State-owned Indian Oil Corp. Ltd. is engaging in initial discussions with India’s state monopoly on atomic power to construct small nuclear units, representing an early-stage technology viewed as a cost-effective alternative to larger facilities.
The refinery and fuel retail giant is contemplating a collaboration with the state-controlled Nuclear Power Corp. of India Ltd. to implement small modular reactors, known as SMRs, within its refineries to generate clean power, as highlighted by Alok Sharma, Indian Oil’s Director for Research and Development, during a conference in New Delhi on Wednesday.
With numerous larger projects encountering delays, policymakers are advocating for small-scale nuclear technology with capacities of up to 300 megawatts, which can be constructed more rapidly and adjusted more flexibly to meet grid requirements. In an effort to bolster this emerging sector, the Indian government is considering permitting private companies to manage and operate reactors.
In addition to Indian Oil, other state-owned entities such as power producer NTPC Ltd. and hydrocarbons producer Oil & Natural Gas Corp. Ltd. are also exploring potential opportunities in the nuclear arena. Currently, India derives approximately three-quarters of its electricity from coal, with nuclear power contributing around 3% to the overall generation mix.
On a global scale, only China and Russia have operational SMR units, while several other countries are in the preparatory stages for their commissioning, as reported by the International Atomic Energy Agency.
