04 /11 Closing Prices / revised 04/12 2024 09:11 GMT 04/11   OPEC Basket    $90.62 +0.24  | 04/11   Mexico Basket (MME)   $78.62   +0.07  | 02/12    Venezuela Basket (Merey)  $67.27  +0.77  | 04/11    NYMEX WTI Texas Intermediate May CLK24   $85.02  -1.19 | 04/11    ICE Brent June  BRNM24      $89.74  -0.74    | 04/11     NYMEX Gasoline May RBK24   $2.66   – 1.8%   |  04/11   NYMEX  Heating Oil May  HOK24   $2.71  -1.1 %   | 04/11    Natural Gas May NGK24    $1.76  -4.4% | 04/05    Active U.S. Rig Count (Oil & Gas)    620   -1  | 04/12    USD/MXN Mexican Peso  16.4775  (data live) | 04/12    EUR/USD    1.0674  (data live)  | 04/12      US/Bs. (Bolivar)   $36.28040000 ( data BCV)  

India seeks $26 billion of private nuclear power investments – Reuters

A policeman walks on a beach near the Kudankulam nuclear power project in the southern Indian state of Tamil Nadu on September 13, 2012. REUTERS/Adnan Abidi
A policeman walks on a beach near the Kudankulam nuclear power project in the southern Indian state of Tamil Nadu on September 13, 2012. Adnan Abidi/Reuters

Sarita Chaganti Singh, Reuters

NEW DELHI
EnergiesNet.com 02 20 2024

India will invite private firms to invest about $26 billion in its nuclear energy sector to increase the amount of electricity from sources that don’t produce carbon dioxide emissions, two government sources told Reuters.

This is the first time New Delhi is pursuing private investment in nuclear power, a non-carbon-emitting energy source that contributes less than 2% of India’s total electricity generation. The funding would help India to achieve its target of having 50% of its installed electric generation capacity use non-fossil fuels by 2030, up from 42% now.

The government is in talks with at least five private firms including Reliance Industries, Tata Power, Adani Power and Vedanta Ltd

to invest around 440 billion rupees ($5.30 billion) each, the two sources, who are directly involved in the matter, said last week.

The federal Department of Atomic Energy and state-run Nuclear Power Corp of India Ltd (NPCIL) have held multiple rounds of discussions with the private companies in the past year on the investment plan, the sources said.

The Department of Atomic Energy, NPCIL, Tata Power, Reliance Industries, Adani Power and Vedanta did not respond to queries sent by Reuters.

With the investment, the government hopes to build 11,000 megawatts (MW) of new nuclear power generation capacity by 2040, said the sources, who did not want to be identified as the plan is still being finalised.

NPCIL owns and operates India’s current fleet of nuclear power plants, with a capacity of 7,500 MW, and has committed investments for another 1,300 MW.

The sources said under the funding plan the private companies will make the investments in the nuclear plants, acquire land, water and undertake construction in areas outside the reactor complex of the plants.

But, the rights to build and run the stations and their fuel management will rest with NPCIL, as allowed under the law, they said.

The private companies are expected to earn revenue from the power plant’s electricity sales and NPCIL would operate the projects for a fee, the sources said.

“This hybrid model of nuclear power project development is an innovative solution to accelerate the nuclear capacity,” said Charudatta Palekar, an independent power sector consultant who formerly worked for PwC.

The plan will not require any amendment to the India’s Atomic Energy Act of 1962 but will need a final go-ahead from the Department of Atomic Energy, said one of the two sources.

Indian law bars private companies from setting up nuclear power plants but allows them to supply components, equipment and sign construction contracts for work outside of the reactors.

New Delhi has not met its nuclear power capacity addition targets for years mainly because it could not procure nuclear fuel supplies. However in 2010, India struck a deal with the United States for supplies of reprocessed nuclear fuel.

India’s stringent nuclear compensation laws have hampered talks with foreign power plant builders such as General Electric and Westinghouse. The country has deferred a target to add 2,000 MW of nuclear power from 2020 to 2030.

($1 = 82.9640 Indian rupees)

Reporting by Sarita Chaganti Singh; Editing by Christian Schmollinger

reuters.com 02 20 2024

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com


CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved
 

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

 
 
Scroll to Top