NTPC shares rise after Mitsubishi Heavy Industries MoU on hydrogen

On October 17, NTPC stock was up for trade, starting at Rs 165.10 and climbing as high as Rs 169.05.

The signing of a Memorandum of Understanding (MoU) with Japan’s Mitsubishi Heavy Industries and its subsidiary Mitsubishi Power India Private Limited may be responsible for the increase in share price.

According to a news statement from the Ministry of Power, the MoU was signed to show the viability of co-firing blended hydrogen and natural gas in MHI 701D gas turbines installed at NTPC’s Auraiya Gas Power Plant in Uttar Pradesh.

NTPC, one of India’s top power producers, wants to replace current energy production methods with greener ones. In order to cut CO2 emissions, meet decarbonization goals, and uphold the commitments made at the 2021 United Nations Climate Change Conference (COP26), hydrogen co-firing in gas turbines can be crucial.

According to the release, NTPC is investigating various new hydrogen generation technologies as well as hydrogen usage in order to achieve decarbonization in energy generation, ensure future readiness, develop the necessary capabilities and technical expertise, and align with the national decarbonizing and hydrogen mission targets.

To conduct the research and determine the essential steps for implementing hydrogen co-firing at NTPC’s gas-based combined cycle power plant at Auraiya, Mitsubishi and NTPC will work together. According to the MoU, NTPC will provide the hydrogen needed for the project.