The Power Ministry will soon come up with a new set of norms and documents for ultra mega power projects, said the Union Minister of State for Power, Piyush Goyal, at the Make in India programme.

PTI adds: The power sector, he said, was expecting investments of nearly $1 trillion, including coal renewables, by 2030.

“Considering the initiatives taken by the government in the last few years to improve efficiency, at a conservative level, we expect the power sector to attract investment of $1 trillion by 2030. The power sector, including the coal renewable sector, has the potential to attract a trillion dollar investment,” Goyal said at the ‘Make in India Week’ here today.

He said in the short term for the next five years till 2020, the sector is likely to attract nearly $250 billion.

“Considering the initiatives taken by the government to enhance its renewable capacity, we estimate the renewable sector alone will attract investment to the tune of $1 billion in the next five years,” he said.

The transmission and distribution sector would see an investment of $50 billion by 2020, the minister said.

“Our focus on energy efficiency by increasing the use of LED will attract an investment of $5-7 billion. We have taken a huge step by replacing street lights with LED bulbs. This initiative will help us save nearly 100 billion units of electricity and ensure nearly Rs 40,000 crore of savings annually,” Goyal said.

Additionally, on the industrial equipment front, he expects an investment of $25 billion.

“We are confident that initiatives such as UDAY, the tariff policy, efforts for bringing transparency in coal auction, the coal-swapping policy, and the one nation one grid initiative will help us achieve this target,” he added.

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