Page 3 - Energy Demand

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

Coal mining bet stumbles as wary banks weigh rising risks: Official

Coal officials and banking executives in the world's second-largest coal producer discussed the issue at a June meeting called by the government in a bid to ease the funding deadlock

Serentica to source 1500 MW green energy a day from Greenko Group

Serentica Renewables (Serentica) on Monday said it has signed an agreement with Greenko Group for taking daily supply of 1,500 megawatt (MW) from energy storage facilities. The power will be sourced from Greenko Group's upcoming energy storage projects in Andhra Pradesh and Madhya Pradesh and supplied to industrial customers, Serentica said in a statement. "Serentica has signed a first-of-its-kind standalone energy storage capacity offtake contract with global energy storage developer, Greenko Group. As part of this contract, Serentica will leverage Greenko's unique energy storage capabilities to utilise a cumulative 1,500 MWhr capacity," it said. The agreement is for a period of 25 years. Pratik Agarwal, Director, Serentica Renewables, said, long duration energy storage is critical to decarbonizing the country's energy consumption and reducing greenhouse gas emissions. The unique energy storage capacity offtake contract with Greenko puts Serentica on an accelerated trajectory in

UAE announces plans to invest $54 bn in energy, triple renewable sources

The United Arab Emirates plans to triple its supply of renewable energy and invest up to USD 54 billion over the next seven years to meet its growing energy demands. Sheikh Mohammed bin Rashid Al Maktoum, the UAE's vice president and ruler of Dubai, announced the plans on Monday following a Cabinet meeting. They also include investments in low-emission hydrogen fuel and developing infrastructure for electric vehicles. He said the updated national energy strategy aims to triple the contribution of renewable energy over the next seven years and invest 150 billion to 200 billion dirhams (USD 40 billion to USD 54 billion) during the same period to meet the country's growing demand for energy. The major oil-producing nation has pledged to be carbon-neutral by 2050, without fully explaining how, and is hosting the COP28 climate summit later this year. The latest announcement included the formation of an Investment Ministry to be led by Mohamed Hassan Alsuwaidi. He currently serves as the

Kerala can save Rs 9k cr in 5 yrs if it switches to 100% renewable energy

Kerala can save Rs 9,000 crore over a five-year period if they replace coal power purchases with renewable energy contracts by 2040, according to a new study. If the southern state replaces its scheduled purchases of coal power from central sector plants with new renewable energy at an average tariff of Rs 3/kWh, the state would save approximately Rs 969 crore per annum, it said. The report also suggests a transition pathway that sees the most expensive central sector power contracts phased out first, saving the state Rs 4,505 crore through the phase-out of 1560 MW of coal power by 2026-27, the study further said. The significant findings were made by think-tank Climate Risk Horizons (CRH). This finding comes just months after Chief Minister Pinarayi Vijayan announced that the state will aim for 100 per cent renewable energy over the next 17 years. In addition to explaining the financial and climate-related benefits of this move, the CRH report also charts out the transition pa

Statsguru: Six charts explain India's changing energy landscape

The industrial sector is the biggest consumer of electricity and accounted for 41 per cent of the 1,296,300 gigawatt hours of electricity consumed in India in 2021-22

China signs one of its biggest ever LNG deal with Qatar at $60 billion

Qatar Energy will send Sinopec 4 million tons of LNG a year starting in 2026, the state-controlled companies announced in a virtual ceremony on Monday