The Ministry of Power has issued tariff-based competitive bidding guidelines to procure stored energy from existing, under-construction, or new pumped storage projects. The draft policy was issued in August last year. According to the National Electricity Plan 2023, there will be a need for approximately 74 GW/411 GWh of energy storage systems by 2031-32. This includes 27 GW/175 GWh from PSP and 47 GW/236 GWh from battery energy storage systems.