India Power: Transmission - 3 events highlight the need for relentless grid capex in pursuit of renewables...

研报英文原文证据摘录

India Power: Transmission - 3 events highlight the need for relentless grid capex in pursuit of renewables...

NSTEIN FLASHMAIL

25 June 2026

India Industrials and Infrastructure

Nikhil Nigania +91 226 842 1414 nikhil.nigania@bernsteinsg.com

Uma Menon +91 226 842 1490 uma.menon@bernsteinsg.com

India Power: Transmission - 3 events highlight the need for

relentless grid capex in pursuit of renewables...

When we read government discussion papers, we see two camps now - a) Team 1 (concerned on grid stability and rising grid capex)

- The central planning team (CEA), the regulator (CERC) and the grid operator. b) Team 2 (drive investment in the sector especially

renewables) - Ministry of renewable energy and, to some extent, power. While our views have always been closer to Team 1, as one

would expect Team 2 has the upper hand.

We highlight 3 events in this note - a) How a Rs 310 Bn transmission project got approved despite strong push-back, b) The biggest grid

outage in India of the last decade in May in Khavda, c) Grid-squatting driving transmission capex.

#1 - RENEWABLES AT ALL COSTS - A RECENT DECISION TO BUILD A RS 310 BN GRID PROJECT...

The clearest sign of the debate between Ministry and Planning team EXHIBIT 1: Stakeholders comments on the Rs 310 Bn Bikaner-V

was visible in the recent Transmission committee meeting which project - Renewable ministry the only supportive one

approves large transmission projects (41st NCT meeting). The need

for Bikaner-V transmission line (a Rs 310 Bn project), was strongly

debated - where experts said a) Coal plants minimum technical

limit (minimum load they can run at) is 55% and not 40%, hence

system cannot absorb so much renewables, b) There is surplus grid

evacuation facility available at Bikaner IV in the non-solar hours