Transmission sector set for Rs 2.4 lakh crore expansion as part of green power push

The ongoing investment of around Rs 12,000 crore per year is estimated for strengthening the transmission and distribution system by FY27

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India’s transmission sector is gearing up for an expansion worth Rs 2.4 lakh crore to connect 371 GW of renewable energy capacity to the grid by FY2032, Kotak Institutional Equities said in a recent note to investors.

In addition to this, the ongoing investment of around Rs 1.2 lakh crore is estimated for strengthening the system by FY27, the report said.

Kotak has pointed out that among the additional 371 GW of renewable energy capacity, the current transmission infrastructure is capable of supporting 33.6 GW, work is underway to implement 139 GW, but progress needs to accelerate for the remaining 181 GW, which includes 58 GW of wind and 123 GW of solar energy.

In the fourth quarter of FY23, the domestic transmission and distribution (T&D) segment witnessed a significant increase in awards, with PowerGrid Corp winning eight projects compared to four in nine months ended FY23 on tariff-based competitive bidding (TBCB).  In FY2023, 16 projects have been awarded so far, surpassing the previous best of 14 awarded in FY2020, with PowerGrid winning 12 of them. It is worth noting that the government aims to achieve 537 GW of renewable energy capacity (including hydro) by FY2030, up from the current 166 GW.

“We expect these developments to be positive for the domestic transmission sector and result in incremental project awards for players such as PowerGrid Corp, Kalpataru and KEC“, Kotak said in its recent report.

The EPC players in the transmission segment witnessed a decline in their margins during FY2021-1HFY23 due to a significant increase in commodity prices and the fixed-price nature of contracts. However, as commodity prices have now decreased, companies are incorporating margins of around 9-10 percent while bidding for new T&D projects. Kotak anticipate that this move will support an improvement in the margins for EPC players.