Page 29 - Energy Sector

Gail Q3 results: Consolidated net profit jumps 700% to Rs 3,193 cr

The latest rise was due to lower purchase of stock in trade, higher gas trading margins

Jaiprakash Power Ventures Q3 results: Net Profit at Rs 172.85 crore

Jaiprakash Power Ventures Ltd (JPVL) on Monday posted a consolidated net profit of Rs 172.85 crore in the December quarter compared to the year-ago period. The company had suffered a loss of Rs 217.97 crore in the quarter that ended on December 31, 2022, a BSE filing stated. Total income rose to Rs 2,213.68 crore in the quarter from Rs 1,206.06 crore in the same period a year ago.

Gail Q3 results: Net profit up 10-fold at Rs 2,843 cr, revenue remains flat

State-owned gas utility GAIL (India) Ltd on Monday reported a 10-fold jump in its third quarter net profit as all engines of its business -- from gas transportation to marketing and petrochemicals -- fired on all cylinders. Standalone net profit of the the nation's largest gas transmission and marketing firm came at Rs 2,842.62 crore in October-December -- the third quarter of the current fiscal year that started in April 2023 -- as compared to Rs 245.73 crore earning a year back, the company said in a statement. The net profit was better than Rs 2,404.89 crore earning in the preceding quarter. This came on the back of pre-tax earnings from the gas transportation business jumping nearly three-fold to Rs 1,215.07 crore. Also, natural gas marketing saw a turnaround, posting a pre-tax earning of Rs 1,880.42 crore as opposed to a loss of Rs 86.02 crore in October-December 2022. Petrochemicals business saw a turnaround with a small pre-tax profit of Rs 62 crore as against a loss of Rs 3

Inox Wind 3 MW WTGs make entry in MNRE's list of approved turbines

The government has included 3 megawatt (MW) wind turbine generators of wind energy solutions provider Inox Wind in its revised list of models and manufacturers, the company said in a statement. The Revised List of Models & Manufacturers (RLMM) of the Ministry of New and Renewable Energy (MNRE) includes quality-certified wind turbine models eligible for installation in the country to facilitate investors, lenders and developers. "The wind turbine generators (WTGs) will be available in multiple hub height variants, including 100m, 120m, and 140m. This turbine offers one of the lowest levelized costs of energy on a per unit basis given its compact design, resulting in lower costs of production, transport & logistics as well as installation, thereby giving the company a sustainable edge in the Indian market," Inox Wind said. With multiple orders in hand for the 3 MW WTGs, there will be a major ramp-up in the manufacturing and supplies of the turbines to meet the high demand. Inox .

India's natural gas demand is expected to rise 6% in 2024, says IEA

India's natural gas demand is expected to rise by 6 per cent in 2024 with a rise in consumption in fertiliser units, power generation and industrial sectors, according to the International Energy Agency (IEA). Following the 7 per cent year-on-year decline observed in 2022, India's primary gas supply rose by 5 per cent in 2023, with growth primarily driven by the petrochemical, power generation, refinery and industrial sectors. "Natural gas demand in India is expected to increase by 6 per cent in 2024, mainly supported by higher gas use in industry (including in the fertiliser sector) and stronger gas burn in the power sector amid the development of its national pipeline grid and city gas infrastructure," IEA said Gas Market Report released last week. India's natural gas demand had risen to 64 billion cubic meters in 2023. Liquefied natural gas (LNG) imports rose by 7 per cent on the year to 29 billion cubic meters last year, with import dependency at 44 per cent of the nation's ...

Adani Power inks pact to sell stake in 2 arms to AdaniConnex for Rs 540 cr

Adani Power on Thursday said it has inked an initial pact to sell 100 per cent equity in its two arms Aviceda Infra Park and Innovant Buildwell to AdaniConnex for Rs 540 crore. "Adani Power has entered into a Memorandum of Understanding (MOU) to sell its 100 per cent equity stake in its two wholly-owned subsidiaries i.e. Aviceda Infra Park Ltd (AIPL); and Innovant Buildwell Private Ltd (IBPL) to AdaniConnex Private Ltd (ACX)," a BSE filing said. Consequently, the AIPL and IBPL will cease to be wholly-owned subsidiaries upon completion of the sale, it added. The filing showed that the AIPL and IBPL are being sold for a consideration of Rs 190 crore and Rs 350 crore, respectively. AdaniConnex Private Ltd (ACX) is a 50:50 joint venture between Adani Enterprises, which is a promoter group company, and EdgeConneX. It is engaged in the business of developing world-class data centres and providing co-location hosting and ancillary services, including managed services, remote hands and fe

SJVN bags solar project worth Rs 550 cr from Gujarat Urja Vikas Nigam

State-owned SJVN Ltd on Thursday said it has bagged a 100 MW solar project under an e-reverse auction conducted by Gujarat Urja Vikas Nigam Ltd (GUVNL). SJVN bagged the 100 MW solar project at the rate of Rs 2.54/unit on a build-own and operate basis through a tariff-based competitive bidding process of GUVNL Phase XXI, a company statement said. According to the statement, SJVN has secured the full quoted capacity of a 100 MW solar power project through e-Reverse Auction conducted by GUVNL. This ground-mounted solar project will be developed by SJVN through its wholly-owned subsidiary SJVN Green Energy Limited (SGEL) at a tentative cost of Rs 550 crore. The project will be executed by SGEL in Solar Park being developed by Gujarat Industrial Power Corporation Limited in Khavda, Gujarat, through an EPC contract. The power purchase agreement will be executed after the issuance of the Letter of Award from GUVNL. The project is expected to generate about 252 million units in its first

Hero Future Energies inks tolling agreement with Pixon Green Energy

Hero Group's renewable energy arm Hero Future Energies on Thursday said it has inked a tolling agreement with PIXON Green Energy for supply of solar modules. Under the agreement, PIXON Green Energy will provide Hero Future Energies with high-efficiency modules for up to 500 MW annually on a prioritised basis for a period of two years from their fully automated Ecoprogetti line based in Rajkot, Gujarat, a company statement said. Both parties will also be involved in the procurement of strategic components for module manufacturing. According to the statement, Hero Future Energies has announced the signing of a strategic tolling agreement with PIXON Green Energy, a leading domestic module manufacturer, for supply of solar PV modules. "Global supply chains have been subject to disruption recently. Entering into a strategic partnership will allow us to control our costs better and have more visibility in our supply chain," Hero Future Energies Global CEO Srivatsan Iyer said in the ...

Union Cabinet approves Rs 8,500 cr incentive for coal gasification projects

At least one project will be bid out on a tariff-based bidding process and its criteria will be designed in consultation with NITI Aayog, a government statement said

JSW Energy Q3 profit rises 28% to Rs 231 cr on demand boost, low fuel costs

India's electricity generation rose 8.7% year-on-year in the December quarter, which analysts attributed to festive activities and strong industrial demand

ONGC gets govt clearance for clean energy projects, gas business unit

State-owned Oil and Natural Gas Corporation (ONGC) will set up a new unit to house its gas business and clean energy projects such as green hydrogen, as it looks to fast-track foray into new areas. In a stock exchange filing, the firm said it last month received approval of the Ministry of Petroleum and Natural Gas for formation of a wholly-owned subsidiary company for gas business and clean energy projects. "The proposed name of the company is 'ONGC Green Limited' subject to approval of the Ministry of Corporate Affairs, Government of India," it said, adding the company board at its meeting on Tuesday approved the formation of the wholly-owned subsidiary for green energy and gas business. The wholly-owned subsidiary company will be for value-chains of energy business such as green hydrogen, hydrogen blending, renewable energy (solar, wind and hybrid), biofuels/ biogas business and LNG, ONGC said. The nation's largest oil and gas producer plans to spend Rs 1 lakh crore on installin

Sunoco to buy NuStar Energy in $7.3 bn deal as it expands midstream biz

The equity portion of the deal comes up to $2.99 billion, and NuStar's shareholders stand to receive 0.400 of a Sunoco share for each NuStar unit they hold, valuing Sunoco's shares at $23.78

Waaree Renewable Technologies Q3 results: PAT more than doubles to Rs 64 cr

Waaree Renewable Technologies Ltd (WRTL) on Monday said its consolidated Profit After Tax (PAT) more than doubled to Rs 64.46 crore in the December quarter, aided by higher revenues. It had clocked a PAT of Rs 24.98 crore in the year-ago period, the company said in a statement. The company's total revenue in the third quarter of the ongoing fiscal rose to Rs 324.19 crore from Rs 73.88 crore. During the quarter, the company received 70 MW capacity ground mounted solar power project and its unexecuted order book stood at 749 MW as of December 31, Waaree Renewable Technologies Ltd, a subsidiary of the Waaree Group, said.

Europe moves into new world after crippling energy crisis of past

Still, having scraped through the crisis, Europe has emerged into a new reality that has its own list of challenges

Previous govts had no policy to handle energy requirements: Hardeep Puri

Urbanisation and energy requirements were neglected by previous governments as the focus was more on rural development with the vision of India living in villages, said Union minister Hardeep Singh Puri on Saturday. The central minister for housing and urban affairs was speaking at the first edition of Pune Public Policy Festival at Gokhale Institute of Politics and Economics. As people started migrating to urban areas from semi-urban pockets for job opportunities, the economic calculation started going wrong since the previous governments did not have an urban policy in place, a media release said quoting the minister. The cumulative spent on urban space by the central government was about Rs 1,57,000 crore between 2004 and 2014. After 2014, we realised the challenges in urbanisation and we saw an opportunity in it, he said. The current government has increased its urban spent by 11 times, Puri said. Today, we are spending about Rs 18 lakh crore for this purpose. This expenditure

Sterling and Wilson Renewable Energy loss down at Rs 62 cr in Dec quarter

Sterling and Wilson Renewable Energy's consolidated net loss narrowed to Rs 62.39 crore in December quarter, from Rs 99.15 crore in the same period year ago, mainly due to higher revenues. The total income of the company in the quarter under review rose to Rs 610.31 crore, from Rs 417.65 crore in the same period a year ago, the company said in a regulatory filing. In a separate statement, the company said the quarter witnessed strong order inflow from prestigious domestic and global independent power producers in the last few weeks of December post the successful completion of its QIP (qualified institutional placement) issue. The total order inflows amounted to over Rs 2,400 crore resulting in further strengthening of the order book, it stated. It had raised Rs 1,500 crore through a QIP in December 2023. "During Q3FY24, we have witnessed notable strides in advancing our renewable energy portfolio with four unique projects from India as well as our first significant overseas order

Nifty Pharma, Nifty Energy eyeing correction on charts: Check key levels

Technical indicators for Nifty Pharma are aligning with the bearish sentiment as the RSI has declined to 59, signaling a potential downtrend, as per Ravi Nathani

Telangana signs deals worth Rs 12,400 cr with Adani Group at Davos summit

Business conglomerate commits investments in data centre, energy storage, cement plant

JSW to invest Rs 9,000 crore for setting up 1,500 MW pumped storage project

JSW Neo Energy, a subsidiary of JSW Energy, has announced establishment of a pumped storage project with a generation capacity of 1,500 MW, at an outlay of Rs 9,000 crore in Telangana. An official release issued on Wednesday said a Memorandum of Understanding (MoU) was signed between the state government and JSW Neo Energy at the World Economic Forum being held in Davos. Sajjan Jindal, Chairman, JSW Group, met with Chief Minister of Telangana A Revanth Reddy on the sidelines of WEF and announced the plan for setting up the project, it said. JSW Neo Energy, a wholly owned subsidiary of JSW Energy that focuses on renewable and new energy solutions, will be responsible for setting up the proposed project in Telangana. Assuring all necessary support for the project, Revanth Reddy said JSW is a key partner for the State in its journey towards clean and green energy and the government is keen to collaborate with JSW for their future projects in India. Sajjan Jindal expressed his gratitu

Jindal Power offers Rs 4,203 crore for distressed coal-fired power plant

Adani Power had last month quoted 41 billion rupees ($493.38 million) for the 1,980-megawatt power plant in central India ensnared in insolvency proceedings