NEW DELHI: The government is planning to release a policy document on appropriate energy transition pathways that balance the imperatives of employment, growth, and environmental sustainability, finance minister Nirmala Sitharaman said on Tuesday.
Presenting the Budget 2024-2025, the minister highlighted various schemes and initiatives, such as the PM Surya Ghar Muft Bijli Yojana, pumped storage projects, and the development of small and modular nuclear reactors for energy transition in the country. She mentioned the advancement of indigenous technology for Advanced Ultra Super Critical (AUSC) thermal power plants as part of the energy transition strategy.
“In the interim budget, I had announced our strategy to sustain more resource-efficient economic growth, along with energy security, in terms of availability, accessibility and affordability. We will bring out a policy document on appropriate energy transition pathways that balances the imperatives of employment, growth and environmental sustainability,” Sitharaman said in her speech.
The government will also introduce a policy to promote pumped storage projects for electricity storage and facilitate the smooth integration of a growing share of renewable energy. To increase the share of nuclear energy in India’s energy basket, the government will collaborate with the private sector to establish Bharat Small Reactors, advance the research and development of Bharat Small Modular Reactors, and explore new nuclear energy technologies. The R&D funding of Rs 1 trillion announced in the interim budget will be allotted to this sector. India has pledged to achieve net-zero carbon emissions by 2070, with the country’s installed nuclear power capacity now at 7.48 gigawatts (GW).
Additionally, the FM announced the completion of indigenous technology development for AUSC thermal power plants, which promise higher efficiency. A joint venture between NTPC and BHEL will establish a fullscale 800 MW commercial plant using AUSC technology, with the government providing necessary fiscal support. This initiative is expected to yield significant economic benefits, including the development of indigenous capacity for producing high-grade steel and 15 advanced metallurgy materials.
The PM Surya Ghar Muft Bijli Yojana that aims to install rooftop solar plants, enabling 1 crore households to receive free electricity up to 300 units per month has received a remarkable response.
Meanwhile, the Centre has decided to drop plans to infuse Rs 15,000 crore in equity for Indian Oil, Bharat Petroleum, and Hindustan Petroleum for energy transition, as State oil marketing firms have turned profitable.
Small N-reactors
The government will collaborate with the private sector to establish Bharat Small Reactors, advance the research and development of Bharat Small Modular Reactors, and explore new nuclear energy technologies