The document provides an overview of India's nuclear power sector. It notes that while nuclear power currently accounts for a small share of India's total power capacity, the government has ambitious plans to significantly expand nuclear power generation. This will create substantial business opportunities potentially worth $80-200 billion for both domestic and foreign companies. Many large Indian companies are pursuing partnerships and making major investments to capitalize on these growth prospects in nuclear power.
2. Executive Summary
Installed capacity in 2008: 4,120MWe; Accounts for 2.8% of total power capacity
Estimated capacity in 2012: 7,500 MWe; Target capacity by 2020: 20 GW
Market
Government has the sole right to nuclear power generation via NPCIL
I d US
Indo‐US nuclear deal and NSG waiver expected to boost nuclear commerce
l d l d NSG i d b l
High level of activity with domestic and foreign firms signing or evaluating partnerships
Large domestic engineering and infrastructure companies showing active interest
Activity
i i – E.g Rolta, Larsen & Toubro, Reliance, GVK, Punj Lloyd, Bharat Forge Ltd
Public sector enterprises also actively pursuing partnerships
Large investment outlays being made to capitalize on government’s ambitious plan
Government monopoly in nuclear power generation mining and plant installation
Government monopoly in nuclear power generation, mining and plant installation
Issues & Nuclear power generation cost is highest in comparison to other sources of energy
Challenges Dependence on foreign sources for uranium fuel supplies
Limited role for domestic companies due to lack of expertise
An estimated business potential of USD 80‐200 bn
Targeted capacity is 63 GW by 2032
Future
Strong opportunities in manufacturing reactors, components as well as related areas such as
Outlook consulting, engineering & construction etc.
Five reactors are under construction with a total capacity of 3160MWe
NUCLEAR POWER – INDIA.PPT 2
4. The historic Indo‐US nuclear deal and waiver from NSG allows
India to partake in global nuclear commerce
The Past A Historic Deal A bright future with huge opportunity
Ban on Nuclear Delegations from US, UK,
End of 34‐year
commerce with India
commerce with India France, Japan, Canada
France Japan Canada
nuclear apartheid
since 1974 nuclear tests pursuing business
Led to… Open to partake in
Passage of Indo‐ global nuclear
global nuclear
Successful indigenous US deal and commerce Major players like Areva,
programme with major waiver from NSG GE, and Westinghouse
achievements in 2008 Huge pent up leading foreign entry
demand in existing
demand in existing
But… facilities
Restricted development Domestic engineering &
Huge investments
g
with no access to foreign
with no access to foreign infrastructure firms also
infrastructure firms also
planned in the future
fuel and technology planning foray
A huge opportunity exists in supporting India s ambitious nuclear energy programme.
A huge opportunity exists in supporting India’s ambitious nuclear energy programme
NUCLEAR POWER – INDIA.PPT 4
5. Nuclear energy currently accounts for a small share of total
power generation with installed capacity of 4.1 GW in 2008
Overview Installed Nuclear Power Capacity
•The Government has the sole right to nuclear MWe
power generation via NPCIL 5,000 +10%
3,900 4,120
•Capacity in 2008 stood at 4120 MW compared 4,000
3,310
to original target of 5680 MW set in the Xth 5‐ 3,000 2,770 2,838
year plan ending in 2007 2,000
•Nuclear power accounts for a miniscule share
•Nuclear power accounts for a miniscule share 1,000
1 000
of total power generated with the bulk 0
accounted by coal and hydro projects 2004 2005 2006 2007 2008
Share of Total Capacity Regional Distribution of Nuclear Power
Gas
Diesel North
10%
0.8% 29%
Coal 52 5%
52.5% 24 9% Hydro
24.9% West
West 45%
9% 27%
2.8%
RES South
Nuclear
Nuclear
Renewable Energy Sources (RES) includes Small Hydro Project, Biomass Gasifier,
Biomass Power, Urban & Industrial Waste Power, and Wind Energy
NUCLEAR POWER – INDIA.PPT 5
6. In the long‐term, business potential of nuclear energy is large
with estimates ranging from USD 80 bn to USD 200 bn
Short‐term outlook Short – term target and revised estimates
•As per the Xth 5‐year plan (ending 2007), the MW
Targeted (In Xth Plan)
planned capacity in 2012 was projected to be 15,000
Actual Estimates (Current)
Actual Estimates (Current)
12,015
9935 MW 11,475
9,935
•However, as per the XIth 5‐year plan, capacity 10,000
6,880 7,180 7,400
addition has been revised to 3380 MW 7,500
5,000
•Government is confident of meeting short
•Government is confident of meeting short‐ 5,620
5 620
and long‐term targets with 1,500 MW
0
expected to be added by 2009 2009 2010 2011 2012 2013 2014
Long‐term outlook Long – term target
•Ambitious target of 63 GW by 2032 MW
•This target translates to at least 40 new 80,000
reactors worth USD 80 bn alone 63,000
60,000
•Additionally, there will be significant business
ddi i ll h ill b i ifi b i
in consulting, engineering & construction, and 40,000
components supply 20,000
20,000
9,935
•Estimates on business potential range from
0
USD 1.5 bn to USD 5 bn p.a. after a few years 2012 2020 2032
NUCLEAR POWER – INDIA.PPT 6
9. Domestic private players are capitalizing on the growth
prospects through large investments and joint ventures
Recent Deals (1/2)
Company Partnerships and Investments
• Stone & Webster JV: Entered into a joint venture with Stone & Webster to focus on nuclear
Stone & Webster JV: Entered into a joint venture with Stone & Webster to focus on nuclear
Rolta
power engineering
• Westinghouse: In Jan 2009, an agreement was signed with Westinghouse to build its AP1000
nuclear reactors.
This would enable L&T to utilize indigenous capabilities for the construction of nuclear power plants
Larsen & Toubro
including supply of reactor equipment and systems, valves, electrical & instrumentation products and
(L&T) fabrication of structural, piping and equipment modules for Westinghouse AP1000 plants
• AECL: Another agreement was signed with Atomic Energy of Canada Ltd (AECL) to manufacture
ACR1000 reactors at their facility in Hazira, Gujarat
y , j
• Alstom JV: Formed a joint venture, in 2008, with Alstom primarily for manufacturing state‐of‐
Bharat Forge Ltd the‐art power plant equipment in India which is expected to extend to nuclear applications
(BFL) • Areva JV: It signed an MOU with Areva to set up a manufacturing facility of heavy forges. The
plant is expected to be operational by 2012
l d b lb
• Thorium Power MOU: It signed an MOU with Thorium Power Ltd towards providing advisory
Punj Lloyd Group
services to players with regard to investment opportunities available in the market
NUCLEAR POWER – INDIA.PPT 9
10. Government institutions have also entered into partnerships and
are making large investments in the industry
Recent Deals (2/2)
Company Partnerships and Investments
•K t
Kazatomprom MOU: I J 2009 i d MOU ith K t
MOU In Jan 2009, signed an MOU with Kazatomprom for supplying uranium to
f l i i t
India and discussed the possibility of building Indian PHWR reactors in Kazakhstan
• Areva MOU: Signed an MOU with Areva to set up two 1650 MWe EPR at Jaitapur, Maharashtra
coupled with an agreement of constant supply of nuclear fuel for these reactors. The deal is
Nuclear Power
estimated to be worth USD 10.4 bn
Corporation of India
Corporation of India
Limited (NPCIL) • BHEL MOU: Signed an MOU with Bharat Heavy Electricals Ltd. (BHEL) towards carrying out
engineering, procurement and construction activities for nuclear power plants
• NTPC JV: It has entered a JV with NTPC towards creating a new company which will be
implementing an array of nuclear power projects. Investment of USD 3 bn is expected for
building nuclear power plants.
building nuclear power plants
Bharat Heavy • Heavy Engineering Corp JV: Entered into a joint venture with Heavy Engineering Corp for
Electricals Ltd. making forgings for nuclear power plants
Uranium Corporation • Expansion: USD 72 mn has been invested towards new mines and processing plants in
p p p gp
of India Limited Jharkhand
Department of • Tvel Fuel Contract: TVEL entered into a contract to provide fuel pellets for India’s nuclear power
Atomic Energy plants. The contract is valued at over USD 700 mn
NUCLEAR POWER – INDIA.PPT 10
11. Planned investments by the domestic private players in a
dynamically growing market
Planned activity (1/2)
Company Partnerships and Investments
• Export To enter the international market of hea engineering components for n clear reactors
Export: To enter the international market of heavy engineering components for nuclear reactors
• NPCIL JV: It plans on investing USD 463 mn in a venture with NPCIL for domestic supply and export of nuclear
Larsen & Toubro (L&T) forgings
• French Alliance: An industrial alliance with French firms is under consideration for manufacturing PWR
equipment in India
Reliance Energy Ltd. • NPCIL: It has approached NPCIL with a proposal to set up a 2000MW nuclear plant
(REL) • GE JV: A joint venture with GE is also being considered
GVK Power & • GE & Westinghouse: Planning to buy reactors and equipment from American companies namely General
Infrastructure Electric Co and Westinghouse Electric Co in order to enter the Indian market
g
Tata Power • Market entry: It is planning to enter the nuclear energy market with an initial investment of USD 3 bn
Satluj Jal Vidyut Nigam
• NPCIL JV: It plans on a JV with NPCIL for setting up atomic energy plant with capacity of 1500MW
Ltd.
• Reliance Power Ltd;
• GVK Power & • These companies are in the process of finalizing agreements with overseas nuclear vendors including Areva, GE‐
Infrastructure Ltd; Hitachi, Westinghouse and Atomstroyexport
• GMR Energy Ltd
NUCLEAR POWER – INDIA.PPT 11
12. Planned investments by government institutions in a dynamically
growing market
Planned activity (2/2)
Company Partnerships and Investments
Nuclear Power • Capacity generation: Plans on establishing an additional capacity of 16900MW at an investment of USD 23 bn
p yg g p y
Corporation of India • Andhra Pradesh Generation Company JV: The proposed JV with Andhra Pradesh Generation Company towards
Limited (NPCIL) executing two 1500 MW nuclear projects
National Thermal Power • BHEL & BFL JV: Plans to diversify into nuclear power for which it has formed JVs with BHEL and Bharat Forge
Corporation (NTPC) • NPCIL & BHEL JV: Also underway is a a joint venture with NPCIL and BHEL to sell 220 MWe PHWR units abroad
Bharat Electronic Ltd. • Market entry: Plans on foraying into the instrumentation part of nuclear technology
• Expansion: Planning to tap indigenous uranium deposits from Kylleng‐Pyndeng‐Sohiong in Meghalaya which will
Uranium Corporation of allow them to extract 375000 tonnes of uranium deposits at an investment of USD 214 mn
India Limited • Expansion: Invest USD 393 mn in uranium mining and milling plants in Nalgonda and Kadapa districts in Andra
Pradesh
• Product Expansion: It plans to spend USD 7.5 bn in the next two years, building plants to supply components for
reactors of 1600 MWe
• NPCIL JV: It is also planning to enter into a joint venture with NPCIL towards supplying equipment, procurement
and construction of nuclear plants of 700 MWe, 1000 MWe and 1600 MWe and plan on seeking overseas
Bharat Heavy Electricals
Ltd. (BHEL)
Ltd (BHEL) partners to provide technological support
partners to provide technological support
• Areva JV: It is planning to form a JV with Areva for manufacturing reactors
• Sheffield Forgemasters International & Kobe Steel JV: A joint venture with UK‐based Sheffield Forgemasters
International Ltd and Japan's Kobe Steel is expected in order to supply nuclear forgings
• Product Expansion: A green‐field manufacturing base in India for nuclear forgings is being considered
NUCLEAR POWER – INDIA.PPT 12
14. Government monopoly on nuclear power generation and
perceived high cost of energy
Monopoly in power generation
• According to the Atomic Energy Commission Act, the Nuclear Power Cooperation of India Ltd
(NPCIL) is the only institution that can engage in nuclear power generation activity Private sector
nuclear power
nuclear power
• Current government policy dictates that all activities, from uranium and thorium mining to
generation yet
setting up nuclear plants and power generating power can only be executed by a Government
not permitted
company
• Private investments is not allowed in nuclear power generation, however, after the Indo‐US
deal the government is planning to consider private participation in the industry.
deal the government is planning to consider private participation in the industry
Various groups that have shown interest in the market are Videocon group, Jindal Power, Tata Power,
Reliance and GMR
High production cost of nuclear power
• Cost / kWh of generation is much higher as compared to conventional power generation
• However, advocates of nuclear energy cite its environmental impact as a positive compared to Perceived as
conventional energy sources such as coal and gas expensive
cents/kWh
Lower Estimate cents/kWh
Upper Estimate
pp source of energy
14.5
14 5
15 15
11.1 11.3 11.6
10 10
5.1 5.8 5.5 6.0
3.9 4.8 4.0 4.4
5 5
0 0
Gas Coal Wind Hydro Biomass Nuclear Gas Coal Wind Hydro Biomass Nuclear
NUCLEAR POWER – INDIA.PPT 14
15. Increased dependence on foreign uranium supplies and possible
limitation in opportunity for domestic firms
Shortage of domestic uranium supplies
• India faces a shortage of domestic uranium resources for powering its nuclear infrastructure
Production levels of nuclear power plants have fallen from an average of 80% PLF (plant load factor‐average
Greater
capacity utilization) to 40‐50% PLF
it tili ti ) t 40 50% PLF dependence on
dependence on
Five plants had been shutdown and the other plants were running at an average of less than 50% of their foreign fuel
capacity supply
The loss of generation at nuclear power stations due to non availability of fuel has been 1825 MU in
comparison to 2007
• However, this scenario is expected to change with access to fuel supplies post the NSG waiver
at the risk of increased dependence on overseas supply for its ambitious programme
Role of Indian companies in domestic nuclear market
• Many large engineering and infrastructure companies are keen on entering the nuclear energy
market in various roles ranging from reactor manufacturing to power generation Limited
• However, the majority of these companies have little or no experience in this domain possibly opportunity for
causing them to enter into partnerships with foreign companies Indian firms
• The partnership arrangement has its benefit since Indian firms have tremendous experience in
dealing with government agencies while the foreign companies bring in technical expertise
• The opportunity for Indian companies, however, appears to be limited since their role will be
restricted to marketing or that of a local agent.
NUCLEAR POWER – INDIA.PPT 15
17. The Atomic Energy Commission (AEC) is solely responsible for
managing nuclear power in India
Atomic Energy Commission (AEC)
Atomic Energy Regulatory
Board (AERB)
d( )
Department of Atomic
Energy (DAE)
Nuclear Power
Nuclear Power Electronics
Electronics Uranium
Uranium
Bhartiya Nabhikiya Heavy Water Nuclear Fuel
Corporation of Corporation Corporation
Vidyut Nigam Ltd Board Complex
India Ltd of India Ltd of India
Executing
Production of heavy
projects and Supply of nuclear
Installation of fast Mining and water used as a
operating nuclear Reactor control and fuel bundles and
reactors processing moderator and
power plants for implementation reactor core
of nuclear fuel coolant in reactors,
electricity components
operates 6 plants
generation
NUCLEAR POWER – INDIA.PPT 17
18. Nuclear Power Corporation of India Limited
Overview Financial Performance
• Operating the atomic power stations Profit
Currently operates 17 nuclear power plants with a Total Income
combined capacity of 4120MWe with 5 under construction
bi d i f 4120MW i h 5 d i Revenue INR mn
Revenue INR mn Profit INR mn
Profit INR mn
adding 2660MWe 50,000 46,540 25,000
41,860 42,660
• Emphasis on development of nuclear power 40,000 20,000
technology as an economical source of electrical 15,000
30,000
energy
gy 10,000
20,000 5,000
• Generated 90 bn units of electricity under the 10th
Five Year Plan exceeding the target by 10% 10,000 0
2005‐06 2006‐07 2007‐08
Future Outlook Capital Expenditure
Capital Expenditure Revenue distribution
Revenue distribution
• Targeted capacity addition of 2660 MW by 2012 and (2007‐08) (2007‐08)
projected capacity of 22 GW by 2015 Ancillary schemes
9% Interest 11
Modifications in 6%
• Construction of 8 units of 700 MW PHWRs and 10 operating stations Depreciation 17
units of 1000 MWe LWRs with option to import 100% Profit
ancillary products Kundalam 1&2 62% Fuel charges 28
• Developing indigenous capability by initiating Heavy water
manufacturing facilities in partnership with leading charges 15
New projects Repair & maintenance
industry partners has been initiated Kaiga 3&4 12%
1% 11
Other operating
p g 6
RAPP 5&6 12% expenses 12
NUCLEAR POWER – INDIA.PPT 18
19. NPCIL: Nuclear reactors currently operated
State Plant Unit Type Capacity (MWe) Date of Operation
1 BWR 160 28‐Oct‐69
2 BWR 160 28‐Oct‐69
Maharashtra Tarapur Atomic Power Station (TAPS)
p ( )
3 PHWR 540 18‐Aug‐06
4 PHWR 540 12‐Sep‐05
1 PHWR 100 16‐Dec‐73
Rajasthan Atomic Power Station
Rajasthan Atomic Power Station 2 PHWR 200 01‐Apr‐81
Rajasthan
R j h
(RAPS) 3 PHWR 220 01‐Jun‐00
4 PHWR 220 23‐Dec‐00
1 PHWR 220 27‐Jan‐84
Tamil Nadu Madras Atomic Power Station (MAPS)
2 PHWR 220 21‐Mar‐86
21 M 86
1 PHWR 220 16‐Nov‐00
Karnataka Kaiga Generation Station 2 PHWR 220 16‐Mar‐00
3 PHWR 220 06‐May‐07
1 PHWR 220 01‐Jan‐91
Uttar Pradesh Narora Atomic Power Station (NAPS)
2 PHWR 220 01‐Jul‐92
1 PHWR 220 06‐May‐93
Gujarat Kakrapar Atomic Power Station (KAPS)
2 PHWR 220 01‐Sep‐95
NOTE: BWR – Boiling Water Reactor, PHWR – Pressurized Heavy Water Reactor
NUCLEAR POWER – INDIA.PPT 19
20. Bharatiya Nabhikiya Vidyut Nigam Limited
Overview Financial Performance
• Incorporated on 22nd October 2003 as a Public Total Funds
Limited Company INR mn
9,781
• Primary focus is to pursue construction, 10,000
10 000
commissioning, operation and maintenance of Fast 5,881
Breeder Reactors for generation of electricity 5,000 3,931
0
2005‐06 2006‐07 2007‐08
No profit or loss account as commercial activity has not begun
Future Outlook Fixed Assets (07 08)
Fixed Assets (07‐08) Current Assets (07 08)
Current Assets (07‐08)
Computer 1%
• Constructing a 500 MW Fast Breeder Reactor (FBR) at 1% Inventories
Software, Vehicles 3% 2% Furniture &
Kalpakkam, Tamil Nadu which use spent fuel of the Land Fixtures
PHWR of the NPCIL Plant &
38%
Machinery
• Investing INR 34.9 bn for developing the reactor
• The reactor is expected to go on‐line by 2010 100% Cash &
91%
Bank Balances
Buildings 56%
8% Other
NUCLEAR POWER – INDIA.PPT 20
21. Electronics Corporation of India Ltd
Overview Financial Performance
• Set‐up in 1967 in order to develop professional grade Profit
electronics Total Income
Revenue INR mn
Revenue INR mn Profit INR mn
Profit INR mn
• Involved in the design development, manufacture 9,816
10,000 9,454 3,000
and marketing of three technology lines namely
computers, control systems and communications 6,850
2,000
• Supplies control and instrumentation requirements 5,000
for various nuclear power program
for various nuclear power program 1,000
1 000
0 0
2005‐06 2006‐2007 2007‐08
Future Outlook Sources of Funds (07‐08) Expenditure (07‐08)
R&D
Unsecured 3%
• After the Indo‐US nuclear deal the company expects Loans
9% Selling Expenses 4%
7%
new business leads Secured Loans 15% Manufacturing, Admin
& Other Expenses
• It plans on focusing on quality management system 31%
Employee Remuneration
Capital 22%
y
• Other endeavors are to streamline systems and & Benefits
procedures for optimal effectiveness 100%
Reserves &
54% Materials Consumed 55%
Surplus
NUCLEAR POWER – INDIA.PPT 21
22. Uranium Corporation of India Ltd
Overview Financial Performance
• Incorporated on 4th Oct, 1967 Profit
• Primary supplier of uranium to heavy water reactors Total Income
Revenue INR mn
Revenue INR mn Profit INR mn
Profit INR mn
• Currently operating
4,000 600
5 mines 2,815
2,978 3,043
2 processing plants 3,000
400
1 magnetite recovery plant 2,000
200
1,000
0 0
2005‐06 2006‐07 2007‐08
Future Outlook Sources Of Funds (07‐08) Income Distribution (07‐08)
Repair &
•Upcoming projects and expansion schemes are Reserve &
12% 8% Maintenance
Surplus Deferred Tax
Bagjata underground mine 4%
Liability
10% Stores & Spares
13%
Mohuldih underground mine Depreciation
15% Other Expenses
Tummalapalle uranium project
Tummalapalle uranium project
100%
Lambapur – Peddagattu project Capital 84% 17% Power
KPM project in Meghalaya
Payment to
37%
Gogi project in Karnataka Employees
R hil
Rohil uranium deposit
i d it
NUCLEAR POWER – INDIA.PPT 22
24. Nuclear reactors that are under construction
State Reactor Project Control Type Capacity (MWe) Date of Operation
Maharashtra Kudankulam 1 & 2 PWR 1000 Aug‐09
NPCIL
PWR 1000 May‐10
Rajasthan Rawatbhata 5 & 6 PHWR 220 Jul‐09
NPCIL
PHWR 220 Oct‐09
Karnataka Kaiga 4
g NPCIL PHWR 220 Dec‐09
Tamil Nadu Kalpakkam Bhavini FBR 500 2011
NOTE: BWR – Boiling Water Reactor, PHWR – Pressurized Heavy Water Reactor,
FBR – Fast Breeder Reactor
NUCLEAR POWER – INDIA.PPT 24
25. Nuclear reactors that have been planned or proposed
Reactor State Type MWe net Project control Start Operation
Kakrapar 3 & 4 Gujarat PHWR 640 NPCIL 2012
Rawatbhata 7 & 8 Rajasthan PHWR 640 NPCIL 2012
Kudankulam 3 & 4 Tamil Nadu PWR ‐ VVER 1200 NPCIL ‐
Jaitapur 1 & 2 Maharashtra PWR ‐ EPR 1600 NPCIL ‐
Kaiga 5 & 6 Karnataka PWR 1000/1500 NPCIL ‐
‐ ‐ PWR x 2 1000 NTPC 2014
Jaitapur 3 & 4 Maharashtra PWR ‐ EPR 1600 NPCIL ‐
‐ ‐ PHWR x 4 640 NPCIL ‐
‐ ‐ FBR x 4 470 Bhavini 2020
‐ ‐ AHWR 300 NPCIL 2020
Kudankulam 5 & 6 Tamil Nadu PWR ‐ VVER 1200 NPCIL ‐
Jaitapur 5 & 6 Maharashtra PWR ‐ EPR 1600 NPCIL ‐
Pati Sonapur Orissa PWR 6000 MWe ‐ ‐ ‐
Kumaharia Haryana PWR 2800 MWe ‐ ‐ ‐
Saurashtra Gujarat PWR ‐ ‐ ‐
Pulivendula Andhra Pradesh PWR 2000 NPCIL 51%, AP Genco 49%
Kovvada Andhra Pradesh
Andhra Pradesh PWR ‐ ‐ ‐
Haripur West Bengal PWR ‐ ‐ ‐
NUCLEAR POWER – INDIA.PPT 25
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NUCLEAR POWER – INDIA.PPT 26