India's NTPC Aims for 244 GW Installed Capacity by 2037

en.Wedoany.com Reported - On August 27, India's state-owned power utility NTPC raised its long-term power generation capacity target at its 50th Annual General Meeting, aiming to reach 244 GW by 2037, excluding storage capacity; cumulative capital expenditure through fiscal year 2036-37 is estimated at approximately ₹16.86 trillion. The company has set an installed capacity target of 149 GW by 2032, including 60 GW of renewable energy capacity.

The NTPC Group's current installed capacity stands at approximately 91 GW, more than double the 43.1 GW recorded in fiscal year 2013-14, requiring an additional ~153 GW to reach the 2037 vision. In fiscal year 2025-26, the Group added 9.6 GW of new capacity, of which 5.48 GW came from non-fossil energy sources, accounting for nearly 60% of the new additions; existing under-construction power projects total approximately 35.7 GW.

The capital expenditure plan covers thermal power, hydropower, pumped storage, renewable energy, battery energy storage, coal mines, and nuclear power. NTPC Green Energy generated 14.6 billion kWh of renewable electricity in fiscal year 2025-26, more than doubling from the previous fiscal year. The storage business will simultaneously advance battery energy storage systems and pumped storage projects, while also conducting research on long-duration energy storage technologies such as flow batteries.

Nuclear power is a key component of the new capacity addition plan. NTPC plans to participate in India's 100 GW nuclear power target for 2047, aiming to develop approximately 30 GW of nuclear capacity. The company is advancing related operations through its wholly-owned subsidiary NTPC Parmanu Urja Nigam Limited and a joint venture with Nuclear Power Corporation of India, with recent projects including the 2.8 GW Mahi Banswara nuclear power project in Rajasthan; additionally, 34 candidate sites and related technical solutions are undergoing research and consultation across 13 Indian states.

Conventional power and fuel security remain within the investment scope. The NTPC Group currently operates six coal mines, with three more under development, producing 48.65 million tonnes of coal in fiscal year 2025-26, a year-on-year increase of 6.22%, meeting approximately 18% of the Group's coal demand. The Group's thermal units recorded an average plant load factor of 72.04% during the same period, and it has invited expressions of interest for implementing two-shift operation retrofits on subcritical units of 250 MW and below, to enhance the flexibility of thermal units amid the rising share of renewable energy.

Large-scale capital expenditure will proceed in tandem with the delivery of under-construction projects and financing capacity. In fiscal year 2025-26, the NTPC Group reported consolidated profit after tax of ₹275.46 billion, up 15% year-on-year; EBITDA of ₹605.64 billion, net worth of approximately ₹2.03 trillion, and a consolidated debt-to-equity ratio that declined from 1.34 in the previous fiscal year to 1.32. The company's near-term execution priorities include delivering existing under-construction projects, expanding renewable energy and storage capacity, advancing preliminary work on nuclear projects, and implementing flexibility retrofits for thermal units.

NTPC has traditionally been India's largest thermal power producer, and in recent years has progressively shifted its business focus toward clean energy and green hydrogen initiatives to align with national sustainable development goals. Under the plan, the company will increase its total operational installed capacity to 244 GW over the next fifteen years, driving the nation's power system toward a low-carbon transition while maintaining its role as a pillar of India's energy security.