Piyush Goyal seeks gas from the US at $5/mmBTU for India’s stranded gas based power projects

Piyush Goyal seeks gas from the US at $5/mmBTU for India’s stranded gas based power projects

Team EnergyInfraPost

Union minister of state (IC) for power, coal and RE, Piyush Goyal on Thursday called upon gas producers in the US to explore investment opportunities in the Indian market.

Stating that India is willing to take gas for its gas based power projects and sign long term contracts of 10-15 years, Goyal sought a fixed price of $5 per mmbtu as the power sector is a price sensitive sector in the country.

With about 28 GW of stranded gas assets in the country, Goyal posed this as a huge and promising market for US gas producers. “As long as the prices are right and given the current Baltic index, I believe that this is a viable proposition,” the minister said, adding that India is currently exploring all means of gasification including coal bed methane.

Talking about another investment opportunity, the Make in India initiative, he said, “To incentivize manufacturing in solar, the government is exploring options of long term power contracts and long term land lease contracts for solar manufacturers.”

Speaking about how most developed economies are seeing energy demand flatten out, he emphasized that it is important for these countries to cut down waste.

Reiterating India’s position for just climate action, the minister reemphasized that Indians and India needs to get their chance to develop. “India cannot be held responsible for the emissions although India believes in being a responsible global citizen and doing its part.”