NTPC plans to expand its generation capacity to 149 GW by 2032, including 60 GW of renewable energy, and has set an aspiration of reaching 244 GW by 2037, excluding storage.
The expansion is backed by a cumulative capital expenditure plan of around Rs 16.86 lakh crore up to FY37, spread across thermal power, hydro and pumped storage, renewable energy, battery storage, mining and nuclear power, according to NTPC Chairman and Managing Director Gurdeep Singh’s address at the company’s 50th Annual General Meeting.
“We have raised our long-term capacity ambitions and now target generating capacity of 149 GW by 2032, including 60 GW of renewable energy, with an aspiration to reach 244 GW by 2037 excluding Storage,” Singh said.
The targets represent the next phase of expansion for the state-run power producer, whose installed capacity has risen from 43.1 GW in FY14 to around 91 GW currently.
How much capacity is NTPC adding?
NTPC Group added 9.6 GW of capacity in FY26, its highest annual capacity addition so far. Of this, 5.48 GW, or nearly 60 per cent, came from non-fossil sources.
Its installed capacity had reached around 89 GW by the end of FY26, while the company now puts its capacity at around 91 GW.
NTPC also has nearly 35.7 GW of capacity under construction, according to Singh’s AGM statement.
The group generated 432 billion units of electricity during FY26, equivalent to around 24 per cent of India’s total electricity generation, while accounting for around 17 per cent of installed capacity.
Its coal-based stations recorded a plant load factor of 72.04 per cent during the year.
What is the 2032 target?
NTPC is targeting 149 GW of generating capacity by 2032, compared with around 91 GW currently.
Of this, 60 GW is planned to be renewable capacity.
Renewables are already accounting for a growing share of NTPC’s additions. Nearly 60 per cent of the 9.6 GW commissioned during FY26 came from non-fossil sources.
NTPC Green Energy Limited also generated 14.6 billion units of renewable electricity during FY26, more than double its generation in the previous financial year.
At the same time, NTPC plans to continue expanding and operating its thermal fleet.
Singh said the company’s approach was “not to choose between conventional and renewable energy, but to build a balanced portfolio” and added that thermal generation would continue to remain an important part of the electricity system.
NTPC has also invited expressions of interest for making sub-critical generating units of up to 250 MW capable of two-shift operation as part of efforts to increase thermal generation flexibility. The details are contained in the company’s 50th AGM statement.
Where will Rs 16.86 lakh crore be spent?
NTPC’s revised investment programme envisages cumulative capital expenditure of around Rs 16.86 lakh crore up to FY37.
The company has identified six broad areas for the expenditure:
- Thermal power
- Hydro and pumped-storage projects
- Renewable energy
- Battery storage
- Mining
- Nuclear power
The investment programme accompanies NTPC’s plan to reach 149 GW by 2032 and its longer-term aspiration of 244 GW by 2037.
What is NTPC planning on energy storage?
NTPC is building capacity in both Battery Energy Storage Systems (BESS) and Pumped Storage Projects (PSPs).
Singh said storage would become increasingly important as renewable penetration rises and said the company intends to develop storage “not merely as an adjunct to renewable generation, but as an important business in its own right”.
NTPC is also exploring longer-duration storage technologies, including CO2-based storage and redox-flow batteries, according to the company’s AGM disclosure.
The company has not provided a storage capacity figure alongside the 244 GW generation aspiration in the AGM statement.
What are NTPC’s nuclear plans?
Nuclear power is another area identified for expansion.
NTPC aims to contribute around 30 GW of nuclear capacity towards India’s target of 100 GW by 2047.
Its immediate nuclear programme includes the 2.8 GW Mahi Banswara project in Rajasthan.
NTPC is pursuing nuclear projects through NTPC Parmanu Urja Nigam Limited, its wholly owned subsidiary, and Anushakti Vidhyut Nigam Limited, its joint venture with Nuclear Power Corporation of India Limited.
Singh also said studies and discussions were progressing for an additional 34 sites across 13 states, along with different technologies.
Why is NTPC expanding capacity?
NTPC has linked its capacity plans to projected growth in India’s electricity requirement.
India’s installed power capacity has crossed 550 GW, with non-fossil sources accounting for more than half of the total, according to figures cited by Singh.
Peak electricity demand has crossed 270 GW during the current fiscal and is projected by the Central Electricity Authority to reach around 459 GW by FY36.
Average daily electricity requirement increased from around 4,950 million units in FY25 to about 5,400 million units in FY26.
Singh cited industrial activity, infrastructure development, urbanisation, electric mobility, digital services and data centres among the factors expected to increase electricity demand further.
What does NTPC’s financial position look like?
The investment programme comes after NTPC Group reported its highest-ever consolidated profit after tax of Rs 27,546 crore in FY26, up 15 per cent from the previous year.
Standalone profit after tax rose 18 per cent to Rs 23,162 crore, while group EBITDA increased to Rs 60,564 crore.
Group net worth stood at around Rs 2.03 lakh crore at the end of FY26.
Its consolidated debt-equity ratio improved from 1.34 in FY25 to 1.32 in FY26, while the weighted average interest rate on borrowings stood at 5.98 per cent.
Singh said NTPC would seek to maintain a balance between growth, leverage, returns and shareholder distributions while undertaking the investment programme.
