New Delhi: The union government has called for state-run NTPC Ltd to become the largest energy multinational. This was articulated by power and new and renewable energy minister Raj Kumar Singh on Sunday.
This comes in the backdrop of India’s largest power generation firm’s pivot towards green energy. NTPC Group posted a net profit of $1.85 billion in FY21. It has also set an aim of 10% reduction in net energy intensity.
“Shri Singh also emphasised that NTPC should raise the level from being a national company to being an international behemoth and should dream of becoming the biggest multi-national in field of energy,” NTPC said in a statement.
The state-run company has an installed capacity of about 67 gigawatt (GW) across 70 power projects, with 18 GW under construction. It has set an ambitious aim of 60 GW renewable energy capacity by 2032 from the existing 4.7 GW. NTPC has won 4.32 GW of renewable energy bids since the last financial year. It plans to invest ₹1 trillion between 2019 and 2024 to become a 130GW power producer by 2032.
Speaking at NTPC’s Raising Day, “In his address he further stressed that NTPC needs to keep growing and add capacity as the country needs to keep pace with the ever growing demand for energy. He also underlined NTPC’s impressive record of producing almost a billion units every day.”
India’s daily electricity consumption has crossed 4 billion units , resulting in a 18% spike in coal consumption during August-September 2021 compared to the corresponding period in 2019.
NTPC is also preparing to list its clean energy units NTPC Renewable Energy Limited (NTPC REL) and NVVN. As part of its diversification strategy, NTPC is also looking to leverage hydrogen for transportation by mixing the fuel with natural gas for City Gas Distribution (CGD) network.
NTPC REL has also inked a pact with the Union territory of Ladakh for a green hydrogen mobility project, with the company along with NVVN jointly executing the project. NTPC also plans to partner with National Investment and Infrastructure Fund, the country’s quasi-sovereign wealth fund, and Oil and Natural Gas Corporation to acquire and develop green energy assets including offshore wind projects.
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