The Union Finance Minister Shri Arun Jaitley, while presenting the General Budget 2014-15 in Parliament today, has announced several initiatives for strengthening energy sector.

Power

The Finance Minister has proposed to allocate an initial sum of ₹ 100 crore for preparatory work for a new scheme “Ultra-Modern Super Critical Coal Based Thermal Power Technology” to promote cleaner and more efficient thermal power.

Coal

            The Finance Minister Shri Jaitley also announced comprehensive measures for enhancing domestic coal production with a stringent mechanism for quality control and environmental protection. Measures will be initiated to provide adequate quantity of coal to power plants which are already commissioned or would be commissioned by March, 2015 to unlock dead investments.

New & Renewable Energy

The Finance Minister Shri Jaitley has proposed to take up Ultra Mega Solar Power Projects in Rajasthan, Gujarat, Tamil Nadu and Laddakh in J&K. A sum of ₹ 500 crore is allocated for this purpose. He also allocated a sum of ₹ 400 crore for launching a scheme for Solar Power driven agricultural pump sets and water pumping stations. An additional amount of ₹ 100 core is set aside for the development of 1 MW Solar Parks on the banks of canals. Implementation of Green Energy Corridor Projects will be accelerated in this financial year to facilitate evacuation of renewable energy across the country.

Petroleum & Natural Gas

The Finance Minister has announced the initiation to accelerate production and exploitation of Coal Bed Methane reserves. The possibility of using modern technology to revive old or closed wells will also be explored to maximize the production.

The Finance Minister Shri Jaitley stated that the usage of Piped Natural Gas will be rapidly scaled-up in a mission mode as it is clean and efficient to deliver.

Energy sector investment to modernize thermal power, expand solar projects, and boost coal and gas production nationwide. The Budget allocates initial funding for an Ultra-Modern Super Critical Coal Based Thermal Power Technology scheme, establishes measures for coal quality control and assured coal supply to plants (including those commissioned or to be commissioned by March 2015) to unlock investments, and advances renewable and gas initiatives by funding Ultra Mega Solar Projects, solar agricultural pumps and canal-bank solar parks, accelerating Green Energy Corridor implementation, promoting Coal Bed Methane development and reviving wells, and scaling up piped natural gas distribution.