Page 30 - Energy Sector

Adani-Total Gas profit up 20% to Rs 168 crore during Jul-Sep quarter

Adani Total Gas Ltd, the city gas joint venture of Adani Group and TotalEnergies of France, on Tuesday reported 20 per cent rise in September quarter net profit on CNG sales boost. Net profit of Rs 168 crore in July-September was 20 per cent higher than Rs 139 crore net profit in the same period a year back, the company said in a statement. CNG sales rose 20 per cent to 113 million standard cubic meters while piped gas supplies dropped 3 per cent to 75 mmscm. Revenue was almost flat at Rs 1,178 crore. "Revenue from operations has remained flat as there was reduction in gas cost due to revised pricing formula approved by Government of India with effect from April 8, 2023, the benefit of which ATGL passed on to its consumers, resulting in decrease in sales price," it said. EBITDA increased 17 per cent on account of higher volume and balanced price strategy. The company said it added 23 new CNG stations to raise the total network strength to 483. It also connected 51,801 homes with

Will raise viability gap funding to 35% for RE: Int'l Solar Alliance

The International Solar Alliance (ISA) is considering increasing the viability gap funding for renewable projects to 35 per cent, its President R K Singh said on Tuesday. Under the Viability Gap Funding (VGF), ISA provides 10 per of the project cost to the member nation for an identified Renewable Energy (RE) project. ISA has a programme for VGF, so funding is available for projects in developing countries, Singh, the Minister for New and Renewable Energy, said at the Sixth Session of International Solar Alliance Assembly. "Today we (member countries)... all the ministers together.. decided that we will increase the viability gap funding from 10 per cent to 35 per cent," he said. The move will enable more investments in the solar industry, Singh said. The ISA president said there are about 733 million people across the world who don't have access to electricity and it is the ISA's mission to ensure that they get access to renewable energy. "We have a mission to ensure access to t

Hope diplomatic row with Qatar will not hurt LNG import deals: Petronet CEO

The government in New Delhi said last week it was "deeply shocked" by a decision by a Qatar court to impose the death penalty on eight Indians arrested in the country last year

Solving intermittency of renewables

Emphasise the path to discovery, not a design

TotalEnergies sticks to share buyback plans despite net income dro

Its shares dipped 0.34% in early trading

World Bank approves $1 billion loan to help South Africa's energy sector

The World Bank approved a $1 billion loan for South Africa on Wednesday to help it address an energy crisis that has peaked this year with the country's worst electricity blackouts. The energy problem has forced the country to lean on its highly polluting coal-fired power stations. South Africa has experienced scheduled, rolling blackouts for months because of problems generating enough electricity for its 62 million people. The state-run power utility, Eskom, generates approximately 80% of the country's electricity through its coal stations, but they have failed to meet demand due to mismanagement, corruption and regular breakdowns. South Africa's commitment to its climate change targets are in danger of being affected in the short term, with President Cyril Ramaphosa announcing in April that it may delay shutting down some of its coal stations because of the electricity supply problems. The loan endorses a significant and strategic response to South Africa's ongoing energy crisis,

Centre extends mandate on coal import; blending to continue till March 2024

The ministry has invoked Section 11 of the Electricity Act, 2003 again to direct all the ICBs with a cumulative capacity of 17 Gigawatt (Gw) to operate and generate power to their full capacity

Jaishankar meets Kyrgyzstan Prez, discusses ways to boost bilateral ties

External Affairs Minister S Jaishankar called on President of Kyrgyzstan Sadyr Zhaparov on Wednesday and discussed ways to boost bilateral cooperation in banking, defense and energy sectors. Jaishankar was accorded a warm welcome here on Wednesday as he arrived in Kyrgyzstan on a two-day visit during which he will meet the country's leadership and attend a conclave of the Shanghai Cooperation Organisation (SCO). "Delighted to call on President Sadyr Zhaparov of Kyrgyz Republic. Conveyed the personal greetings of PM @narendramodi. Discussed cooperation in banking, energy, health and pharma, defense, agriculture and investments," he posted on X. The minister conveyed India's support to Kyrgyzstan for the successful Presidency of the SCO Council of Heads of Government. Kyrgyzstan is hosting the SCO Council of Heads of Government (CHG) meeting in its capacity as the current chair of the grouping. Jaishankar also met his counterpart from Kyrgyzstan Zheenbek Kulubaev and discussed a ran

IAEA calls on PM Modi, praises India's record as responsible nuclear power

Prime Minister Narendra Modi on Monday underscored India's enduring commitment to safe and secure use of atomic energy for peace and development in a meeting with International Atomic Energy Agency (IAEA) Director General Rafael Mariano Grossi. Grossi, who called on Modi, commended the country's impeccable record as a responsible nuclear power and praised its progress in nuclear science and technology, particularly highlighting the development and deployment of indigenous nuclear power plants, the PMO said. In the meeting, Modi shared India's ambitious goals to enhance the share of environmentally friendly nuclear power generation capacity as part of its energy mix. Grossi, the statement said, acknowledged India's global leadership role in civil nuclear applications for societal benefits. This includes the remarkable progress that India has made in utilising nuclear technology to address the challenges faced by humankind including those related to health, food, water treatment, ...

TotalEnergies representative Ahlem Friga-Noy on Adani Green board resigns

Adani Green Energy Ltd (AGEL) on Friday said Ahlem Friga-Noy, a nominee director representing TotalEnergies on the board of the company, has tendered her resignation. TotalEnergies has nominated a new nominee director in place of Ahlem Friga-Noy, AGEL said in a regulatory filing. "Ahlem Friga-Noy nominee Director (representing TotalEnergies) on the board of the company has submitted her resignation with effect from October 23, 2023. Total Energies has nominated a new nominee director in place of Ahlem Friga-Noy," it said. The proposal for the appointment of a new nominee director shall be placed before the nomination and remuneration committee and Board of the company, in due course, the filing said without sharing any further detail. In September, Adani Green Energy Limited (AGEL) and TotalEnergies entered into a binding agreement to create a new JV, equally owned by TotalEnergies and AGEL, with a 1,050 MW portfolio.

National carbon trading system to cover 15% of emissions by 2030: BEE

The market is likely to initially cover heavily polluting industries including steel, cement, paper and pulp, petrochemicals and aluminum, subject to their readiness, said official

Russia will never be seen as reliable energy supplier: US energy official

Russia has played down the impact of Western sanctions, saying they are used by the United States to eliminate Moscow as a competitor in global energy supplies

Toyota and energy company Idemitsu to cooperate on EV battery technology

Japan's top automaker Toyota agreed on Thursday to work with Idemitsu, a major Japanese oil company, on technology for mass production of solid-state batteries that promise to be a key component in future electric vehicles. The deal is an important step for Toyota Motor Corp., which has promised to speed up its battery EV offerings and catch up after having fallen behind rivals like Tesla and China's BYD. Toyota lags partly because of its success in hybrids, like the Prius, that are equipped with both gasoline engines and battery-powered motors. Toyota, with its production finesse, and Idemitsu, which owns technologies in materials, said they are aiming for successful commercialisation of all-solid-state batteries in 2027 or 2028, followed by full-scale mass production. With repeated efforts involving trial and error, we have succeeded in developing a material that is more stable and less prone to crack, Toyota Chief Executive Koji Sato told reporters in Tokyo, after shaking hands .

Energy consumption to increase through 2050, outpace efficiency gains: EIA

Global electric-power generating capacity by 2050 is expected to increase by a range of 50% to 100%, and electricity generation by 30% to 76%, the EIA said

India's energy sector has undergone a remarkable transformation: RK Singh

India's energy sector has undergone a remarkable transformation, aimed at providing reliable, affordable and sustainable energy to its people, Union Minister RK Singh said on Sunday.The Union Minister for Power and New and Renewable Energy was speaking after India and Saudi Arabia signed a Memorandum of Understanding in Riyadh in the fields of electrical interconnections, green hydrogen and supply chains.As per the Ministry of Power, the MoU was signed between Union Minister for Power and New & Renewable Energy, RK Singh and the Minister of Energy, Government of Saudi Arabia, Abdulaziz bin Salman Al-Saud on the sidelines of the Middle East and North Africa (MENA) Climate Week in Riyadh on Sunday.This MoU aims to establish a general framework for cooperation between the two countries in the field of electrical interconnection; exchange of electricity during peak times and emergencies; co-development of projects; co-production of green/clean hydrogen and renewable energy; and also

Renewable tech can improve energy security by diversifying supply: IWTMA

Renewable technologies can improve energy security by diversifying power supply options, a senior official of the Indian Wind Turbine Manufacturers Association said on Wednesday. The future lies in round the clock power through renewable energy. The solution lies in wind or solar energy equipment, the Association's secretary general D V Giri said in a release. "Renewable energy is providing affordable electricity and can also help stabilise energy prices in the future. Renewable technologies can also create a system less prone to market shocks and improve energy security by diversifying power supply options that are currently available," he said during the inaugural of the three-day "wind energy India 2023." Tamil Nadu Generation and Distribution Corporation Ltd Chairman and Managing Director Rajesh Lakhoni, Danish Ambassador to India Freddy Svane who were present on the occasion underscored the need for a collaboration, policy reforms and technology innovation to accelerate the ...

Crude oil falls $1 on demand fears, Saudi confirms cuts to year-end

Brent crude oil futures were down $1.58, or 1.74%, to $89.34 a barrel at 1045 GMT, while U.S. West Texas Intermediate crude (WTI) fell $1.60, or 1.79%, to $87.63 per barrel

Indian Energy Exchange's overall trade volume grew to 9,147 MU in Sept

Indian Energy Exchange (IEX) logged around 13 per cent growth in overall trade volume to 9,147 million units (MU) in September. It reported an overall trade volume of 8,116 MU in the year-ago period, an IEX statement said on Wednesday. IEX achieved 9,147 MU overall volume, including green market trade of 230 MU, 5.15 lakh RECs (Renewable energy certificates, equivalent to 515 MU) and 1.06 lakh ESCerts (energy saving certificates, equivalent to 106 MU). According to the statement, the overall volume traded during the month increased 13 per cent on a Year-on-Year (YoY) basis. The demand momentum witnessed in August 2023 continued in September 2023, it stated. For the second quarter of the fiscal year 2023 (July-September), the IEX achieved 26,533 MU, resulting in 15 per cent YoY growth across market segments. The Day-Ahead Market (DAM) achieved 3,467 MU volume in September. The average market clearing price was Rs 6.23 per unit in September as compared to Rs 5.63 per unit in Septem

Govt invites France's TotalEnergies to bid for oil exploration rights

India buys more than 84% of the oil it needs from overseas and is seeking to quickly develop its hydrocarbon reserves to reduce import dependence

Luminous Power aims to double growth in next 4 years; to invest Rs 2,000 cr

Energy storage solutions company Luminous Power Technologies aims to double its growth in the next four years, and is looking at solar energy vertical as a major growth enabler, where it is investing substantially, CEO Preeti Bajaj said. Luminous Power, now completely owned by French engineering company Schneider Electric, has plans to invest around Rs 2,000 crore in capacity expansion of its existing plants, a solar greenfield project, research and development (R&D), digitisation, brand building and channel engagements. The company sees solar as a "growing market" and reach an "inflection" point in the next 2-3 years in terms of cost, as demand for clean energy sources is going to rise, where Luminous Power aims to be a leading company in this transformation journey here, she said. "Our vision is that solar will be a substantial part of our business," said Bajaj. With the rise in per capita income and increase in power consumption due to multiple appliances in urban households, ..