Opinion | Insulated By The Sun: Modi's Renewable Push Shielded India From Global Energy Crisis

This is the return on a decade-long wager on renewable power, delivering on the foundations laid by the Modi government

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Since the closing days of February, the Strait of Hormuz has functioned as one of the year’s defining fault lines. The chokepoint carries roughly a fifth of the world’s seaborne oil and a comparable share of its liquefied natural gas, and for nearly six months it has opened and closed on the strength of ceasefires that rarely survive a fortnight.

European gas benchmarks have swung from around €40 per megawatt hour in early March to above €60 in mid-August, and the region entered this month with storage under 57 per cent of capacity, far below its roughly 71 per cent five-year average. India, on the other hand, has moved through the same six months on a different trajectory altogether. Supplies have stayed steady, retail markets have stayed calm, and the panic that gripped Europe’s storage sites and much of import-dependent Asia has largely bypassed New Delhi.

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This is the return on a decade-long wager on renewable power, delivering on the foundations laid by the Modi government.

A Chokepoint Under Siege

The crisis ignited on 28 February, when American and Israeli strikes on Iran set off a chain of retaliation still working its way through the region. Tehran has pushed tankers toward its own territorial waters, away from internationally recognised lanes, striking vessels it judges non-compliant, while Washington has cycled through naval blockades and short-lived truces meant to lift them.

An April ceasefire gave way to a June memorandum of understanding, and that collapsed in July when Iranian forces resumed strikes on commercial shipping. War-risk insurance premiums leapt from a fraction of one........

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