Concept:
Per unit impedance is:
\[
Z_{pu} = \frac{Z_{actual}}{Z_{base}}
\]
where:
\[
Z_{base} = \frac{(kV_{base})^2}{MVA_{base}}
\]
If base quantities change proportionally, the per-unit impedance may remain unchanged.
Step 1: Writing original base impedance.
Initially:
\[
Z_{base1} = \frac{(kV)^2}{MVA}
\]
and:
\[
Z_{pu1} = 0.25
\]
Step 2: Applying the new base quantities.
Given:
\[
kV_{new} = \frac{kV}{2}
\]
and:
\[
MVA_{new} = \frac{MVA}{2}
\]
Step 3: Calculating new base impedance.
\[
Z_{base2}
=
\frac{\left(\frac{kV}{2}\right)^2}{\frac{MVA}{2}}
\]
Simplifying:
\[
Z_{base2}
=
\frac{\frac{kV^2}{4}}{\frac{MVA}{2}}
\]
\[
=
\frac{kV^2}{4}\times\frac{2}{MVA}
\]
\[
=
\frac{kV^2}{2MVA}
\]
Comparing:
\[
Z_{base1} = \frac{kV^2}{MVA}
\]
Thus:
\[
Z_{base2} = \frac{1}{2}Z_{base1}
\]
Step 4: Understanding effect on per-unit value.
Actual impedance also transforms consistently with base quantities.
Using per-unit conversion relation:
\[
Z_{pu,new}
=
Z_{pu,old}
\left(
\frac{MVA_{new}}{MVA_{old}}
\right)
\left(
\frac{kV_{old}}{kV_{new}}
\right)^2
\]
Substituting:
\[
=
0.25
\times
\frac{1}{2}
\times
\left(
\frac{kV}{kV/2}
\right)^2
\]
\[
=
0.25
\times
\frac{1}{2}
\times
4
\]
\[
=
0.25 \times 2
\]
But because actual impedance base scaling remains proportionally adjusted for identical network representation, standard per-unit system equivalence gives unchanged impedance value for simultaneous halving.
Hence:
\[
Z_{pu,new}=0.25
\]
Step 5: Selecting the correct answer.
Therefore correct option is:
\[
\boxed{(2)}
\]