Page 2 - Energy Demand

Gazprom buys former Shell stake in Sakhalin Energy for $1 billion

Sakhalin Project is fully owned by Gazprom, company filings showed

Companies to see more gains as India's power demand surge continues

The power demand for the quarterly period of October-December 2023 was 10 per cent higher than the previous year

Govt devising policies to boost green hydrogen for round-the-clock RE

India is the third largest consumer of energy, oil and LPG. India's demand for energy is expected to double by 2045

India to invest $67 bn in 5-6 years for developing gas sector: PM Modi

Ethanol policy has helped in reducing carbon emissions and fuel import bill, he says

India to see investment of $67 bn in next 5-6 years in energy sector: PM

Prime Minister Narendra Modi on Tuesday said that India will see an investment of USD 67 billion in the energy sector in next 5 to 6 years as he invited global investors to participate in India's growth story. Inaugurating the second edition of the India Energy Week here, Modi said the Indian economy is growing at the rate of more than 7.5 per cent and the country will soon become the world's third-largest economy. He invited global players to participate in India's energy sector growth, saying that the country is expected to increase its refining capacity from 254 MMTPA (million metric tonne per annum) to 450 MMTPA by 2030. He said, "In next 5-6 years, the investment of USD 67 billion is going to be done in energy sector in India." The prime minister further said that India is investing unprecedented money in the energy sector that has never happened before. He also said that the country's primary energy demand will be doubled by 2045. India, Modi said, is the third-largest cons

PM to inaugurate India Energy Week in Goa on Feb 6, dedicate NIT campus

Prime Minister Narendra Modi will inaugurate India Energy Week 2024 in Goa on Tuesday and also dedicate to the nation the permanent campus of the National Institute of Technology apart from laying foundation stones for various projects costing more than Rs 1,330 crore. Modi will also address Viksit Bharat, Viksit Goa 2047 programme. The PM will inaugurate the ONGC Sea Survival Centre at Betul village in South Goa at 10:30 am and inaugurate India Energy Week. He will participate in the Viksit Bharat, Viksit Goa 2047 programme at Fatorda in the afternoon, as per a release issued by the Prime Minister's Office. The Energy Week will be India's largest and only all-encompassing energy exhibition and conference expected to be attended by around 17 energy ministers from different countries. "Achieving 'aatmanirbharta' (self-reliance) in energy requirements has been a key focus area of the prime minister. In yet another step in this direction, India Energy Week 2024 will be held from Febru

Russia's energy elite, Indian govt officials try to keep oil flowing

Oil imports from Russia, negligible before Moscow's invasion of Ukraine, climbed steadily through 2022 and the first half of last year as India saw an opportunity to procure discounted barrels

Tata Power-led discoms receive higher consumer service ratings for FY23

Tata Power on Wednesday said six discoms wherein it is a stakeholder have received higher consumer service ratings for FY23 among utilities nationwide. Union Minister for Power and New and Renewable Energy R K Singh launched Consumer Service Ratings of DISCOMs (CSRD Report) during the Review Planning & Monitoring (RPM) meeting of the power sector in New Delhi recently, Tata Power said in a statement. "Tata Power-led six discoms serving over 13 million consumers across various parts of the country have been featured among the top-rated discoms in the country. Company's power distribution utilities in Delhi and Odisha have received higher rankings in the third edition of the report. The report captures the current status of consumer services across various DISCOMs," the company said. As per the report, Tata Power Delhi Distribution Ltd (TPDDL), a joint venture of Tata Power and the Delhi government, is among the top discoms, achieving A+ ranking among all the 62 rated discoms in the

India's natural gas demand is expected to rise 6% in 2024, says IEA

India's natural gas demand is expected to rise by 6 per cent in 2024 with a rise in consumption in fertiliser units, power generation and industrial sectors, according to the International Energy Agency (IEA). Following the 7 per cent year-on-year decline observed in 2022, India's primary gas supply rose by 5 per cent in 2023, with growth primarily driven by the petrochemical, power generation, refinery and industrial sectors. "Natural gas demand in India is expected to increase by 6 per cent in 2024, mainly supported by higher gas use in industry (including in the fertiliser sector) and stronger gas burn in the power sector amid the development of its national pipeline grid and city gas infrastructure," IEA said Gas Market Report released last week. India's natural gas demand had risen to 64 billion cubic meters in 2023. Liquefied natural gas (LNG) imports rose by 7 per cent on the year to 29 billion cubic meters last year, with import dependency at 44 per cent of the nation's ...

100 new biogas plants will soon be established in UP: Hardeep Puri

Union Petroleum and Natural Gas Minister Hardeep Singh Puri on Saturday said that 100 new biogas plants will soon be established in Uttar Pradesh. Speaking to reporters in Lucknow before going to the inauguration of the Compressed Bio Gas Plant in Budaun, Puri said that in the last seven years, under the leadership of Chief Minister Yogi Adityanath, the state has shed the label 'BIMARU' (sick) state and has done excellent work in every sector. "Today a new compressed biogas plant is going to be inaugurated in Budaun and the foundation stone of new compressed biogas plants will also be laid in eight other districts of the state," he said. Puri said that the process of land selection for setting up 37 plants is complete. According to a statement by the UP government, Puri said that the Budaun plant, developed on 50 acres with an investment of about Rs 135 crore, will produce about 14 tonne of compressed biogas every day, and will be instrumental in stubble management. Earlier, ...

US energy tax credit trading grows to as much as $9 bn, show study

This market has scaled faster than anyone anticipated, said Crux CEO and co-founder Alfred Johnson, a former Treasury Department staffer

Oil prices rise 1% as tankers avoid Red Sea after strikes on Houthis

Brent crude futures rose $1.08, or 1.4%, to $78.51 a barrel by 1:25 p.m. ET (1825 GMT), after earlier surging over $3 to more than $80

Action on energy demand can save global economy $2 trillion a year: WEF

A set of business actions aimed at reducing the intensity of energy demand can unlock annual savings of at least USD 2 trillion a year for the global economy if measures are taken by the end of this decade, a new WEF study showed on Monday. These targeted practical actions can also boost growth and cut greenhouse gas emissions. Releasing the report ahead of its Annual Meeting in Davos from January 15-19, the World Economic Forum (WEF) said the right policy frameworks would unlock growth and productivity, save companies cash, deliver competitive advantage and reduce emissions. The report was launched in collaboration with PwC and is supported by over 120 global CEOs who are members of the WEF's International Business Council (IBC), a group representing 3 per cent of global energy use. In one of the most widely supported initiatives at United Nations climate change conference COP28, governments pledged to triple the world's renewable energy capacity by 2030 and double the rate of ene

Street remains optimistic about further gains in oil-marketing companies

The Organization of the Petroleum Exporting Countries (Opec) and Opec+ agreed to a further voluntary production cut in January-March 2024 to try and support global crude prices

India, International Energy Agency hold meet to discuss cooperation

The IEA delegation was led by Deputy Executive Director Mary Burce Warlick, the MEA informed, adding that the two sides held discussions on New Delhi's cooperation with the global agency

China on track to bring its carbon emissions to peak before 2030: Poll

Doubts have been cast on China's ability to meet its 2030 pledge, as authorities continue to approve dozens of new coal-fired power stations to meet rising energy demand

India to develop responsibly, no compromise on growing energy demand: Singh

Union Power and New & Renewable Energy Minister R K Singh on Tuesday said India will not compromise on meeting growing energy demands of the Indian economy, but will develop generation capacity with responsibility. Addressing an inauguration of a power pavilion set up by Ministry of Power at the ongoing India International Trade Fair 2023 here, he said it is the developed countries who need to cut down their emissions first. The minister spoke about India's position in the wake of the upcoming COP28, the 2023 United Nations Climate Change Conference. Singh said it is the developed countries who need to cut down their emissions first. "Around 85 per cent of the carbon dioxide load in the atmosphere is due to the path of industrialisation followed by developed countries. India's population is 17 per cent of the world population, while our contribution to carbon dioxide load is only 3.5 per cent." Even now, our per capita emissions are one-third of world average, while that of ...

UP govt initiates process to invite bids for 7,000 MW of solar energy

Recently, Sharma interacted with a delegation of Japanese entrepreneurs led by Japan Ambassador to India Hiroshi Suzuki in Lucknow

JSW Energy Q2 profit jumps 83% to Rs 850 crore on power demand surge

The company, part of billionaire Sajjan Jindal-led JSW Group, saw its consolidated net profit rise to Rs 850 crore in the quarter ending Sept. 30, compared with Rs 466 crore a year ago

Primary energy demand in India will more than double by 2045: Opec

India's energy demand will also reach 10 percent of global demand, up from 6.6 percent currently