India Needs $217 Billion to Meet 2047 Nuclear Goal, Panel Says
(Bloomberg) --
India will require nearly 19.3 trillion rupees ($217 billion) of investment to reach its target of installing 100 gigawatts of nuclear power capacity by 2047, according to a power ministry panel’s report, published Tuesday.
The report assumed that India’s domestic pressurized-heavy water reactors will continue to be the mainstay technology for the sector, accounting for nearly 46% of the target. Large foreign reactors are seen constituting about 39% of the capacity. Funds needed to build local equipment-manufacturing plants will be additional, it said.
The report comes at a time when Prime Minister Narendra Modi’s government has promised ambitious law changes to encourage private investment in the moribund sector. The reforms also reflect a global tilt toward nuclear technology to achieve decarbonization goals.
One of the proposed changes is to a law that holds plant developers and equipment suppliers liable for damages in case of a nuclear incident and exposes them to civil law suits. This has stymied projects, including those planned by General Electric Co. and Electricite de France SA. As a result, India currently has about 8.8 gigawatts of nuclear power capacity, less than 2% of the of the country’s total electricity generation.
The power ministry panel recommended that suppliers’ liability should be restricted to the contract value, the operator’s liability or a value specified in the contract — whichever is lower. It also recommended that private companies be allowed to acquire uranium mines overseas, either on their own or in partnership with state companies.
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