Budget 2024: Finance Minister announces to set up 800 MW Advanced Ultra Super Critical thermal power plants; These stocks will be in focus!

The government's focus on energy security encompasses a diverse range of strategies, from promoting renewables to developing advanced nuclear technologies.

Finance Minister Nirmala Sitharaman has given a major emphasis to ensure India’s energy security, affordability, and sustainability. A new policy will chart a path for energy transition, balancing economic growth, employment, and environmental concerns.

To promote solar energy adoption, the PM Surya Ghar Muft Bijli Yojana has been launched, aiming to provide free electricity to one crore households through rooftop solar installations. The scheme has garnered significant interest with over 1.28 crore registrations. Waaree Renewables Technologies, KPI Green Energy, Oriana Power, Borosil Renewables, and Solex Energy are among the major beneficiaries of this initiative.

Recognising the importance of energy storage and grid stability, the government will introduce a policy for pumped storage projects. This will facilitate the integration of renewable energy, which is often intermittent, into the overall energy mix. Recently, Tata Power signed a MoU with the Maharashtra Government for the development of a 2.8 GW Pumped Storage Project (PSP).

Finance Minister Nirmala Sitharaman also informed that India has achieved a significant milestone in thermal power generation technology. The development of indigenous Advanced Ultra Super Critical (AUSC) technology for thermal power plants has been successfully completed. To harness this breakthrough, a joint venture between NTPC and BHEL will establish an 800 MW commercial power plant utilizing AUSC technology. The government will provide financial support for this endeavour. This initiative is expected to have a wider impact, stimulating the domestic production of high-grade steel and other advanced materials, thereby boosting the overall economy.

Overall, the government's focus on energy security encompasses a diverse range of strategies, from promoting renewables to developing advanced nuclear technologies.

Disclaimer: The article is for informational purposes only and not investment advice.