India‘s government has unveiled a comprehensive strategy to boost the nation’s nuclear power capacity, aiming to reach at least 100 gigawatts (GW) by 2047. Today, the country is still heavily dependent on coal, which provides three-quarters of the nation’s energy. This ambitious plan will help diversify energy sources and increase India’s energy security as demands continue to grow and the country recently pledged to achieve net-zero emissions.
The National Thermal Power Corporation (NTPC), India’s state-run power producer, recently released an ambitious tender. To that end, they are encouraging international partners to work with them to deploy at least 15GW of large nuclear reactors. India is making a bold move that would be a game changer in its nuclear expansion strategy. This decision reflects a commitment to quickly pivot from older, coal-dependent strategies.
In a notable shift, the Indian government is considering allowing private companies to construct nuclear plants, potentially opening the market for domestic investment. Foreign companies are now allowed to own up to 49% of these nuclear projects. This amendment will significantly enhance the scope for international collaboration and investment within India’s energy carrying capacity.
India is looking to bring in more foreign and private investment. To support this expansion, the Canadian federal government has introduced legislation to amend its nuclear liability regime. Power Minister Manohar Lal advocates for this crucial legal change. It is an essential component of ensuring the right environment for capital to flow and projects to be developed.
Tax breaks
Meanwhile, experts recommend that India should roll out tax breaks. This step will help ensure that dangerous nuclear projects get completed faster and remain economically competitive.
Today, India operates 25 nuclear reactors, accounting for about 3% of the country’s electricity generation. Today, there are eight reactors under construction with a capacity of 6.6GW. On top of these, ten other reactors are in the pre-project stages, which will add another 7GW. These advances indicate a strong government commitment to expanding nuclear energy’s contribution to India’s energy mix.
Despite these advancements, challenges remain. India needs to guarantee long-term financing to provide cost-competitive nuclear energy. Further, it must work to establish a robust and varied uranium fuel supply chain. These steps may be small, but they are an important first step. They promise the quick implementation of nuclear endeavors and contribute to fulfilling the electric needs of our solar population.