Tapping Nuclear Energy Critical for closing India’s Energy Gap-PHD Chamber

Generation of nuclear energy is critical for meeting the widening supply-demand gap of India and there should be convergence of political will to tap this form of energy, which is clean and environmentally safe, according to PHD Chamber.

“India is experiencing peak and average energy shortages of about 13% and 10% respectively and during peak demand and the deficit rises to 25 per cent in some regions. Shortages of this magnitude certainly are an impediment in sustaining economic growth. With an estimated Electricity-GDP elasticity of 0.95, the electricity sector has to grow by about 10% to keep pace with the growth of GDP. It is in this context that the option of exploring the use of nuclear energy, which promises to be an economically viable and environment friendly alternative, assumes special significance,” says Mr Sanjay Bhatia, President, PHD Chamber.

The foremost advantage of using nuclear energy lies in its ability to effectively supplement the energy demand. India's crude oil and petroleum imports consume one-third of the country's entire export earnings, thereby elbowing out or reducing the purchase of many other vital products. India's coal reserves are expected to run out in a few decades. Environment-friendly energy sources, such as the sun and wind, are potentially important but the technology for large-scale production still eludes . “Under the circumstances it is imperative for India to plan our energy alternatives that will not destroy our environment. Nuclear energy fits that description,” says Mr Bhatia.

Nuclear energy is a cost effective source of energy. Studies have concluded that the long term costs of nuclear power amount to about one-tenth the costs of coal. Doubtless, the capital cost of building a nuclear reactor is phenomenal. But fuel and running costs are rock bottom, unlike conventional sources, which makes for cost saving in the long run. This is the prime reason that Indian companies like Tata, Reliance are lining up to enter the reactor business.

Nuclear power is considered to be environmental friendly. It is likely to make a dent in global carbon dioxide emissions and is recognised as an important and environmentally benign constituent of the overall energy mix. With the power sector responsible for 24% of all global carbon dioxide emissions, cleaner means to produce power become not only necessary but inevitable.

Another good reason, PHD Chamber points out,for considering the nuclear option seriously is its safety. No doubt, the safety record of nuclear power plants has not been spotless - the catastrophe caused by radiation releases at Chernobyl is a grim reminder of this. Yet, the design of the next generation nuclear plants is supposed to be very different from that of the existing ones. The latest designs are simpler and safer, faster and cheaper to run, thereby lowering the financial and safety risks of switching over to nuclear power.