Page 18 - Energy Sector

Entire nation of Ecuador went dark after a series of energy errors

The entire nation of Ecuador lost power for hours this week, exposing the depth of an energy crisis

Govt clears Rs 7,453 crore VGF scheme for offshore wind energy projects

The Union Cabinet on Wednesday approved a Rs 7,453 crore-Viability Gap Funding (VGF) scheme for offshore wind energy projects, including one in Gujarat. The scheme includes an outlay of Rs 6,853 crore for the installation and commissioning of 1 GW of offshore wind energy projects (500 MW each off the coast of Gujarat and Tamil Nadu), and a grant of Rs 600 crore for the upgradation of two ports to meet logistics requirements for offshore wind energy projects. The VGF scheme is a major step towards implementation of the National Offshore Wind Energy Policy notified in 2015, with an aim to exploit the vast offshore wind energy potential that exists within the exclusive economic zone of India, Information and Broadcasting Minister Ashwini Vaishnaw said in a press briefing. The VGF support from the government will reduce the cost of power from offshore wind projects and make them viable for purchase by Discoms, he noted. The Ministry of New and Renewable Energy, as the nodal ministry, w

Uttar Pradesh speeds up thermal power projects to meet energy demand

The two projects will generate a total of 3,300 megawatt (Mw) augmenting the state's indigenous capacity

Gensol Engineering wins bidding for Rs 1,340 cr energy storage project

Gensol Engineering on Wednesday said it has emerged as a successful bidder for Gujarat Urja Vikas Nigam's 250 MW (500 MWh) Battery Energy Storage Project worth Rs 1,340 crore. The project will supply electricity on an 'on-demand' basis to Gujarat State's DISCOMs during peak and off-peak hours, thereby extending renewable energy availability beyond solar hours, fulfilling energy storage purchase obligations, and enhancing grid resilience, a company statement said. According to the statement, Gensol Engineering -- a pioneer in solar power engineering, procurement, and construction (EPC) services and electric mobility sector -- emerged as a successful bidder for 250 MW/500 MWh standalone battery energy storage systems (BESS) project from Gujarat Urja Vikas Nigam Ltd (GUVNL). The project will deliver 250 MW/500 MWh energy for two charge/discharge cycles per day. Gensol Engineering Managing Director Anmol Singh Jaggi said in the statement, "Securing this project enables us to make a ...

Investment of $190-215 bn needed for India's 500 GW RE capacity: Moody's

Investments of USD 190-215 billion will be needed to achieve the target of 500 gigawatt (GW) of renewable energy capacity by 2030 in India, Moody's Ratings said on Wednesday. India's infrastructure companies will be spending on energy transition to meet demand resulting from the country's relatively strong economic growth. However, government policies and stable regulatory frameworks will support credit quality, Moody's said in a statement. Moody's also estimates that another USD 150-170 billion of investment will be required for electricity transmission and distribution as well as energy storage. "We expect the strong growth in India's renewable energy capacity to continue, although coal will remain a major source of electricity generation over the next 8-10 years," Abhishek Tyagi, Moody's Vice President and Senior Credit Officer said.

Zelenskyy appeals for help with Ukraine's energy network wreaked by war

Ukrainian President Volodymyr Zelenskyy appealed for short-term help in repairing his country's electricity network and long-term investment in its energy system as a conference to gather support for Ukraine's recovery from the destruction wreaked by Russia's war opened on Tuesday. Starting a week of intense diplomacy that will also see him travel to the Group of Seven summit of Ukraine's leading Western allies in Italy and a global peace summit in Switzerland, Zelenskyy also renewed his calls for more help in repelling missile attacks by Russian forces. The two-day Ukraine Recovery Conference in Berlin follows up on a similar gathering in London a year ago. The German hosts say it is bringing together 2,000 people from national and local politics, business and other areas, arguing that the task of supporting Ukraine's recovery is too big for governments alone. Among other immediate problems, sustained Russian attacks on Ukraine's power grid in recent weeks have forced energy ...

Over half of Aramco share sale allocated to foreign investors: Report

International demand for the secondary share sale was greater than for Aramco's IPO in 2019, sources had previously told Reuters

Organising for the energy transition

Greater effectiveness will come from improved organisation design in the Union government

India to sign IPEF agreements after formation of the new government

IPEF clean energy investor forum identifies projects worth $23 billion

Monthly natural gas trades shoot up 480% in May: Indian Gas Exchange

Higher demand from gas-based power plants amid hot weather fuelled the rise

Power Grid Corp stock in expensive zone despite its market dominance

The nature of core business guarantees stable returns and the company pays regular dividends but valuations are high for a business with regulated tariffs and relatively low growth visibility

Securing India's energy transition

Policy changes may be needed to attract big players in mining and exploration

Power demand hits record 250 Gw, coal, gas driving bulk of supply

The northern region also achieved a record demand met, reaching an all-time high of 86.7 GW, while the western region also touched its maximum demand met of 74.8 GW

Delhi breaches 8,300 MW mark first time as power demand soars amid heatwave

Delhi's peak power demand reached the all-time high of 8,302 MW on Wednesday afternoon as the city logged its highest-ever temperature of 52.3 degrees Celsius at the Mungeshpur weather station. Officials said this is the first time in the city's history that the power demand has breached the 8300-MW mark and the mercury crossed 52 degrees Celsius. Power distribution companies had estimated the demand to peak at 8,200 MW this summer, but according to the State Load Dispatch Centre, Delhi, it clocked 8,302 MW at 15:36:32 hours on Wednesday. The previous peak power demand was recorded just a week ago, when it touched 8,000 MW on May 22. The city has been braving a prolonged spell of heatwave conditions with the maximum day temperatures in many parts including Najafgarh, Mungeshpur and Narela touching almost 50 degrees Celsius. Delhi's demand usually peaks during June-end and early July, a trend that was broken last year when it peaked in August, according to discom officials. A disc

Ireda to issue FPO this financial year to support its growing size

IREDA launched its initial public offering (IPO) in December 2023 and debuted on Dalal Street after two failed attempts over the last decade

Delhi's peak power demand touches new May high of 7,572 megawatt

Northern states lead the national power demand as heatwave engulfs the region

Peak power demand in May near projected 235 GW amid severe heatwave

India's peak power demand is hovering near the projected 235 GW level in May, following excessive use of cooling appliances like air conditioners and desert coolers amid severe heat waves in the country. According to the power ministry data, the peak power demand met or the highest supply in the day has already reached 233 GW on May 6 compared to 221.42 GW recorded a year ago. Earlier in the month, the power ministry estimated that the power demand would peak at 235 GW during the daytime, and 225 GW during evening hours in May; and 240 GW during daytime and 235 GW during evening hours in June 2024. Last week, the peak power supply touched 229.57 GW on May 18, while it was around 226 GW on May 15, 16 and 17. The peak supply was 229.77 GW on May 4, and interestingly the highest supply in a day crossed the 221.42 GW, recorded in May last year, on May 2 this year. The industry experts opined that power demand would increase further due to the increase in the intensity of heat in May,

ReNew inks initial pact with Societe Generale for $1 billion debt financing

Energy firm ReNew on Wednesday announced that it has signed an initial pact with European bank Societe Generale for up to USD 1 billion financing as debt and advisory solutions over the next three years. ReNew has signed a Memorandum of Understanding (MoU) with Societe Generale, to support the financing and development of the company's various strategic energy transition projects both in India and globally, a company statement said. Both parties will leverage their respective expertise to strengthen the collaboration on utility-scale energy projects including solar, wind, complex renewables, green hydrogen, energy storage and solar modules manufacturing. ReNew Chairperson and Chief Executive Officer Sumant Sinh said, "This MoU represents a key milestone towards our ambitions in India and worldwide. Societe Generale is a trusted partner for accelerated deployment of renewable energy projects, and this collaboration will contribute towards India's net zero goals." ReNew has a clean .

Thermal PLFs to remain healthy amid power demand-supply mismatch: Ind-Ra

India Ratings and Research on Wednesday maintained a neutral outlook for the power sector, noting that thermal PLFs (plant load factor or capacity utilisation) will remain healthy amid demand-supply mismatch in FY25. "India Ratings and Research (Ind-Ra) has maintained a neutral outlook for the power sector for FY25, as it believes the overall plant load factor of thermal power plants would continue to improve and reach closer to 70 per cent in FY25," an Ind-Ra statement said. This is attributed to continued higher power demand, a ramp-up in domestic coal production, slower capacity additions and continued dependence on coal-based generation till sufficient storage capacity is built up for energy transition towards renewables, it added. "Ind-Ra continues to see a demand-supply mismatch in the power market, which would lead to a continued uptick in plant load factors of thermal plants and elevated merchant tariffs," said Bhanu Patni, Associate Director, Corporate Ratings, Ind-Ra. Pat

Siemens profit surges 70%, to list energy biz into separate entity

Announces demerger of energy business into a separate listed entity, incremental capex of Rs 500 crore