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Union Budget 2024: Key Initiatives For Energy Sector

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Synopsis:

Union Budget 2024 LIVE Updates: New initiatives include a Critical Mineral Mission, policies for energy transition, offshore mineral block auctions, and advancements in nuclear and renewable energy.

Union Budget 2024 LIVE Update - Energy Sector

The government plans to establish a Critical Mineral Mission focusing on domestic production, recycling, and overseas acquisition of critical mineral assets. This mission will include technology development, a skilled workforce, an extended producer responsibility framework, and a suitable financing mechanism.

Offshore Mineral Blocks - Auction Launch

The government will launch the auction of the first tranche of offshore mineral blocks for mining, leveraging the exploration already conducted.

Electricity Storage - Policy Development

A new policy will be introduced for electricity storage, ensuring the smooth integration of renewable energy (RE) into the overall energy mix.

Small and Modular Nuclear Reactors

To advance small and modular nuclear reactors, the government will collaborate with the private sector. This initiative includes setting up Bharat Small Reactors and exploring new technologies.

NTPC and BHEL Collaboration

NTPC, in a joint venture with BHEL, will establish an 800 MW commercial plant utilising Advanced Ultra-Supercritical (AUSC) technology.

Pumped Storage Policy

A pumped storage policy will be introduced to enhance electricity storage and address the intermittency challenges associated with renewable energy sources.

Energy Transition Pathways

A policy document will be released outlining appropriate energy transition pathways. This document will aim to balance growth, environmental sustainability, and employment.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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