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Time of India
19-05-2025
- Business
- Time of India
Govt considering amendments to Atomic Energy Act, nuclear liability law
Government is considering amendments to the laws governing the nuclear power domain, including the sectoral regulator, to allow participation of private sector as India eyes to produce 100 GW atomic energy by 2047. Government sources said amendments were being considered to the Atomic Energy Act to allow private sector participation and the Civil Liability for Nuclear Damage Act to limit the liability on suppliers of equipment to build atomic energy plants. The government is also considering regulatory reforms and is evaluating the model of Indian National Space Promotion and Authorization Center (INSPACe) which acts as the promoter and regulator for the space sector that was opened up for private participation in 2020. Finance Minister Nirmala Sitharaman announced opening up of the nuclear power sector which has been restricted to public sector companies. The Nuclear Power Corporation of India Limited operates atomic power plants across the country that contribute 8.7 GWe to the country's energy mix. Sitharaman also announced the Nuclear Energy Mission for research and development of Small Modular Reactors (SMR) with an outlay of Rs 20,000 crore and to operationalise five indigenously developed SMRs by 2033. The Department of Atomic Energy officials has recently said that the Nuclear Energy Mission aims to leverage private sector participation, streamline regulatory frameworks, and scale up nuclear power production to meet India's increasing energy demands. Foreign nuclear power firms had evinced interest in setting up atomic power plants in India after it secured a waiver from the Nuclear Suppliers Group to engage in global nuclear trade. The NSG waiver came after the landmark India-US civil nuclear deal of 2008. However, the Civil Liability for Nuclear Damage Act of 2010 proved to be an impediment for private sector participation. The private sector termed certain provisions of the law were unacceptable and contradicted the international Convention for Supplementary Compensation for Nuclear Damage (CSC). The government expects the private sector to pitch in with investments to achieve the target of producing 100 GWe nuclear power by 2047. The officials said that around 50 per cent of the 100 GW target is expected to come from Public-Private Partnerships (PPP). A parliamentary panel has also recommended establishing a robust financial model that includes government incentives, Viability Gap Funding (VGF), and sovereign guarantees to attract both domestic and foreign investments. The Committee had suggested that expediting legislative amendments to the Atomic Energy Act and Civil Liability for Nuclear Damage Act to encourage private investment in nuclear power generation. India plans to set up private sector SMRs of 220 MW Bharat Small Reactors (BSR) for captive use. NPCIL had recently invited Request for Proposals from Indian industries for setting up 220 MW BSRs for captive use.
New Indian Express
19-05-2025
- Business
- New Indian Express
Govt considering amendments to Atomic Energy Act, nuclear liability law
NEW DELHI: Government is considering amendments to the laws governing the nuclear power domain, including the sectoral regulator, to allow participation of private sector as India eyes to produce 100 GW atomic energy by 2047. Government sources said amendments were being considered to the Atomic Energy Act to allow private sector participation and the Civil Liability for Nuclear Damage Act to limit the liability on suppliers of equipment to build atomic energy plants. The government is also considering regulatory reforms and is evaluating the model of Indian National Space Promotion and Authorisation Center (INSPACe) which acts as the promoter and regulator for the space sector that was opened up for private participation in 2020. Finance Minister Nirmala Sitharaman announced opening up of the nuclear power sector which has been restricted to public sector companies. The Nuclear Power Corporation of India Limited operates atomic power plants across the country that contribute 8.7 GWe to the country's energy mix. Sitharaman also announced the Nuclear Energy Mission for research and development of Small Modular Reactors (SMR) with an outlay of Rs 20,000 crore and to operationalise five indigenously developed SMRs by 2033.
Time of India
19-05-2025
- Business
- Time of India
Govt considering amendments to Atomic Energy Act, nuclear liability law
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Government is considering amendments to the laws governing the nuclear power domain, including the sectoral regulator, to allow participation of private sector as India eyes to produce 100 GW atomic energy by 2047. Government sources said amendments were being considered to the Atomic Energy Act to allow private sector participation and the Civil Liability for Nuclear Damage Act to limit the liability on suppliers of equipment to build atomic energy government is also considering regulatory reforms and is evaluating the model of Indian National Space Promotion and Authorization Center (INSPACe) which acts as the promoter and regulator for the space sector that was opened up for private participation in Minister Nirmala Sitharaman announced opening up of the nuclear power sector which has been restricted to public sector companies. The Nuclear Power Corporation of India Limited operates atomic power plants across the country that contribute 8.7 GWe to the country's energy also announced the Nuclear Energy Mission for research and development of Small Modular Reactors (SMR) with an outlay of Rs 20,000 crore and to operationalise five indigenously developed SMRs by Department of Atomic Energy officials has recently said that the Nuclear Energy Mission aims to leverage private sector participation, streamline regulatory frameworks, and scale up nuclear power production to meet India's increasing energy nuclear power firms had evinced interest in setting up atomic power plants in India after it secured a waiver from the Nuclear Suppliers Group to engage in global nuclear trade. The NSG waiver came after the landmark India-US civil nuclear deal of the Civil Liability for Nuclear Damage Act of 2010 proved to be an impediment for private sector participation. The private sector termed certain provisions of the law were unacceptable and contradicted the international Convention for Supplementary Compensation for Nuclear Damage (CSC).The government expects the private sector to pitch in with investments to achieve the target of producing 100 GWe nuclear power by officials said that around 50 per cent of the 100 GW target is expected to come from Public-Private Partnerships (PPP).A parliamentary panel has also recommended establishing a robust financial model that includes government incentives, Viability Gap Funding (VGF), and sovereign guarantees to attract both domestic and foreign Committee had suggested that expediting legislative amendments to the Atomic Energy Act and Civil Liability for Nuclear Damage Act to encourage private investment in nuclear power plans to set up private sector SMRs of 220 MW Bharat Small Reactors (BSR) for captive use. NPCIL had recently invited Request for Proposals from Indian industries for setting up 220 MW BSRs for captive use.
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Business Standard
08-05-2025
- Business
- Business Standard
REC to focus on thermal, nuclear projects; targets zero NPAs by FY25
State-owned power sector financier REC Ltd will renew its focus on thermal power assets, anticipating growth in the segment to meet rising power demand, the company's senior management said during a post-results conference. The non-banking financial company (NBFC) is also exploring investment in nuclear power, particularly Small Modular Reactors (SMRs). The management noted that any SMR project by a state-owned entity would be of interest during its initial phase. Recently, REC sanctioned two new thermal power plants in Rajasthan, two in Madhya Pradesh and one each in Haryana and Maharashtra. However, the company reiterated that its commitment to renewable energy remains intact, with plans to allocate 30 per cent of its loan portfolio to green energy by the end of this decade. Speaking at the conference, newly appointed chairman and managing director (CMD) Jitendra Shrivastava said the company is aiming to become a 'zero NPA' firm by the end of the current financial year. 'Our non-performing assets (NPAs) have come down significantly. We are now at 0.38 per cent as on 31 March 2025, and we hope to be a zero NPA company this year,' Shrivastava said. REC reported a 5.6 per cent rise in consolidated net profit at ₹4,309 crore in Q4FY25. Total income rose to ₹15,348 crore, up from ₹12,706 crore in the same period last year. For the full financial year 2024–25, REC's net profit increased to ₹15,884.23 crore from ₹14,145.46 crore in FY24. Total income rose to ₹56,434 crore in FY25 from ₹47,571.23 crore in the previous year.
Reuters
06-02-2025
- Business
- Reuters
UK pledges to open up new sites for mini nuclear power stations
LONDON, Feb 6 (Reuters) - Britain on Thursday promised to free more sites for nuclear energy developments across England and Wales, seeking to attract private investment into Small Modular Reactors (SMRs) as part of its push to decarbonise the power network. Prime Minister Keir Starmer's office announced plans to expand the list of possible sites for nuclear development and set out other reforms to streamline the planning process. "This country hasn't built a nuclear power station in decades. We've been let down, and left behind," he said in a statement. Successive British governments have championed the benefits of SMRs - effectively small-scale nuclear plants - in search of a way to avoid the high upfront costs, planning delays and difficulty of securing investors associated with larger plants. But to date, no SMR projects have been built. Attracting private capital is central to Starmer's overall plan for government following his election win in July, after he inherited a sluggish economy and then imposed rules on spending and borrowing to promote economic stability. His bid to generate growth has already seen the announcement of planning broader reforms, particularly for large infrastructure projects. There are currently eight sites approved for nuclear development. The new plan would encourage developers to put forward other possible sites and promises flexibility that could see SMRs located alongside power-hungry Artificial Intelligence data centres. The new nuclear policy document builds on a consultation undertaken by the previous, Conservative government last year and will be subject to further consultation and parliamentary scrutiny before it is adopted. A government competition to develop SMRs has been running since 2023, with four bidders still in the race for what could be multi-billion-pound technology development contracts. They are Rolls-Royce (RR.L), opens new tab, Westinghouse, Holtec Britain and GE-Hitachi Nuclear Energy - an alliance between General Electric Co (GE.N), opens new tab and Japan's Hitachi Ltd (6501.T), opens new tab. A previous SMR competition was launched in 2016 but did not proceed beyond the information-gathering stage and closed in 2017.
