Over ₹5.5 lakh crore push thermal power plans get all charged up
Adani Power is targeting to expand its coal-based power capacity to 41.87 GW by FY32 from 18.15 GW at present, with a planned investment of ₹2 lakh crore.
NTPC in August said it is adding 27 GW of thermal capacity by 2031-32 on top of 62.8 GW capacity now. While it did not share its investment target, NTPC may have to invest over ₹2.25 lakh crore to achieve it. The estimated capital cost for setting up new coal-based thermal capacity, as considered in the National Electricity Plan, is ₹8.34 crore per MW (at 2021-22 price level).Torrent Power is evaluating plans for 5-7 GW of new coal-based plants by 2032, which could entail an outlay of ₹60,000-90,000 crore. Currently, it has 2.7 GW of gas-based power capacity.JSW Energy, while maintaining its primary focus on green growth, has signalled selective additions to its 5.7 GW thermal fleet within a broader portfolio of 30.5 GW by 2030. However, it has not specified a thermal investment figure.Tata Power, one of the oldest thermal power players in the country, is yet to firm up its thermal power addition plans. Currently, it has a thermal power capacity of 8.8 GW.
The fresh investments come amid soaring electricity demand from industrial, commercial, and residential segments as well as increased urbanisation.
"India's power demand is expected to grow rapidly, with peak demand rising to 400 GW by 2031-32 and 700+ GW by 2047," an Adani Power spokesperson said. "Thermal power, with its inherent ability to provide large-scale, reliable, and round-the-clock power, will continue to remain the backbone of our energy security."Adani Power has already emerged as India's largest private thermal generator.Sharad Mahendra, joint managing director and CEO of JSW Energy, said the company's strategy balances sustainability and reliability."In our total portfolio of 30.5 GW by 2030, our growth engine remains renewables, but we are evaluating selective thermal additions to meet peak demand and ensure grid stability," Mahendra told ET. "This does not dilute our green push. Any thermal capacity is only to support the reliability of the grid."Torrent Power, which is considering one of the biggest private-sector greenfield coal investments in a decade, also stressed that its move is about balancing demand and green energy."The coal-based power capacity addition being envisaged is to meet the growing power demand and avoid future deficits, particularly in peak hours. In parallel, our push towards renewables has not and will not slow down," a Torrent spokesperson said.NTPC and Tata Power did not reply to ET's emailed queries as of press time Wednesday.The peak load in the country is around 250 GW at present.As of June 2025, India's total installed power capacity reached 476 GW. Thermal power remains dominant, accounting for 240 GW, or 50.52 per cent of the total.The Central Electricity Authority (CEA) has targeted a total thermal capacity addition of 80-90 GW by FY32, encompassing both committed and planned projects.India's per capita power consumption was approximately 1,538 kWh (kilowatt-hour) in 2024-25 (as of June 2025), a significant increase from 1,395 kWh in the previous fiscal year. Bihar has the lowest per capita power consumption at 317 kWh, while Gujarat has the highest at 1,983 kWh.
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