Power sector can attract $250 b by 2019: Goyal.

The power sector has the potential to attract $250 billion investments over the next five years, said Piyush Goyal, Minister of Power, Coal and New and Renewable Energy.

Speaking at the World Economic Forum's India Economic Summit 2014 recently he said, 'Over the next five years, the Indian power sector would provide an investment potential of $250 billion of which $100 billion will come into the renewable energy sector and $50 billion for the transmission networks' said Goyal.

'We want clean energy and we don’t want a situation where certain States have excess power but can’t give it to deficit States due to the lack of transmission lines,' he added. Talking about power sector issues at the event, the Minister said India’s power needs is expected to double sometime during the next five years and the aim is to double current generation capacity by 2019.

'Right now we produce one trillion units a year and the aim is to take it to two trillion by 2019. But, to do it there are challenges of fuel supply and ensuring how to increase the share of renewable.

'Till now renewables only produce six per cent of the total number of units. Stranded gas-based power plants also need to be revived,' said Goyal.


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