NTPC CMD Gurdeep Singh's term extended till July 20252 min read . Updated: 14 Oct 2020, 07:46 PM IST
- This extension makes him one of the longest serving chief at India’s largest power generation utility
- Singh's extension comes in the backdrop of NTPC's pivot towards green energy
NEW DELHI : The Appointments Committee of the Cabinet (ACC) has extended the tenure of state run NTPC Ltd chairman and managing director, Gurdeep Singh till 31 July 2025, making him one of the longest serving chief at India’s largest power generation utility, said two people aware of the development.
This comes in the backdrop of NTPC's pivot towards green energy. The state-run conventional power generation firm is rewriting its playbook, given that India’s energy landscape is rapidly evolving. With an installed capacity of 62.91 gigawatts (GW), the NTPC group has 70 power stations across the country.
Singh, a mechanical engineer by training had first assumed the charge of utility's chairman and managing director in February 2016. He has earlier worked at NTPC and also across power sector in firms such as CLP, CESC, IDFC, Powergen and AES.
“His (Singh's) second term will start from 4 February next year and extend till 31 July 2025 which is the date of his superannuation," said a person cited above requesting anonymity.
Singh's extension as the head of the utility that runs one of the largest global fleets of coal fuelled plants comes at a time when NTPC on its part has decided not setting up new greenfield coal-fueled power projects.
India has been trying to rejig its energy mix in favour of green energy sources and has become one of the top renewable energy producers globally, with a plan to achieve 175GW by 2022 and 500GW by 2030 as part of its climate commitments.
NTPC plans to make a total capital expenditure of ₹1 trillion between 2019 and 2024 to become a 130 GW power producer by 2032. It has around 4GW of renewable capacity, mostly solar, and plans to add at least 5GW solar capacity in two years. It will acquire at least 1GW of operational solar projects as part of its strategy to have a 32GW clean energy portfolio by 2032.
NTPC has also been in discussions with the state governments of Gujarat, Rajasthan, Madhya Pradesh, Maharashtra, and Andhra Pradesh for allocation of land parcels for setting up Ultra Mega Renewable Energy Power Parks (UMREPP).
NTPC's plans are part of India's strategy to leverage state-run companies to build massive clean energy parks at a cost of $2 billion each, with built-in incentives to ensure states and operators are invested in the success of the parks. The proposed UMREPP of 2GW each will help developers achieve economies of scale and further bring down solar and wind power tariffs.