NTPC Limited, India's largest power utility, announces Energy Compact Goals with a commitment to install 60 GW of renewable energy capacity by 2032. NTPC aims 10% reduction in net energy intensity by 2032.
- NTPC to be a 149GW + 1GW Pump hydro storage company by 2032 with diversified fuel mix and a 600 BU company in terms of generation.
- Coal would continue as predominant fuel with 65% share of coal based capacity in the portfolio.
- Non-fossil fuel based capacity would achieve a share of 30% and Thermal based generating capacity share would be 70%.
- Share of RE (including hydro) would be 28%
- NTPC targets a market share of 25% in ancillary services and storage
- NTPC aims to achieve 10% of the estimated market share for supply of electricity in E-mobility business
| in GW | Dec 2026 | By 2032 | % Mix |
|---|---|---|---|
| Thermal | 74 | 83.6 | 56.11 |
| Hydro | 4 | 4.7 | 3.15 |
| Renewables | 21 | 60 | 40.27 |
| Nuclear | 0 | 0.7 | 0.47 |
| Total | 99 | 149 | 100 |
| PSP | 1 | 1 | |
| BESS (GWh) | 2 | 22 |
Organizational Scale Expansion
NTPC's capacity grew from 19,345 MW at 25 years to 79,929 MW at 50 years, representing a compound annual growth rate (CAGR) of 6%. The company's share of India's total installed capacity increased from 14% to 16.9% over this period.
Joint Ventures and Subsidiaries
The diversification through corporate structure expanded significantly, growing from 5 Joint Ventures at 25 years to 11 Subsidiaries and 16 Joint Ventures at 50 years. This structural expansion enabled NTPC to diversify across multiple business segments and energy value chains.
Global Presence
NTPC's international footprint expanded dramatically from presence in just 2 countries at 25 years to project consultancy in 13 countries through ISA, DPRs for demo projects in 21 countries, and international MoUs and capacity-building programs across multiple regions at 50 years.
Fuel Mix Diversification
At 25 years, NTPC was entirely thermal-based. By 50 years, 13.5% of capacity became non-thermal, including hydro, solar, and wind energy. This represents a clear strategic shift toward renewable energy sources aligned with India's energy transition agenda.
Business Value Chain Integration
NTPC pursued backward and forward integration across the power value chain, diversifying into coal mining, power equipment manufacturing, power trading, and distribution. The company also expanded consultancy services to domestic and overseas clients.
Revenue Diversification
Revenue grew over 9-fold from ₹20,344 crore at 25 years to ₹1,88,138 crore at 50 years, driven by capacity addition and diversification of business including mining and trading. Total assets increased nearly 15 times from ₹35,625 crore to ₹5,24,165 crore.
Strategic Business Verticals
At 50 years, NTPC established empowered verticals and listed its first subsidiary NGEL (NTPC Green Energy Limited) as the first non-banking PSU to list a subsidiary. Other subsidiaries like NVVN and NML are being developed as fully empowered verticals.
New Energy Frontiers
NTPC diversified into cutting-edge energy technologies including entry into nuclear power, launch of India's first hydrogen hub initiative, and pilot CCU stations converting carbon into methanol and ethanol. Strategic focus shifted to clean energy, green hydrogen, and decarbonization-led innovation.
