CA Rajkumar S. Adukia
Energy is derived from the Greek work ‘energia’ and is referred to as a scalar physical quantity that is a property of objects and systems which is conserved by nature. Energy is often defined as the ability to work.
Energy is an important building block in human development, and, as such, acts as a key factor in determining the economic development of all countries.
The International Energy Agency (IEA) forecasts that world primary energy demand between 2011 and 2030 will increase by 1.5% per year from just over 12,000 million tonnes of oil equivalent (Mtoe) to 16,800 Mtoe- an overall increase of 40%. Developing Asian countries are the main drivers of this growth, followed by Middle East.
India‟s substantial and sustained economic growth is placing enormous demand on its energy resources. The demand and supply imbalance in energy sources is pervasive requiring serious efforts by Government of India to augment energy supplies as India faces possible severe energy supply constraints.
Energy requirement in our country is increasing at a very rapid rate. While efforts are being made to improve availability of various energy sources, there is still a continuing gap between demand and supply of energy. Thus energy conservation has also emerged as one of the major issues in recent years. Conservation and efficient utilization of energy resources play a vital role in narrowing the gap between demand and supply of energy. Improving energy efficiency is probably the most profitable thing that can be done in the short term.
MEANING OF ‘ENERGY’
Under Section 2(h) of the Energy Conservation energy derived from fossil fuels, nuclear substances includes electrical energy or electricity generated biomass connected to the grid.
Energy comes in different forms:
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