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Coal crisis, supply crunch hasten metal makers' switch to renewable energy

The increased expenses slashed profits of some of the biggest mills in India at a time when commodity prices were rallying to multi-year highs

Photo: Bloomberg
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India is emerging from an acute power crisis after a blistering summer and a post-pandemic industrial revival, which spurred electricity demand and overwhelmed domestic coal output. (Photo: Bloomberg)

Swansy Afonso | Bloomberg
India’s metal producers are speeding up their transition to renewable power after a coal crisis led to a supply crunch and sky-high prices of the fossil fuel, according to Greenko Energy Holdings.
 
GIC Pte.-backed Greenko, one of India’s largest renewable energy companies, signed an agreement earlier this month with Hindalco Industries Ltd. to provide carbon-free electricity to the aluminum producer’s Odisha smelter for 25 years, following a similar deal with ArcelorMittal Nippon Steel India Ltd. 

Greenko is now in talks with two to three other metal producers for round-the-clock power supply, co-founder Mahesh Kolli said, declining to name the firms.

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First Published: Aug 30 2022 | 9:18 AM IST

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