Page 25 - Energy Sector

Cairn to double annual capital expenditure to $1 billion for 5 years

The oil and gas major plans to kick-start 12 projects in the country in FY25

Govt asks industry players to invest in technology towards greener future

The government on Friday stressed on the importance of coal and lignite gasification projects in India's energy transition and urged industry players to invest in the technology towards a greener and cleaner future. Coal Secretary Amrit Lal Meena also stressed on the government's support to the industry through initiatives, including financing and incentives, for promotion of clean coal technologies, the coal ministry said in a statement. The secretary requested all the industry stakeholders to come forward and participate in the RFP process and share their valuable inputs, to make the process transparent and open, it added. Through strategic initiatives and policy frameworks, the Ministry of Coal aims to catalyze investments and technological advancements in coal/gasification projects, aligning with India's vision for a cleaner and energy-efficient future. Coal India Chairman PM Prasad elaborated on CIL's proactive initiatives and endeavours in the realm of gasification and ...

RECPDCL hands over Pachora Power Transmission SPV to GR Infraprojects

State-owned REC on Thursday said its arm RECPDCL has handed over Pachora Power Transmission SPV to GR Infraprojects. The SPV was formed for the establishment of the Interstate Transmission Project for evacuation of power from renewable energy (RE) projects in Rajgarh (1,000 MW) SEZ in Madhya Pradesh-phase II through a tariff-based competitive bidding process, REC said in a statement. The special purpose vehicle (SPV) Pachora Power Transmission was handed over to the successful bidder GR Infraprojects in the presence of senior officials from RECPDCL. Additionally, representatives from the Central Transmission Utility of India Limited (CTUIL) and other key stakeholders attended the event, it said. RECPDCL, a wholly-owned subsidiary of REC Limited, has been acting as bid process coordinator (BPC) for tariff-based competitive bidding (TBCB) in transmission line projects and RE-bundling projects. Under the Ministry of Power, REC Limited is a non-banking finance company (NBFC), and ...

Crude oil prices decline as IEA flags slower demand growth this year

Brent crude futures fell 37 cents, or 0.5%, to $81.23 a barrel by 1008 GMT. U.S. West Texas Intermediate crude futures declined 44 cents, or 0.6%, to $76.20

REC, Damodar Valley inks pacts worth Rs 588 cr to develop tubed coal mines

State-owned REC signed agreements to provide Rs 588 crore finance facilities to Damodar Valley Corporation for development of tubed coal mines in the Damodar Valley region. "REC Ltd has signed agreements worth Rs 588 crore with the Damodar Valley Corporation (DVC) to strengthen infrastructure and energy projects in the Damodar Valley region," a power ministry statement said. According to the statement, the agreements aim to strengthen the cooperation between REC and DVC for the development of tubed coal mines, and include a term loan agreement, an escrow agreement, and hypothecation deeds. The agreement was signed by Senior Chief Project Manager, REC Regional Office, Kolkata, Santosh Kumar Sahu, and Senior General Manager (Finance), DVC, Durgesh Maity. The agreements signed underscore the collaborative efforts of both organisations in promoting sustainable development and leveraging resources for the greater benefit of the community. REC and DVC remain steadfast in their dedicatio

Govt in talks with ministers of IEA member countries for full membership

Ministers from the International Energy Agency's member countries have begun talks with India on its application to become a full member of the Paris-based agency of 31 nations, IEA said on Wednesday. In a statement issued after IEA's 2024 ministerial meeting in Paris, the agency said the talks with India are in recognition of the country's "strategic importance" in tackling global energy and climate challenges. "The Ministerial gave the IEA a strong mandate to deepen cooperation with major emerging economies. This includes starting discussions with India on its request for full IEA membership," it added. India, which joined the IEA as an associate member in 2017, sent a formal request for full membership in October 2023. "Ministers recognised the 'strategic importance' of India in tackling global energy and climate challenges," IEA said. Addressing the meeting through video conferencing, Prime Minister Narendra Modi said India is the world's fastest-growing major economy. "Susta

PTC Q3 results: Net profit slips 7% to Rs 97 cr, income up at Rs 3,483 cr

Power trading solutions provider PTC India on Wednesday reported over 7 per cent fall in its consolidated net profit to Rs 97.04 crore for the December 2023 quarter, impacted by higher expenses. It had clocked a net profit of Rs 104.48 crore in the year-ago period, the company said in an exchange. The company's total income, however, increased to Rs 3,483.93 crore from Rs 3,146.91 crore a year ago. Its expenses surged to Rs 3,353.09 crore from Rs 3,003.86 crore in the third quarter last fiscal. PTC India Ltd, a government of India initiative, is the pioneer in starting a power market in India. The company has maintained its leadership position in power trading since its inception. The trading activities involve long-term trading of power generated from large power projects, including renewables and short-term trading arising as a result of supply and demand mismatches. In a separate statement, its CMD Rajib K Mishra said, "The 9 months of FY24 have witnessed a 5 per cent increase

Orient Green Company Q3 results: Loss at Rs 20 crore, income at Rs 38 cr

Orient Green Power Company Limited (OGPL) on Wednesday reported a consolidated net loss of Rs 20.64 during the quarter ended December 2023. It had posted a net profit of Rs 9.74 crore in the October-December period of the preceding 2022-23 financial year, the company said in an exchange filing. Its total income was trimmed to Rs 38.18 crore from Rs 57.33 crore a year ago. Expenses stood at Rs 60.76 crore against Rs 65.78 crore in the third quarter of the last fiscal. In a separate statement, its CMD T Shivaraman said, "Our board approved a rights issue for about Rs. 250 crore predominantly for venturing into solar business and debt reduction. The reduced finance cost and a conducive regulatory environment promoting green energy bode well for the future".

GVK Power Q3 results: Net loss at Rs 77 crore, income more than halves

GVK Power and Infrastructure Ltd (GPIL) on Wednesday posted a consolidated net loss of Rs 77.39 crore during the third quarter ended December 2023, mainly due to lower income. It had clocked a net profit of Rs 3,402.47 crore in the October-December 2022 period, the company said in an exchange filing. The company's total income more than halved to Rs 154.82 crore over Rs 342.79 crore a year ago. Its expenses stood at Rs 225.97 crore against Rs 355.59 crore a year ago. GVK is an Indian conglomerate with diversified interests across various sectors, including energy, airports, transportation, hospitality and life sciences.

BHEL bags order to set up 800 MW thermal power plant from Haryana

State-owned BHEL on Wednesday said it has bagged an order to set up an 800 MW ultra-supercritical thermal power plant at Yamunanagar in Haryana. The 800 MW Deenbandhu Chhotu Ram Thermal Power Plant (DCRTPP) will be Haryana's first ultra-supercritical technology-based power project, Bharat Heavy Electricals Limited (BHEL) said in a statement. "Under International Competitive Bidding (ICB), BHEL has won an order for setting up an 800 MW Ultra-supercritical thermal power plant on engineering, procurement and construction (EPC) basis, at Yamunanagar, Haryana, from HPGCL (Haryana Power Generation Corporation Ltd.)," the company said. On commissioning, this plant will offer more efficient parameters and consume less coal in comparison to the existing subcritical units in the state. The proposed 800 MW unit shall be established adjacent to the existing 2x300 MW units, currently operational at Yamunanagar, it said. BHEL said it has executed central and state thermal utility projects of ove

KPI Green Energy Q3 results: Net profit up 47% at Rs 50 cr, revenue doubles

KPI Green Energy Ltd on Wednesday posted a 47 per cent rise in consolidated net profit to Rs 50.60 crore in the December quarter, supported by higher income. It had clocked a net profit of Rs 34.45 crore in the year-ago period, the company said in an exchange filing. The company's total revenue surged to Rs 331.32 crore over Rs 179.66 crore a year ago. Its expenses stood at Rs 259.55 crore in the third quarter of the ongoing fiscal, as against Rs 137.11 crore a year ago. KPI Green Energy Ltd (Formerly known as KPI Global Infrastructure Ltd), is the solar and hybrid vertical of KP Group. The Gujarat-based company develops, builds, owns, operates and maintains solar and hybrid power plants through as an Independent Power Producer (IPP) and as service provider to Captive Power Producer (CPP).

Airtel's Nxtra to procure 140,208 MW renewable energy for data centres

Nxtra, the data centre unit of Bharti Airtel, on Wednesday announced an agreement with Ampln and Amplus Energy to procure an additional 140,208 MWh (megawatt-hour) of renewable energy. With this, Nxtra has fortified its existing commitment of reducing its carbon footprint through renewable energy sources annually by nearly 99,547 tCO2e (stands for 'tonnes of carbon dioxide equivalent'). "As per the agreement, AmpIn Energy and Amplus Energy will set up captive solar and wind power plants of 48 MWdc and 24.3 MW, respectively, for Nxtra's data centres in Tamil Nadu, Uttar Pradesh, and Odisha," the release said, announcing the pact. This is in line with Nxtra's resolve to achieving its net-zero target of 2031 and further strengthen its credentials as India's largest chain of green data centres in the country, the release added. "This is in addition to Nxtra's multiple other interventions to reduce absolute scope 1 and 2 greenhouse gas emissions across its operations by 100 per cent by

GE Power India Q3 results: Net profit at Rs 37 lakh on fall in expenses

GE Power India has turned profitable with a marginal net profit of Rs 37 lakh in December 2023 quarter, supported by a fall in expenses. It had reported a net loss of Rs 139.9 crore in the October-December period of preceding financial year, the company said in an exchange filing on Monday. The company's total income fell to Rs 491.2 crore from Rs 544.5 crore a year ago. Expenses trimmed to Rs 493.1 crore in the reporting quarter from Rs 563.9 crore in the same period last fiscal. In a separate statement, the company said December quarter ended with an order backlog of Rs 3,437.4 crore, down by 14.5 per cent compared to Rs 4,019.7 crore in December 2022. Prashant Jain, Managing Director, GE Power India, said, "In the third quarter of the financial year 2023-24, we continue to see that FGD (flue gas desulfurization) and Hydro PSP (pumped storage project) opportunities are converting to orders slower than anticipated." The services business continues to grow with 56 per cent more o

India's incremental demand to equal UK's current power consumption in 3 yrs

India remains heavily dependent on coal to meet its energy needs

Tata Power Q3FY24 results: Net profit remains muted at Rs 953 crore

The net sales for the company in the same period also registered a modest growth of 3.7 per cent to Rs 14,651 crore from a year ago

Dhamra LNG terminal expansion on the anvil, says Adani Total CEO

Dhamra LNG terminal, India's newest and only terminal on the Eastern coast will take advantage of the Urja Ganga and Indradhanush gas grids, to service the region

Seychelles to work with India on joint biofuels project, says minister

While Seychelles joined the India-led Global Biofuel Alliance last year, it has yet to begin using the alternative fuel

Oil India seeking foreign technology partner for first offshore foray

Global companies like ExxonMobil, Equinor and Baker Hughes are being considered

India Energy Week 2024: OVL likely to lift more crude from Venezuela

Discussions underway to inject more investments into both of OVL's projects in Venezuela

India is scorning the energy bounty that helped to transform China

However, India is desperately short of domestic oilfields. Just 2.6 billion metric tonnes of its estimated 359 billion tonnes of carbon storage capacity is in petroleum reservoirs