Indian Nuclear Energy Market to Grow By 15% Till 2020 Finds New Research Report by NOVONOUS
Online, June 25, 2014 (Newswire.com) - The overall market for nuclear energy in India is expected to grow at a CAGR of 14.91% till FY2017-18 despite the prohibitive Civil Liability for Nuclear Damages Act. This growth is expected to be driven by the completion of 6 scheduled nuclear reactors and the commissioning of at least 10 new ones over the next 4-5 years, according to a detailed report by market research company NOVONOUS. The report contains in-depth review of the Indian nuclear energy sector, company profile and analysis, and recommendations for players involved in the sector.
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Post the 2008 waiver by the 46-member Nuclear Suppliers Group, India looked ready for aggressive expansion of its nuclear power program. However, the much debated Civil Liability for Nuclear Damages Act enforced in November 2011, has resulted in hesitance from foreign companies in entering India. This is primarily due to uncertainty about the application or execution of the liability clause. The Act enables the enforcement of Rs 1500 Cr on nuclear plant operators, which can be passed on to the suppliers in a lawsuit. It has been argued that the liability passed on to the foreign suppliers is too less compared to the damages caused by nuclear power. Foreign companies on the other hand are unsure about whether the Act is retrospectively applicable or not.
However, the construction of the 4 indigenous 700 MW reactors at Kakrapar and Rawatbhata is on schedule. The 2nd plant at Kudankulam and the revolutionary Prototype Fast Breeder Reactor at Kalpakkam are due for completion in the next year. More importantly, the issues regarding the Act are being actively resolved by Nuclear Power Corporation of India, and the foreign collaborations are coming back on track. Clearances for the 2 new Russian collaboration reactors at Kudankulam have been granted, and the land acquisition for much delayed French collaboration nuclear power plant at Jaitapur is seeing progress. In addition to these, several new reactors have been scheduled for immediate commissioning till 2017-18 at Kovvada, Andhra Pradesh and Mithi Virdi, Gujarat. Thus, the nuclear energy capacity of the country is projected to reach 10 GW by 2017-18 and 15 GW by 2020-21.
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