Page 14 - Energy Sector

Websol Energy System Q2 results: Net profit at Rs 42 cr on higher income

Websol Energy System on Tuesday reported a profit after tax of Rs 41.98 crore for the September quarter on account of higher income. It had posted a loss of Rs 3.95 crore in the July-September period of the preceding 2023-24 fiscal, the company said in an exchange filing. The company's total income rose manifold to Rs 143.84 crore from Rs 0.30 crore a year ago.

Spanish President affirms aid for India's energy security, green transition

Spanish President Pedro Sanchez on Tuesday affirmed Madrid's commitment to help New Delhi enhance its energy security and green transition. He also said that the country is eager to advance negotiations for a free trade agreement (FTA) between India and the European Union. Addressing a business meeting in India's financial capital, the President of EU's fourth-largest economy spoke strongly for greater partnerships on the digitalization front between India and Spain, and also bought a Ganesh idol using the Unified Payment Interface (UPI) at a merchant here. "We will be eager to advance the negotiations on an EU-India FTA. It is something essential to build up our position in the world economy for our two markets to grow both in size and diversity," Sanchez, who is on a three-day visit to India, said. He said India and the 27-member bloc need to develop "ambitious proposals" for the agreement, negotiations for which were relaunched in 2022 after a nine-year hiatus. "I am confident

Significant growth opportunity for renewables sector in India: SEforALL

There is significant growth opportunity for renewable energy sector in India, as the country's growing energy demand along with rapid industrialization needs all resources of energy, including solar and wind, according to an international sustainable development agency in Vienna. The Indian government has shown both a deep as well as a continued commitment to renewable energy, said Kanika Chawla, Director and Chief of Staff at Sustainable Energy For All' (SEforALL). Speaking to PTI on the sidelines of Singapore International Energy Week held in October 21-25, Chawla said there is more manufacturing (renewable energy) happening within India which also improves security and reduces import dependence. "India is using policies like performance-linked incentives for manufacturing. All this is very laudable and brings energy economic prosperity to the people," she noted. Chawla also acknowledged that clean energy solutions are quite job intensive as every kWh of RE generates three times

India, Saudi to discuss ways to boost cooperation in energy, digital infra

Commerce and Industry Minister Piyush Goyal will discuss ways to increase cooperation with Saudi Arabia in areas like renewable energy, digital infrastructure, and manufacturing during his two-day visit, an official statement said on Monday. The visit to Riyadh will begin from Tuesday. The commerce and industry ministry said Goyal will participate in the Future Investment Initiative (FII) in Riyadh, a crucial platform that brings together global leaders, investors, and innovators. His participation will highlight India's rapid economic growth, its focus on sustainable development, AI, and the immense opportunities in sectors like renewable energy, digital infrastructure, and advanced manufacturing, it said. On the sidelines of the FII, the minister will engage with prominent global investors. "These interactions aim to strengthen investor confidence, facilitate investment flows, and promote India as a preferred global investment destination," it said. He will also hold bilateral

Adani Energy Solutions Q2 results: Net profit doubles to Rs 674.96 crore

Q2 profit helped by better ops, deferred tax reversal

NITI Aayog calls for power plants to pause installing sulphur reducing gear

NITI Aayog recommended the federal environment and power ministries to direct coal-based power plants to stop placing fresh orders for the de-sulphurisation gear, the document showed

Jindal SAW Q2FY25 results: Net profit rises 32.5% to Rs 500 crore

The company's quarterly raw materials expenses dropped 14.4% from a year ago

Committed to long term investment in India: Sembcorp Industries' Nithyanand

India offers some of the most renewables-friendly policies in the world, which ably supports the massive energy transition that the country is undergoing, Nithyanand added

Adani Energy Solutions acquires 2 SPVs from PFCCL for about Rs 38 cr

Adani Energy Solutions Ltd (AESL) on Tuesday said it has acquired two project special purpose vehicles from PFC Consulting Ltd for cash consideration of about Rs 38 crore. In two separate BSE filings, AESL stated that on October 14, 2024 it executed share purchase agreements with PFC Consulting Ltd (PFCCL) for acquiring 100 per cent equity shares of Jamnagar Transmission Ltd and Navinal Transmission Ltd. PFCCL, a subsidiary of Power Finance Corporation, received a cash consideration of Rs 19,28,48,589 for JTL and Rs 19,14,40,997 for NTL. Jamnagar Transmission Ltd (JTL) is established for the development of network expansion scheme in Gujarat for drawl of about 3.6 GW load under Phase-I in Jamnagar area. Navinal Transmission Ltd (NTL) aims drawl of up to 4.5 GW load in Mundra area of Gujarat from bulk consumers/ distribution licensee and green hydrogen.

India expects 708 GW demand by 2047; 2,100 GW power generation capacity

India needs to increase its power generation capacity four-fold to 2,100 GW by 2047 against an anticipated demand of 708 GW, Union Power Minister Manohar Lal said on Monday. As per official data, India's total power generation capacity stood at around 453 GW as of September 30, while the government's projection for peak power demand this year was 260 GW. However, it could not be reached due to lower temperatures due to rains, and peak power demand remained around 250 GW. "By 2047, we anticipate our power demand to reach 708 gigawatts. To meet this, we need to increase our capacity by four times, i.e. 2,100 gigawatts," Lal said, addressing 'Brainstorming Conclave on Indian Power Sector Scenario by 2047', organised by Central Electricity Authority (CEA) in partnership with industry body Ficci. Ficci former president Subhrakant Panda said India's power sector presents vast opportunities in the transition to clean energy by 2070. The expanding renewable energy sector offers promising .

India's clean energy tech capacity to rise significantly by 2030, says S&P

India's clean energy technology capacity is projected to rise significantly by 2030, but the country is likely to miss its green energy target due to challenges like availability of technological innovation and skilled labour, a report said on Monday. The Centre has set a target for establishing 50 per cent cumulative electric power installed capacity from non-fossil fuel-based energy resources by 2030. According to S&P Global Commodity Insights, with government's supportive strategies, India's clean energy technology capacity is projected to rise significantly by 2030, aiming for full self-sufficiency in solar PV and wind by 2030. "However, challenges such as technological innovation gaps, skilled labour shortages, inadequate infrastructure, and inconsistent policy enforcement may hinder progress toward these clean energy goals by 2030," it said. In support of local manufacturing, various policy measures have been introduced, including tariffs on imported goods like basic customs

Huge potential for Brics nations to cooperate in energy security: S Africa

There is a huge potential for the members of the extended BRICS group to cooperate in ensuring energy security in their countries, South African Minister of Energy and Electricity Kgosientso Ramokgopa said at the 9th BRICS Energy Ministerial Meeting in Moscow earlier this week. "We believe that this BRICS group of like-minded country members has a huge potential and working together will strengthen this resolve through cooperation on energy security, and also provide an opportunity to join efforts to annihilate the challenges diagnosed during the BRICS 2023 Summit held in South Africa, such as addressing the lack or absence of an integrated energy policy framework," Ramokgopa said. The minister said this meeting came at "a critical phase where our countries are grappling with the challenge of balancing developmental goals with energy transition pathways". "We must ensure that these transitions safeguard energy sovereignty and security, promote sustainable economic development, ...

ENGIE pursuing organic growth for India renewables portfolio: Group CEO

India is expected to have a fair share of the €22-25 billion in investments the firm has planned over a three-year period between 2023 and 2025

Energy merchants use little known rule to reroute US cargoes of Brent oil

The 2023 addition of U.S. crude to the benchmark had the potential to limit the scope for trading plays that can distort Brent prices, analysts said at the time

Adani Group merges two energy infrastructure subsidiaries with ANIL

Adani group has merged two step-down subsidiaries with green hydrogen and wind turbine manufacturing firm Adani New Industries Ltd, according to a stock exchange filing on Wednesday. "Adani Infrastructure Private Limited and Mundra Solar Technology Limited stands amalgamated with Adani New Industries Limited, a wholly owned subsidiary of the company," Adani Enterprises Ltd, the group's flagship firm said in the filing. Adani Infrastructure and Developers operates as a real estate company, constructing and developing thermal and solar power projects as well as providing engineering, techno-commercial, project management and control, and commissioning services. Less than three years old Mundra Solar Technology is involved in production, collection and distribution of electricity. Adani New Industries Ltd (ANIL) is a subsidiary of Adani Enterprises Ltd that undertakes low-carbon projects. It undertakes green hydrogen projects, manufacturing of wind turbines and solar modules batteries

REC raises $500 million via green bond to support renewable energy projects

State-owned REC Ltd on Saturday said it has raised USD 500 million through green dollar bonds to support various renewable energy projects. The 5-year note has a coupon rate of 4.75 per cent per annum to be paid semi-annually and the maturity date of September 27, 2029. This is the first US dollar bond issuance from an Indian public sector enterprise in 2024, REC said in a statement. The latest fund raise was part of USD 10 billion global medium-term programme of the company. The proceeds will be used to finance eligible green projects, in accordance with REC's Green Finance Framework as per green bond principles of Climate Bond Initiative, London and RBI's ECB guidelines, with a second-party opinion from Sustainable Fitch, it said. "The overwhelming demand for our green bonds, amidst a challenging global financial environment, reflects the established standing of India as a key player in the green finance market," said Vivek Kumar Dewangan, CMD of REC Ltd. The notes will be rated

Madhya Pradesh RIC attracts over Rs 23K cr investments; 28K jobs expected

The proposed investment is expected to generate around 28,000 jobs, with the highest investment of Rs 6,800 crore in the renewable energy sector

Adani Green Energy signs 50-50 joint venture pact with TotalEnergies

Adani Green Energy Ltd (AGEL) on Thursday announced that it has completed signing a 50:50 joint venture (JV) with TotalEnergies, according to an exchange filing. As part of the JV, TotalEnergies has invested USD 444 million in its subsidiary to acquire a 50 per cent stake in AGEL's solar projects located at the world's largest renewable energy plant in Khavda, Gujarat, the filing said. "We would like to inform that the company has signed a Joint Venture Agreement with TotalEnergies Renewables Singapore Pte Ltd (TotalEnergies) and Adani Renewable Energy Sixty Four Ltd (ARE64L)," AGEL said in the filing. AGEL and TotalEnergies own a 50:50 stake in ARE64L, which houses a 1,150 MWac (megawatt alternate current) project portfolio.

bp Plc meets in India, reflects confidence in country's opportunities

The board of global energy giant bp plc is holding its meeting in India in signs of its commitment to and confidence in opportunities in the country, the firm said on Wednesday. "The 5-day visit of the bp board reflects bp's significant and growing presence in India and its commitment to further develop its businesses in and with the country," it said in a statement. Recognising India's key role in global energy demand, during their visit the board will also hold meetings with the Indian government and bp's business partners, as well as visiting key bp India locations. The statement, however, did not elaborate on the meetings or the venue of the board meeting. Meeting Petroleum Minister Hardeep Puri, bp chair Helge Lund commented, "bp is committed to working closely with the government of India to support its changing energy needs. By leveraging our combined experience and expertise with our partners, we aim to facilitate the secure, affordable, and lower carbon growth of India's .

Josler Energy, IGL, Heath Consultants join hands for safe, green gas infra

Oil exploration and production player Josler Energy on Monday announced its collaboration with Heath Consultants, Inc and Indraprastha Gas Ltd under the US-India Low Emissions Gas Task Force (LEGT). As per the collaboration, advanced gas leak detection technologies will be introduced into IGL's gas distribution network that spans Delhi-NCR, Haryana, Uttar Pradesh and Rajasthan. The MoU, signed between IGL and Heath Consultants at GASTECH 2024, Houston, is a significant step towards reducing methane emissions and bolstering public safety across IGL's network, a company statement said. Josler Energy will provide technical support, field expertise, and training to IGL's employees, empowering them to utilize the latest technologies and best practices in gas leak detection. Since 2019, Josler Energy has surveyed over 20,000 kilometers of underground pipelines, preventing dangerous leaks that threaten public safety, the environment, and financial resources. "Partnering with Heath ...