State-run power major NTPC plans to develop energy storage as a standalone business, rather than merely pairing batteries with renewable projects, as the country’s largest power generator broadens its operations across nuclear energy, mining, synthetic natural gas and overseas markets to build an integrated energy platform.
“Our objective is to develop storage capabilities not merely as an adjunct to renewable generation, but as an important business in its own right,” NTPC Chairman and Managing Director Gurdeep Singh said in his statement at the company’s 50th annual general meeting.
NTPC steps up energy storage push
NTPC is building capabilities in Battery Energy Storage Systems (BESS) and Pumped Storage Projects while exploring long-duration technologies, including CO₂ storage and redox-flow batteries that do not depend on conventional critical minerals. Singh said storage would assume greater importance alongside generation and transmission as renewable energy penetration increases.
The diversification comes as India’s installed power capacity has crossed 550 GW (gigawatts), with non-fossil sources accounting for more than half. Peak demand crossed 270 GW in the current fiscal and is projected by the Central Electricity Authority to reach around 459 GW by FY36. Average daily electricity requirement increased to around 5,400 million units in FY26 from 4,950 MU in FY25.
Nuclear power is emerging as another major growth area. NTPC aims to contribute around 30 GW to India’s target of 100 GW of nuclear capacity by 2047. Its immediate focus includes the 2.8 GW Mahi Banswara project in Rajasthan, while studies and discussions are under way for 34 additional sites across 13 states involving different technologies.
The company is pursuing nuclear projects through wholly owned NTPC Parmanu Urja Nigam and Anushakti Vidhyut Nigam, its joint venture with NPCIL. Singh said nuclear power would complement renewable and thermal generation by providing “reliable, low-carbon, round-the-clock electricity”.
NTPC strengthens captive coal supply
NTPC is also strengthening its domestic fuel supply. The group has six operational coal mines and three under development, with captive coal production rising 6.22% to 48.65 million tonne in FY26. Captive mines met around 18% of the company’s coal requirement during the year.
The group is simultaneously progressing a 5.75-lakh-tonne-per-annum coal-gasification-based synthetic natural gas project. Singh said the project, once commissioned, would be the first of its kind in India and could directly substitute imported natural gas.
Beyond power generation, NTPC Vidyut Vyapar Nigam traded 46.52 billion units in FY26. NTPC has also incorporated its first international subsidiary in Mauritius as it seeks to take its project-development and energy expertise to overseas markets.
The expansion is backed by a revised cumulative investment plan of around Rs 16.86 lakh crore through FY37 across thermal, hydro, pumped storage, renewables, batteries, mining and nuclear power. NTPC is targeting 149 GW of capacity by 2032, including 60GW from renewables, and 244 GW by 2037, excluding storage.