NTPC shares, which traded in the green on October 17, opened at Rs 165.10 and peaked at Rs 169.05. The share price rise can be attributed to the memorandum of understanding (MoU) signed with Japan’s Mitsubishi Heavy Industries and its subsidiary Mitsubishi Power India Private Limited.

According to a press release from the Ministry of Power, the MoU was signed to demonstrate the feasibility of co-firing hydrogen and natural gas in the MHI 701D gas turbine installed at the NTPC Olea gas-fired power plant in Uttar Pradesh.

NTPC Director (Project) Ujjwal Kanti Bhattacharya, Mitsubishi Power India CMD Tatsuto Nagayasu and Mitsubishi Power India Vice President Hiroyuki Shinohara attended the signing of the MoU.

As a leader in power generation in India, NTPC aims to transform the process of generating electricity in a greener way. Hydrogen co-firing in gas turbines can play a key role in reducing CO2 emissions, meeting decarbonisation goals and meeting 2021 United Nations Climate Change Conference (COP26) commitments.

To decarbonise energy production, NTPC is exploring a variety of new hydrogen production technologies and uses of hydrogen to ensure future readiness, develop the required capabilities and technical expertise, and align with national decarbonisation and hydrogen emissions goals, the release said.

Mitsubishi and NTPC will collaborate on this study and identify key actions to introduce hydrogen co-firing at NTPC’s natural gas combined cycle power plant in Auraiya. According to the MoU, the hydrogen required for the project will be supplied by NTPC.