatory frameworks. The energy markets and competition for customers are shifting to the online channel. Also, the Internet of Things (IoT) driving new product and management options, with digital companies and start-ups disrupting the landscape, while governments and regulatory bodies seek to encourage smarter measuring systems and greener standards for energy generation and consumption. Besides, digitalization has offered an enormous opportunity to manage generation more efficiently and in the case of renewables, it offers options to generate reliable, schedulable, and flexible energy. To thrive amidst these challenges, the utility of the future – Greenko, will be a significantly a decarbonized and digitalized system. Accordingly, GKO 3.0 and GKO 4.0 have a focus on transforming its organization and business and lead digitalization and decentralization of the energy system. This transformative journey will effect enhancements in productivity, reliability, safety, customer experience, compliance, and revenue management, while significantly contributing to the mitigation of climate change and socio-economic development.

In India, there is a growing preference among B2B customers for renewable energy with parity in cost and flexibility. Increased share of RE is pushing greater intra-day variations for baseload coal, demanding more flexibility from RE generators. Also, it is known that India has a limited flexible generation compared to other countries. In addition, 40 GW of generation capacity based on coal in India is generating power at a cost more than Rs.4.20/kWh and RE Storage hybrid can potentially compete with such capacity. Also there are pools of value that Integrated Storage projects can tap into. In order to harness this opportunity in schedulable RE- value pools in the power sector in India, Greenko has planned for Integrated Renewable Energy Storage projects.


Pools of Value Creation

RE Smoothing

RE Firming

Curtailment Avoidance

Curtailment Avoidance


RE Arbitrage


Frequency Regulation

Voltage Regulation

T&D Investment Deferral

Wholesale Arbitrage


End-consumer Power Quality

Reliability (e.g., Backup, UPS)

Increase of Selfconsumption (e.g., Residential Solar + Storage)

Increase of Self-consumption (e.g., Residential Solar + Storage)

It is clear that schedulable renewable is the pathway for deeper decarbonization and advances in digital technologies combined with storage technologies will make it possible in India. Similar aspiration is articulated by Global Solar Alliance led by India- “one Sun, one World, one Grid”.

Amongst the storage technologies, pumped hydro is more predominant, cost-effective and viable in the immediate future.

Storage power capacity by technology, mid-20173



Storage Solutions

Hornsdale Power Reserve (Tesla Big Battery), South Australia - has been able to eliminate fossil fuel generators as a backup option. This Lithiumion battery of capacity 100 MW (129 MWh storage) is estimated to have costed USD 56 million. Almost 55% of the FCAS (Frequency Control Ancillary Services) market in South Australia is now captured by Hornsdale Power Reserve and it has also led to a drop of FCAS pricing by 90%.