Sri Lanka can meet its current and future electricity demand by judicial use of renewable energy by 2050, according to a joint study by the UN Development Programme (UNDP) and Asian Development Bank (ADB). The report, titled »Assessment of Sri Lanka’s Power Sector -100 percent Electricity Generation through Renewable Energy by 2050,« notes that by 2050, the country’s installed electricity generation capacity needs will increase from the current 3,700 MW to about 34,000 MW. Of this, 15,000 MW will be wind energy and about 16,000 MW will be solar energy. Balance capacity is expected to be met by hydro and biomass based power plants.
Furthermore, the study has identified need to introduce electricity storage solution which should provide instantaneous power of 3,600 MW and energy storage capacity of 15,000 MWh. This will ensure stability of the electricity grid. The substitution of imported fossil fuel with renewable energy till the year 2050 provides direct monetary benefits and will reduce Sri Lanka’s fuel import bill by about $18 billion cumulatively. In order to transition to 100 percent electricity generation by renewable energy, Sri Lanka will need investment of $50 billion.
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