India’s power transition will play a defining role in shaping both its long-term development trajectory and the global energy landscape. As electricity demand rises and net-zero commitments approach, the sector faces a critical challenge: ensuring firm, reliable, and affordable power while accelerating decarbonisation.

ARE’s research, Powering Net Zero, provides a comprehensive assessment of how India’s leading listed utilities — NTPC, Tata Power, JSW Energy, Adani Green Energy, and Adani Power — are positioned as the sector moves beyond a simple “coal versus renewables” debate toward a system defined by round-the-clock delivery aligned to net-zero goals.

The report tracks policy shifts, market design developments, cost trends, and technology innovations — particularly storage — that are reshaping how utilities plan, contract, and invest. It examines each company’s growth visibility, execution discipline, balance-sheet strength, and readiness for firming and storage as these factors become central to competitive advantage. The analysis draws on public disclosures, regulatory filings, and government announcements.

While the study highlights significant momentum across the sector, it also identifies areas where sharper strategic clarity, improved contracting frameworks, and stronger delivery capabilities will be essential to meeting India’s long-term decarbonisation goals.