Page 3 - Energy Demand

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

CO2 emissions from buildings, construction sector hit new high: Report

The sector's operational energy-related CO2 emissions reached 10 gigatonnes of CO2 equivalent -- 5 per cent over 2020 levels and 2 per cent over the pre-pandemic peak in 2019.

India's gas reliance grows as Europe cuts down on energy consumption

India's demand for the fuel has slumped 5 per cent in the April-September period of FY23 to 31.5 billion cubic metres from a year ago, after rising 5 per cent 2021-22

EU officials warn of economic slowdown due to energy crisis, high inflation

'If we look at high-frequency indicators and the economic sentiment, we see that many things point to a contraction in economic activity this winter'

Emissions to hit a peak by 2025, demand for fossil fuel to reduce: IEA

Global greenhouse emissions will peak in 2025 as the world goes through a "profound reorientation" in terms of energy use, said the World Energy Outlook 2022 report