Washington, DC (STL.News) – The US Department of State released the following statement:
The United States and India launched today in New Delhi the Flexible Resources Initiative (FRI, or “free”) under the U.S.-India Clean Energy Finance Task Force. FRI develops effective strategies to ensure India’s power system has the flexibility it needs to integrate renewable energy over the next decade, while reliably meeting surging demand for electricity.
U.S. Assistant Secretary of State for Energy Resources (ENR) Frank Fannon and Chairman of the Federal Energy Regulatory Commission Neil Chatterjee joined India’s Joint Secretary of the Ministry of Power Vivek Kumar Dewangan, Secretary of the Ministry of New and Renewable Energy Anand Kumar, Chairman of the Central Electricity Regulatory Commission Pradeep Kumar Pujari, and Chairman of the Petroleum and Natural Gas Regulatory Board Dinesh Kumar Sarraf in highlighting how FRI encourages responsible economic development and growth. In calling for an open, transparent, and rules-based energy sector, FRI supports Prime Minister Modi’s ambitions to strategically fuel India’s economic prosperity—through an actionable pathway to increase the flexible resources needed to achieve his renewable energy vision.
This is part of the broader Asia EDGE (Enhancing Development and Growth through Energy) initiative, in support of our common vision for the Indo-Pacific. Asia EDGE seeks to strengthen energy security, increase energy diversification and trade, and expand energy access across the Indo-Pacific. This region is key because it accounts for about 65% of the increase in developing country energy demand by 2040; with energy demand in India expected to more than double, according to the International Energy Agency (IEA). As such, India represents enormous challenges and opportunities, requiring high-level partnerships across public and private sectors.
FRI itself mobilizes a whole-of-government approach, with India’s Ministry of Power leading in collaboration with its Ministry of New and Renewable Energy, the Central Electricity Regulatory Commission, and the Petroleum and Natural Gas Regulatory Board. The U.S. Department of State and Federal Energy Regulatory Commission co-lead U.S. participation, along with partner agencies—the U.S. Department of Energy and the U.S. Agency for International Development.
FRI signals new investment opportunities for a broad range of flexible resources in India such as natural gas and batteries; it enhances commerce surrounding the adoption of flexible resources; and it facilitates the regulatory and policy frameworks that value and compensate flexible resources.