Page 16 - Energy Sector

Tata Power, ADB ink pact for $4.25 bn finance for key energy projects

Tata Power on Thursday said it has signed an initial pact with Asian Development Bank (ADB) to evaluate financing worth USD 4.25 billion for its several strategic projects. A memorandum of understanding has been signed with ADB at Baku, Azerbaijan, Tata Power said in a statement. "The MoU has been signed evaluate financing for its several strategic projects aimed at enhancing India's power infrastructure and promoting renewable and clean energy," it said. The total estimated project cost is about USD 4.25 billion, Tata Power said. The MoU outlines the evaluation of financing for several key ongoing projects such as the 966-MW solar wind hybrid project and pumped hydro storage project and other projects in the pipeline around energy transition, decarbonisation, and battery storage as well as ongoing financing for capex towards strengthening the distribution networks. Tata Power CEO and Managing Director Praveer Sinha said, "Collaboration with ADB is a crucial step as we explore ...

Domestic solar installations surge 167% to 16.4 GW in Jan-Sep: Mercom

India added 16.4 gigawatt (GW) of solar capacity during January-September 2024, posting a 167 per cent year-on-year rise on account of commissioning of delayed projects, Mercom Capital said. The country had installed 6.2 GW of solar capacities in the nine-month period of 2023, the US-based research firm said in its latest report. "In the nine months (9M) of January-September of the calendar year (CY) 2024, solar projects totaling 16.4 GW were added in India, an increase of over 167 per cent compared to 6.2 GW in 9M 2023. The commissioning of several previously delayed projects contributed to capacity additions in the first nine months of 2024," the report titled 'India Solar Market Update' said. As per the report, the solar installations in the July-September period rose by 78 per cent to 3.5 GW from 2 GW in the third quarter of last year. As of September 2024, India's cumulative installed solar capacity stood at 89.1 GW, of which utility-scale projects accounted for more than 86 p

India's Russian oil imports up 3.3% in Oct from Sep, shows trade data

India, the world's third biggest oil importer and consumer, has been gorging on Russian oil

The power to reform: Tariffs a key issue for revival of gencos, discoms

The impact of the latest, the Revamped Distribution Sector Scheme, or RDSS, launched in 2022, has been less than optimum

Waaree Energies Q2FY25 results: Net profit grows 17% to Rs 375.6 cr

Waaree Energies on Monday reported a 17 per cent rise in consolidated net profit at Rs 375.6 crore in the July-September quarter, helped by higher income. It had posted Rs 320.1 crore profit for the July-September period of the preceding 2023-24 fiscal, the company said in a regulatory filing. Post its listing on October 28, this is the first quarterly result of Waaree Energies. It made its market debut at Rs 2,550, reflecting a jump of 69.66 per cent from the issue price price of Rs 1,503. The company's total income rose to Rs 3,663.4 crore in the quarter under review, from Rs 3,558.5 crore in the second quarter of the last financial year. Its expenses during the quarter were at Rs 3,164.6 crore, as against Rs 3,123.9 crore in the year-ago period. The board also approved an investment of up to Rs 600 crore in its wholly-owned subsidiaries for setting up and development of the infrastructure (including land and connectivity) for the purpose of developing renewable power projects a

Clean energy job growth outpaces fossil fuel sector in India: Report

Energy jobs in India accounted for 1.5% of total employment in India at 8.5 million in 2023

Govt mulling task force to push for 500 GW renewable energy capacity target

Union Minister Pralhad Joshi has proposed formation of a task force in consultation with the Ministry of Power to push efforts to meet India's ambitious target of having 500 GW renewable energy capacity by 2030. The minister for new and renewable energy has also urged industry players and stakeholders to devise strategies which would help the country meet the target in a time-bound manner. Speaking at an event in Bhubaneswar, the minister proposed the formation of a task force, in consultation with the Ministry of Power, to align the efforts of all stakeholders towards meeting the 500 GW target, the ministry for new and renewable energy (MNRE) said in a statement on Thursday. India has already achieved 212 GW of energy from non-fossil fuel sources and is on track to exceed the 2030 target, he said. The minister stressed the importance of concerted, collaborative efforts among all stakeholders to overcome challenges and expedite progress in the renewable energy sector. Joshi furthe

Coal imports increase 2.2% to 111.2 million tonnes in April-August

Coal imports rose by 2.2 per cent to 111.20 million tonnes in the April-August period of the current fiscal compared to 108.81 million tonnes in the year-ago period, an official release said on Tuesday. However, the non-regulated sector saw a 10.3 per cent drop during the April-August period as compared to the same period of last year, the coal ministry said in the release. In value terms, the price of overall imported coal during April-August 2024-25 was Rs 120,532.21 crore. Despite a growth of 4.97 per cent in coal-based power generation from April to September 2024 compared to the same period last year, imports for blending purposes decreased to 9.79 MT compared to last year which was 10.70 MT indicating a decline of 8.5 per cent during the same period. "This decline underscores India's steadfast commitment to achieving self-sufficiency in coal production and reducing reliance on imports," it said. The increase in coal import for the power sector is attributed to the import of

India's energy future: Small modular reactors need strong policy backing

While conventional renewable energy (RE) generation is now cheap, storage is not

Coal production rises 7.4% in October, dispatches increase to 82.89 MT

Coal production rose by 7.4 per cent to 84.45 MT in October compared to 78.57 MT in the corresponding month of the previous fiscal, the Coal Ministry said in a release. Coal production from captive and other entities rose to 16.59 MT in October over 11.70 MT in the corresponding month of the previous fiscal. Coal dispatches witnessed a boost in October reaching 82.89 MT compared to 79.25 MT recorded in October last fiscal. "Coal dispatch from captive and other entities also grew to 16.18 MT in October 2024, compared to 11.83 MT in October 2023, representing growth of 36.83 per cent," the coal ministry said. In the April-October period of 2024-25, India's coal production rose by 6.1 per cent to 537.45 million tonnes (MT) compared to 506.56 MT in the corresponding period of the previous fiscal, the coal ministry said. Cumulative coal dispatch during the April-October period rose to 571.39 MT compared to 541.51 MT during the corresponding period in 2023-24. The Centre, the ministry

Power consumption rises marginally to 140.4 billion units in October

India's power consumption rose marginally by about one per cent to 140.47 billion units (BU) in October compared to a year ago, mainly due to heavier base effect. In the year-ago period, the power consumption grew by over 22 per cent to 139.44 BU from 113.94 BU in October 2022. The highest supply in a day (peak power demand met) dipped to 219.22 GW in October 2024 from 221.53 GW in the year-ago month. The peak power demand touched an all-time high of about 250 GW in May this year. The previous all-time high peak power demand of 243.27 GW was recorded in September 2023. Earlier this year, the power ministry projected a peak power demand of 235 GW during the day and 225 GW during evening hours for May while 240 GW during daytime and 235 GW in the evening hours for June. The ministry also estimated that peak power demand may hit 260 GW this summer. Noting that October 2024 was the warmest in many decades as per official data, the experts opined that power demand as well as consumpti

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.