Nuclear energy laws will change
The central government is considering changing many laws controlling the nuclear energy sector. She wants to do so to allow private companies to participate in the production of 100 gigawatt atomic energy by 2047. Government sources said that amendment in the Civil Liberation Act for nuclear damage is also being considered in the Atomic Energy Act to allow private companies to allow participation and to reduce accountability on suppliers of equipment for the construction of nuclear power plant.
The gate of private participation was opened in 2020 itself
Sources further stated that the government is also considering regulatory reforms and evaluating the model of the Indian National Space Promotion and Authorization Center (Inspace), which works as a promoter and regulator for the space sector, which was opened for private participation in 2020. Finance Minister Nirmala Sitharaman announced the opening of the nuclear energy sector in the 2020 budget, which was limited to public sector companies till now.
5 SMR on by 2033
Explain that the Nuclear Energy Corporation of India Limited operates the nuclear power plant in the country, which provides 8.7 GW of electricity in the country. Sitharaman had also announced the commissioning of small modular reactor (SMR) with a outlay of Rs 20,000 crore for the research and development of the Nuclear Energy Mission and 5 indigenously developed SMR by 2033.
The goal is to increase production at big level
Officials of the Department of Atomic Energy recently said that the objective of the nuclear power mission is to promote private sector participation, simplify the regulatory structure and to meet India’s growing energy requirements to increase nuclear energy production at a large level. Foreign nuclear power companies then showed interest in setting up nuclear power plants in India, when India obtained exemption from the Nuclear Suppliers Group to join the Global Nuclear Trade.
100 gigawatt nuclear energy production target
Let us know that the exemption of NSG was received after the 2008 historic Indo-America civil nuclear agreement. However, the Civil Liability Act for Nuclear Damage of 2010 proved to be a hindrance to private sector participation. The private sector described some provisions of the law as unacceptable and denied the International Agreement (CSC) for complementary compensation for nuclear damage. In such a situation, the government now hopes that by 2047, 100 GW will invest private sector to achieve the target of nuclear energy production.
50 percent expected to come from PPP
Officials said about 50 percent of the 100 gigawatt target is expected to come from public-private participation (PPP). A parliamentary committee has also recommended to establish a strong financial model which includes government incentives, VGF and guarantee to woo both domestic and foreign investments. The committee had suggested that the legislative amendments in the Nuclear Energy Act and Nuclear Damage Act to encourage private investment in nuclear energy production should be accelerated in legislative amendments in the Act.
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