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India to Invest 1.5 Trillion into Electric Power

India to Invest 1.5 Trillion into Electric Power


According to the India new government, in the future 5 years India will invest 250 billion dollars (about 1.5 trillion yuan) in the power market to meet the targets of doubling generating capacity and access of electricity to everyone. Piyush Goyal, minister of India Electricity, Coal and Renewable Energy Department, said that 100 billion dollars (about 612.5 billion yuan) will be invested in renewable energy, 50 billion dollars (about 306.26 billion yuan) in power transmission, and the remaining funds in other fields. However, Goyal is not optimistic about the expansion prospect of nuclear power. He said that although nuclear power has huge potential, India government needs to learn the life cycle cost of nuclear power station and does not want to apply outdated technologies eliminated by European countries.
“Our government should be careful and say no to technologies eliminated by European countries”, said Goyal at the World Economic Forum held in New Delhi. “We need a better understanding of the field to enter”.
The new India government has planned to develop India’s infrastructure, and promised 24-hour power supply available to 1.3 billion people in 2019. Goyal said that we can look forward that all enterprises, families and offices in India have access to power.
Currently, 53 million households in India have no access to power grid. Many enterprises still rely on costly electricity generated by diesel generator during the long period of power outage. In the summer of 2012, hundreds of millions Indians suffered from power outage for three days because of the breakdown of north India power grid, which is the worst power outage in the history.
According to Goyal, the growth of electric power output will consist of two parts. One is to improve electric power resources structure by developing renewable energies such as wind energy and solar energy, the other is to double the output of India State-owned Coal Company to 1 billion tons per year in the next five years.
India’s renewable energy target is particularly ambitious. Currently, India’s capacity of solar energy is 2.9 gigawatts. The former government had planned to increase it up to 20 GW by 2022. Nowadays the present government plans to achieve the aim of 100 gigawatts solar energy in the future eight years. However, some enterprise leaders of private sectors have their doubts.
According to the long-term energy strategy of India at present, a total of 26 gigawatts nuclear power is needed to meet the shortage of electric power. Enterprises all over the world, including Areva from France, Russia’s state atomic energy and leading enterprises from Japan, all want a share of profits.