NTPC eyes expansion, in talks with foreign firms for nuclear buildout

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By Rajesh Kumar Singh and Stephen Stapczynski

 

State-run NTPC Ltd., India’s biggest power producer, is in initial talks with a range of foreign technology suppliers to expand in nuclear energy as the country steps up its decarbonization efforts, a company executive said.

 

Electricite de France SA, Korea Hydro & Nuclear Power, Rosatom Corp, plus US firms GE Vernova Inc and Holtec International Corp. are among the companies in discussion with NTPC over technology cooperation, said the executive familiar with the conversations, asking not to be named as the plans aren’t yet public. The company aims to add 10 gigawatts of atomic energy capacity by 2033 and will target small modular reactors as well as larger ones, he added.

 

It could still take months for the deal to be signed, the executive said.

 

Holtec confirmed in an email it is in “early stages of discussions with NTPC”, adding it expects to sell at least 200 SMRs to India by 2047. EDF also said it is in talks with the firm for SMR and other reactor technologies.

 

Prime Minister Narendra Modi’s government is seeking to revive interest in India’s nuclear power potential, promising easier regulations for suppliers and more than $2 billion of public resources for research.

 

Atomic reactors are seeing a resurgence in global support given their ability to produce significant quantities of low-carbon, continuous power, at a time when nations are pursuing net-zero emissions targets. In India, the sector has languished for years, in part due to concerns over safety, but also because of a law that holds both operators and equipment suppliers liable for damages in case of an accident. 

 

NTPC did not immediately respond to a request for comment. Rosatom, and Korea Hydro also did not respond to requests for comment. A GE Vernova representative declined to comment.

 

Earlier this month, the government said it would amend the liability law, which originally intended to ensure justice for victims of any nuclear disaster, potentially clearing the path for foreign suppliers to sell to India. 

 

NTPC, along with its units and joint ventures, operates 77.4 gigawatt of capacity, about 17 per cent the country’s total. Close to 90 per cent of that is operated on fossil fuels, according to its website. 

 

The company has formed a joint venture with state monopoly Nuclear Power Corp. of India Ltd. to develop a 2.8-gigawatt nuclear power project at Mahi Banswara in the state of Rajasthan, and expects to begin civil construction at the site in the quarter starting April, the official said.