Page 23 - Energy Sector

Ukraine braces for hardest winter due to Russian attacks on energy infra

Ukraine's prime minister warned on Tuesday that the country could be facing its toughest winter since the full-scale Russian invasion began, as airstrikes against the country's beleaguered energy infrastructure intensify. Russian attacks continue to hammer Ukraine's energy generation capacity, leaving the country heavily reliant on its three functioning nuclear power stations and electricity imports from European Union countries. Energy resilience is one of our greatest challenges this year, Prime Minister Denys Shmyhal told a news conference in Kyiv. We successfully got through what was essentially two and a half winters. We will get through three, with this upcoming heating season likely being just as difficult, if not the hardest, he said. Shmyhal said Ukraine's government, helped by European countries, was urgently developing initiatives to decentralise its power generation, to make it less vulnerable to attacks. That includes expanding renewable power capacity a development .

Circularity of critical minerals for India's clean energy transition

The clean energy sector offers significant opportunities for the Indian economy

Need Rs 30 trn investment for 500 GW renewables by 2030: Minister Joshi

Union New & Renewable Energy Minister Pralhad Joshi on Monday said as much as Rs 30 lakh crore is required to meet the target of 500 GW by 2030. He also announced that Prime Minister Narendra Modi will inaugurate the 4th RE-INVEST 2024, a global summit for renewables. The fourth edition of the Global Renewable Energy Investors Meet & Expo(RE-INVEST) 2024 is scheduled from September 16 to 18 at Mahatma Mandir Convention & Exhibition Centre in Gandhinagar, Joshi told reporters in a curtain raiser press conference here. He said that India requires Rs 30 lakh crore investment to meet the ambitious target of having 500 GW of renewable energy by 2030. Earlier three RE-INVEST conferences were organised, including one in virtual mode and two in Delhi, he added. This is the first RE-INVEST to be held in Gujarat. "We thought that Gujarat is the right place to organise the conference to achieve the 500 GW renewable energy target by 2030," he said, citing the example of Vibrant ...

Four agreements signed between Indian, UAE entities in energy sector

India and the United Arab Emirates on Monday inked four agreements to expand energy cooperation as Prime Minister Narendra Modi held wide-ranging talks with Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, focusing on boosting overall strategic ties. An Agreement for long-term LNG supply between Abu Dhabi National Oil Company (ADNOC) and Indian Oil Corporation Ltd and another between ADNOC and India Strategic Petroleum Reserve Ltd (ISPRL) are among the four pacts. Emirates Nuclear Energy Company (ENEC) and Nuclear Power Corporation of India Ltd (NPCIL) also inked an MoU for the operation and maintenance of the Barakah Nuclear Power Plant, according to the Ministry of External Affairs (MEA). The fourth pact is a production concession agreement for Abu Dhabi onshore block-one between Urja Bharat and ADNOC. A separate pact was inked between the Gujarat government and Abu Dhabi Developmental Holding Company PJSC on setting up food parks in India. MEA spokesperson .

IESA hails govt's move to ease visa application process for PLI-businesses

Industry body India Energy Storage Alliance on Friday hailed the government's move to create a portal for smoother business visa applications for foreign experts engaged by Indian companies under production-linked incentive scheme and associated industries. Multiple-entry business visa (non-extendable) will be facilitated for six months to foreign subject matter specialists/engineers/ technical people being engaged by Indian companies under the PLI scheme or PLIassociated industries by the approval of the respective line ministry, a statement by India Energy Storage Alliance (IESA) stated. According to the statement, this will apply to personnel required for installation and commissioning, quality check & essential maintenance, production, IT & DRP ramp-up, training, supply chain development for empanelling vendors, plant design & bring-up, and senior management & executive. IESA president Debi Prasad Dash welcomed the government's move to support in providing business

TotalEnergies to make further $444 mn investment in JV with Adani Green

The statement said the new JV company will house a 1,150-megawatt (MW) portfolio, which will comprise a mix of operational and under-execution solar assets, with a blend of both merchant-based and PPA

Pak reviews hydro, nuclear power projects amid energy overcapacity concerns

Pakistan is conducting a review of existing and upcoming power projects, including hydropower and nuclear plants, in response to concerns over energy overcapacity and pricing, which have led to financial strain, including high capacity payments to IPPs for unused power, media reports said on Saturday. Maintaining that the review is aimed at assessing the viability and efficiency of these power projects as the country faces surplus energy production, the need to optimise power generation was stressed to align with current demand and ensure economic sustainability, newspaper The News International said. The development comes amid reports that Pakistan government has reportedly disbursed approximately Rs1 trillion in capacity payments to 26 independent power producers (IPPs) using gas, regasified liquefied natural gas (RLNG), and residual furnace oil-based (RFO) over the past decade, starting from 2015, as per a report by the Business Recorder. The News International quoted Minister fo

Running behind dragon: India trails China in solar capacity addition

The contrast is striking - in the first half of 2024, China added over 100 Gw of capacity while India could manage only 14.9 Gw

C&I segment emerges as lucrative for energy companies and investors

Leading names in the energy sector Tata Power, JSW Energy, ReNew, Hero Future Energies, and Sterlite Power have announced plans for a dedicated C&I business vertical

KPI Green Energy receives LoIs for 13.30 MW green energy projects

KPI Green Energy on Monday said it has received letters of intent for 13.30 MW of green energy projects. The company said its wholly-owned subsidiary Sun Drops Energia will develop the projects, according to a regulatory filing. "KPI Green Energy has received Letters of Intent for executing solar power projects with a cumulative capacity of 13.30 MW under the Captive Power Producer (CPP) business segment of the company," it said. The projects are scheduled to be completed in the financial year 2024-25, in various tranches, it said.

Peak power demand to grow by 15GW per year for next 6 years, says govt

Power demand in the country will grow at a higher rate of 15GW per annum for next six years compared to 11GW per annum in last one decade, a senior government official said on Friday. By 2030, about 85 GW of additional demand will be added during the solar hours and during the non solar hours more than 90 GW will be added to the peak demand, said Additional Secretary Power Srikant Nagulapalli at an Industry Conclave organised by IEEMA. "... The CAGR may not reflect these numbers truly, but if you see the absolute numbers it's a big jump and to meet this growth, substantial expansion of our coal capacity and along with solar, wind, storage and also transmission capacity is being undertaken," Nagulapalli added. Nagulapalli noted that "India's peak demand grew at an average of 11GW for the last 10 years and going forward for the next 6 years, we expect that the demand is going to grow at an average of 15 GW per year." He further stated that approx 40 GW will be through storage. "By 20

UAE joins final UN SG's Critical Energy Transition Minerals panel in Kenya

During last meeting, panel members stressed importance of forming stronger foundations, focusing on international cooperation to achieve mutual and collective benefits with respect to mining industry

India should have a strategy that's focused on strengths: Jeffrey Goldmeer

Goldmeer illustrates how gas-fired generators can be the third leg of an energy storage tripod, with the other two being battery and pumped storage

Foxconn working to set up battery energy storage system unit in India

Taiwanese electronics manufacturing giant Foxconn is working on plans to set up a Battery Energy Storage System unit in India, its chairman Young Liu said here. With an eye on the electric vehicle segment, Foxconn has been expanding its battery manufacturing business, with the first plant already set up in Taiwan. Liu told PTI that Foxconn's information and communication technology segment has just started in India. "We are also waiting to put our 3+3 future industry in India. I have been talking to the minister for industries here about how can we collaborate on BESS (Battery Energy Storage System) in Tamil Nadu...," Liu said. As part of the "3+3 strategy", Foxconn has prioritised the three key industries -- electric vehicles, digital health, and robotics industries, each has a significant growth potential with current scale at USD 1.4 trillion and over 20 per cent compound annual growth rate. Foxconn's battery storage business is more focused on electric vehicles. Battery energ

Energy storage investments double to $15.4 bn in 1st half of 2024: Mercom

The global corporate funding in the energy storage sector more than doubled to USD 15.4 billion during the January-July period, according to Mercom Capital. The investments include Venture Capital (VC) funding, debt financing, and public market financing, the US-based research firm said in its latest report. "Corporate funding for energy storage companies in the first half of 2024 reached USD 15.4 billion across 64 deals, up 117 per cent over USD 7.1 billion in 59 deals in H1 2023, driven by a strong first quarter," said the 'Funding and M&A Report for Storage & Grid'. VC funding for energy storage companies in H1 2024 came to USD 2.4 billion in 48 deals, a 37 per cent increase compared to USD 3.8 billion in 43 deals in H1 2023, Mercom said. Lithium-ion-based battery companies received the most VC funding in H1 2024. Other top funded categories included Battery Recycling, Metal-Hydrogen Batteries, Materials and Components providers, and Sodium-based battery companies, the ...

IOCL to raise refining capacity by 25% by 2050: Shrikant Madhav Vaidya

IOCL to have $1 trillion turnover by 2047, supply 1/8th of India's energy needs

This BSE200 stock hit Rs 1 trillion market cap; zoomed 90% in 3 months

Suzlon market cap hits Rs 1 trn on Friday: The sharp rise in market cap was due to allotment of equity shares in rights issue; conversion of optionally convertible debentures and bonds into stock.

Indian energy cos lag in R&D, innovation metrics compared to global peers

India's leading energy companies do not fare better than global firms on R&D intensity, proportion of employees with a PhD degree, and patents per billion dollar revenue, according to FAST India

ADB, World Bank's IFC, DEG pump $275 million into Fourth Partner Energy

Largest equity deal by 3 investors in Indian RE sector

Data centres turn to renewable energy sources as power demand surges

Data centres procure electricity at commercial rates in a state, which usually falls within the highest power tariff slab