NTPC to Invest $62 Billion in 30 GW of Nuclear Power by 2045

New Delhi, India – State-owned electricity monopoly NTPC is set to construct 30 gigawatts (GW) of nuclear power within the next 20 years, doubling its initial target following the opening of the industry by the government to foreign and private investment. The ambitious construction, which is estimated to cost $62 billion, aligns with India's plans for long-term clean energy.

India aims for 500 GW of non-fossil fuel electricity capacity by 2030 and 100 GW of nuclear power by 2047. Currently, the country has about 8 GW of nuclear capacity, all operated by the Nuclear Power Corporation of India (NPCIL), which aims to raise it to 20 GW by 2032. NTPC's decision will be a big step forward in enabling the country to achieve these goals and strengthening India's nuclear energy space.

NTPC is also building two nuclear power plants of 2.6 GW capacity each at Rajasthan and Madhya Pradesh. The company is also seeking early clearances for land in eight states like Gujarat, Uttar Pradesh, Madhya Pradesh, Andhra Pradesh, and Tamil Nadu, in order to conduct feasibility studies in 27 locations. The locations could accommodate at least 50 GW of nuclear capacity. However, the challenges of land procurement and local opposition remain top concerns.

Private Indian enterprises like Tata Power, Vedanta, Reliance Industries, and Adani Power have expressed interest in the nuclear sector. NTPC's own nuclear business arm, NTPC Parmanu Urja Nigam, would probably be in the lead as far as investments and partnerships are concerned. The firm is negotiating with international giants like France's EDF, General Electric, and Holtec International of America, and also with Russian entities, to contemplate establishing small modular nuclear reactors.

This expansion is a strategic decision by NTPC, with the majority of its power plants being coal-based, and is indicative of India's resolve to diversify its energy mix. With nuclear power providing a safe and low-carbon alternative, this investment could play a major role in ensuring India's future energy security.

Source: Reuters