 Electricity flows through our modern world, empowering us to do a million things that make life possible and a million others that make it worthwhile. It is the energy that has barred development across the world and today it is the vital force that is transforming India, a country of more than a billion aspirations into a global economic powerhouse. Energy security for India is really about seeing the bigger picture of power. With electricity demand expected to leapfrog in the near future, the need is to develop a holistic vision of energy, a vision that maximizes energy security while addressing climate change issues by integrating India's diverse energy options. Several part-breaking reforms have put India on the fast track, realizing the vision of an efficient market-driven power sector, opening a new horizon of opportunities. Generation companies are no longer dependent on power purchase by the state electricity boards. Private producers cancel directly to industrial buyers. Captive power generation is allowed. Open access to the transmission and distribution system for all generation companies and end users. The huge field of power generation has been entirely de-licensed, with the exception only of hydro and nuclear power. The new climate has seen many private sector power generation projects take off and major players have eagerly embraced the new opportunities in power generation. There's a huge amount of capacity going to come from the private sector. In fact, in my opinion from 12th plan onwards, the private sector would be adding more capacity than the public sector in this country. Now you see almost about 15 to 20 new players in the power sector coming into development of power projects in the form of IPP. Whatever number of players you bring in, the power is so large that we don't need to worry. There's enough business for everybody. I think this is the direction in which if India continues to move, it will attract greater and greater investment from firms like ours. We see a big change in investor attitudes towards India and its power sector in particular. 14 ultra-megaprojects of 4000 megawatt each have been announced that will go a long way towards bridging the energy gap. Special purpose vehicles or SPVs make these projects truly hassle-free for investors. The concept of ultra-megaproject is that the Government of India would do the development of the project. It brings to a particular shape, then hands it over to the private sector. Each power project consists of 4000 megawatt, about 4 billion dollars. Other opportunities include coal-based plants at pitheads or coastal locations, natural gas or CNG-based power plants at load centers, idle power projects to generate 150,000 megawatts, the renovation and modernization of existing thermal and hydropower plants and transmission network ventures for an additional 60,000 km2 by 2012. Supplementing all this is the development of infrastructure for coal washeries with clean coal now becoming a mandatory requirement for all producers. This environmental friendly measure is also going to be an important emerging investment opportunity. Private sector participation with 100% foreign equity is permitted in all these opportunities. The total value is 150 billion USD over a five-year horizon, one of the largest infrastructure investment opportunities in the world. One of the areas where the impact of the new power environment can be clearly seen is distribution privatization. An example is Delhi, where private distribution companies have transformed the infrastructure as well as the consumer interface. New equipment, a fully metered network and efficient courteous employees backed by the latest in electronic data management and monitoring are changing the entire profile of operations. We have spent almost a billion dollars in upgrading the network of Delhi. We jumped from the really old ages into the world-class network. A spate of recent IPOs of both public and private power sector companies have been major successes in the stock markets. Profitability of these projects has become very, very visible and that has impacted investors from across the globe. With the Electricity Act authorizing de-licensed stand-alone rural power generation and distribution by village councils, rural India is being empowered to achieve self-sufficiency in meeting its power needs. Nuclear energy is hardly a new area for India, but it is an area that is poised for major growth. With new agreements signed with the United States, France and Kazakhstan and new framework for agreements with Canada and the United Kingdom being evolved, this sector should play a larger role in India's power profile in the coming years. American nuclear companies are anxious to participate with their Indian counterparts in the expansion of India's nuclear power sector. Rounding of the picture of the new power in India is the all-important issue of energy conservation, alternate and renewable energy sources in an era when emission controls and climate change issues have become important. India has a strong wind energy program. Suzlan, an Indian company with a global presence, is one of the top-ranking companies in wind energy across the world. The country has also launched the National Solar Mission for Harnessing Solar Energy with an addition of 20,000 megawatt of solar power by 2022. Instead of having one power station centralized somewhere, we can have practically every house acting as a powerhouse. Moza Bear, another Indian company, is a significant global player in solar photovoltaics with state-of-the-art manufacturing facilities. This is to say nothing of the successes in areas like biomass, biofuels as well as micro-hydro-products. Alternative energy in India is set to go mainstream. As the message of energy conservation goes out to millions of Indians through these high-profile campaigns, consumer behavior is beginning to change. As we move towards the future, we are also looking at power transaction services that maximize market efficiency. India is one of the international pioneers to have made power a tradable commodity with its own dedicated power exchange adjusting prices early through competitive bidding in the open market. One can buy and sell power even as low as one megawatt even for one hour any time of the day. The market linkages are being matched by physical links in the actual infrastructure. Today, power in India can move freely to where it is needed, when it is needed. By developing a synchronous, unified national grid, India is building a unique flexibility to link suppliers to consumers across the entire length and breadth of the country. As India moves rapidly to its rightful position as a global economic power in Asia, the power sector is charged up with an energy quite unlike anything in its creditable but checkout past. The new economy has matured from its tentative start into a confident reality and in this vibrant market-driven economy, the transformation of the power sector is really a transformation of the entire country an empowerment unlike anything ever seen before.