Page 31 - Energy Sector

Moody's upgrades Tata Power rating to Ba1, maintains stable outlook

According to a report from Moody's, the rating upgrade to Ba1 is driven by Tata Power's solid financial metrics, which are projected to remain above the upgrade trigger set for the earlier Ba2 rating

EKI Energy Services picks up 26% stake in WOCE Solutions for Rs 80 lakh

EKI Energy Services Ltd on Friday said it has completed the acquisition of a 26 per cent stake in WOCE Solutions Private Limited (WOCE) for around Rs 80 lakh. In March 2023, its Board of Directors approved to subscribe to 35,140 equity shares of Rs 10 each at a premium of Rs 217.66 per share of WOCE Solutions Private Limited (WOCE), which resulted in the acquisition of 26 per cent of the equity capital of WOCE, EKI Energy Services Ltd (EKESL) said in a regulatory filing. "EKESL has successfully acquired 35,140 equity shares of WOCE, constituting 26 per cent of the equity shares capital of WOCE. As a result of the same WOCE has become an associate of the company," it said. A consideration of Rs 79.99 lakh will be paid in cash for the subscription of shares. EKESL said the acquisition will enhance the company's sustainability services by extending the facility to calculate and track carbon footprint. EKI Energy Services is a carbon credit developer and supplier across the globe.

Amara Raja Batteries rebrands as Amara Raja Energy & Mobility Ltd

The name change aims to better reflect the expansion of the organisation and encompass the range of solutions and products offered such as renewable energy storage solutions and EV chargers

GOBARdhan initiative: Govt launches registration portal for biogas plants

A unified registration portal for GOBARdhan has been introduced to streamline the registration of compressed bio-gas (CBG) and biogas plants in the country, the Ministry of Jal Shakti said on Monday. The Department of Drinking Water and Sanitation (DDWS), in a statement, said that more than 1,163 biogas plants and 426 CBG plants registered on the portal are eligible for assistance under the Market Development Assistance (MDA) scheme of the Department of Fertilizers. According to new guidelines, MDA of Rs 1500/MT will be granted for sale of Fermented Organic Manure (FOM), Liquid Fermented Organic Manure (LFOM), and Phosphate Rich Organic Manure (PROM) produced at biogas and CBG plants under the GOBARdhan initiative. The GOBARdhan initiative aims to get a boost as the new guideline will increase the uptake of organic fertilizer produced from the plants, the statement said "Registration of manufacturing plants on the unified GOBARdhan portal of the DDWS and adhering to Fertilizer Cont

Jindal SAW-Hunting Energy JV eyes M East, Africa to supply OCTG from India

Jindal Hunting Energy Services Ltd (JHESL) is looking to export oil country tubular goods from its plant located at Nashik in Maharashtra. Piping products used in oil and gas production are referred as oil country tubular goods (OCTG). JHESL is a 51:49 per cent joint venture (JV) company between US-based Hunting Energy Services and domestic pipes maker Jindal SAW. On September 18, the JV inaugurated a plant with an annual capacity of 70,000 metric tonnes, which has been set up at a cost of USD 25 million to manufacture and supply pipes and tubes with premium connections to OCTG market in oil and gas sector. JHESL will first cater to the domestic market and continue to explore markets like Middle East and Africa, Neeraj Kumar, Group Chief Executive Officer and Whole-Time Director, Jindal SAW Ltd, told PTI in an interaction. When asked about the timeline for the exports, Kumar said there are certain approvals that need to be received for supplying OCTG. JHESL already has approvals

Adani Group receives certification for India's largest wind turbine

The type certification acknowledges Adani WTG's conformity with the globally recognized IEC 61400 series standards

GMR Group bags Rs 2,470 cr order to install smart meters in Uttar Pradesh

GMR Smart Electricity Distribution Private Ltd has bagged Rs 2,469.71 crore smart meter installation project in Uttar Pradesh, the company said on Wednesday. GMR Smart Electricity Distribution Private Ltd (GSEDPL), a GMR Group company, has received a Letter of Award (LOA) to install smart meters in the Agra and Aligarh zones in UP, GMR Power and Urban Infra Ltd (GPUIL) said. "GMR Group receives LOA for smart metering project from Dakshinanchal Vidyut Vitran Nigam Limited (DVVNL)," GPUIL said in a regulatory filing. The total contract value (inclusive of GST) for Agra and Aligarh zone is about Rs 2,469.71 crore, it said. The GSEDPL will install, integrate and maintain 25.52 lakh smart meters in the aforementioned areas, GPUIL said. The project is expected to be completed in 27 months, it added.

Oil India plans to invest $2 billion in projects, aims net zero by 2040

State-run energy companies - Indian Oil Corp, Bharat Petroleum Corp, Hindustan Petroleum Corp, GAIL (India) Ltd, Oil and Natural Gas Corp have already announced their net zero goal

NTPC, V O Chidambaranar Port Authority to develop green hydrogen hub in TN

NTPC Green Energy Ltd (NGEL) and V O Chidambaranar Port Authority (VOCPA) have joined hands to develop a green hydrogen hub at Tuticorin in Tamil Nadu. Both entities signed a Memorandum of Understanding (MoU) in this regard on Friday, NTPC said in a statement. Green hydrogen and its derivatives such as green ammonia and green methanol, will be produced at the hub to be built on the land provided by VOCPA. NTPC Group has a plan to build a renewable energy capacity of 60 GW by 2032 and is working on a pipeline of over 20 GW.

Schneider Electric invests undisclosed amount in Biofuels Junction

Energy management and automation firm Schneider Electric on Friday said it has made an equity investment in Biofuels Junction. The investment has been made through Schneider Electric Energy Access (SEEAA), Schneider Electric said in a statement. SEEAA is the Asia-focused clean energy fund, co-funded by Norfund, EDFI MC and Amundi, it added. "Schneider Electric...has made an equity investment in Biofuels Junction. Through this collaboration, Schneider Electric is empowering Biofuels Junction in their business objective of preventing stubble burning of agricultural waste," it said. The company did not disclose the financial details of the deal. Biofuels Junction is a Mumbai-based clean-energy venture that manufactures and aggregates solid biofuels in the form of briquettes and pellets made from agricultural residues to be used as a replacement for fossil fuels in various industries.

Jakson Green order book reaches Rs 5,000 cr within a year of inception

Energy transition platform Jakson Green on Thursday said it has achieved an order book of Rs 5,000 crore renewable order book within a year of its inception. "Jakson Green, a new energy transition platform backed by India-based infrastructure and renewables conglomerate, Jakson Group, proudly announces its monumental achievement of amassing a renewable EPC order book of around Rs 5,000 crore within a year of inception," the company said in a statement. This extraordinary feat was recognised through a series of recent order victories in India, GCC, West Africa and CIS region, marking an unprecedented milestone in a remarkably short timeframe, it added. The company's ascent to this substantial order book has been driven by its success in securing pivotal utility-scale renewable EPC projects in West Africa, GCC and CIS countries, alongside a substantial array of renewable EPC contracts in India. Jakson Green recently inked significant deals with leading renewable energy developers to

Govt clears Rs 3,760 cr viability gap fund to enhance battery storage

The Union Cabinet on Wednesday approved a Rs 3,760 crore viability gap funding for setting up battery energy storage system in the country, said Information and Broadcasting Minister Anurag Thakur. The entire Rs 3,760 crore viability gap funding will be borne by the central government, the minister said while briefing media about the Cabinet decisions. The fund will be released in five tranches till 2030-31 and help in creation of 4,000 MW hours storage. The viability gap funding, Thakur said, will lead to an investment of Rs 9,500 crore. India aims to meet its 50 per cent of energy requirements through renewable energy and non-fossil energy sources.

LNG supply disruption could cause major price volatility: Wood Mackenzie

Asian liquefied natural gas (LNG) buyers are navigating a near-term market that is so finely balanced that any supply disruptions or demand upsides could cause significant price volatility, according to Mangesh Dilip Patankar, Vice President, APAC Gas and LNG Consulting at Wood Mackenzie. Speaking on the sidelines of the Gastech 2023 conference being held during September 5-8 in Singapore, Patankar said that the LNG market is at a critical juncture and the uncertain outlook has affected pricing and contract terms significantly and widened the gap between buyer and seller aspirations. "Many LNG buyers face the challenge of ensuring LNG supply security, while keeping their procurement costs competitive and contractual terms flexible," Patankar said on Tuesday. "Simultaneously, the terms in LNG SPAs (sale and purchase agreements) are also evolving as LNG trading increases." According to Wood Mackenzie Lens, Australia and Qatar will be biggest suppliers of LNG to Asia throughout 2023-20

Eveready growth to be backed by 'adequate' profitability: MD Suvamoy Saha

Eveready achieved a growth of 10 per cent over the previous year in its topline, driven primarily by the premiumisation of product portfolio

Govt has put in eco-system for development of Green Hydrogen: Hardeep Puri

Hardeep Puri said," We have a natural advantage in producing Green Hydrogen as we have an abundance of solar energy and investments in our power grid

Centre may set mandates for industrial use of green hydrogen: Official

India has set a goal of producing 5 million metric tonnes of green hydrogen annually by 2030, with about 70% of that marked for export markets, he said

Green hydrogen to be future fuel: R K Singh urges industry participation

Green hydrogen is going to be the future fuel in India, Union Minister R K Singh said while urging investors to invest in the country to manufacture the clean energy source. The minister for power, new and renewable energy made the remarks at the first International Conference on Green Hydrogen 2023. "We will help you in developing (green hydrogen) projects. We will also help you with demand as well. Come and partner with us," he said addressing the conference attended by over 2,500 participants. The investors can partner for development of electrolysers, mechanism for transportation of green hydrogen, usage of green hydrogen in manufacturing for green steel and cement etc, he said adding India is the biggest market in the world. Like the field of renewable energy, India shall emerge as a leader in green hydrogen also, Singh said. There are industries which have started working to set up 3.5 MT capacity of green hydrogen. They are engaged with various states for acquisition of lan

Adani-Total Gas to invest Rs 20k cr in 8-10 yrs to expand retail CNG line

Adani Total Gas Ltd, the joint venture of billionaire Gautam Adani's group and French energy giant TotalEnergies, will invest Rs 18,000 crore to Rs 20,000 crore in the next 8 to 10 years to expand infrastructure for retailing CNG to automobiles and piping gas to households and industries, its CFO said. The company retails CNG to automobiles and pipes gas to household kitchens for cooking purposes in 52 licences that cover 124 districts of the country. It has 460 CNG stations in the country and about 7 lakh consumers of its piped cooking gas. It is looking to expand its network of CNG stations as well as pipeline network that takes the gas to household kitchens and industries, to tap into the country's growing appetite for cleaner fuel. In the company's latest annual report, Adani Total Gas Ltd (ATGL) chief financial officer Parag Parikh said the company invested over Rs 1,150 crore in 2022-23 (April 2022 to March 2023) for creating additional infrastructure. "From a long-term ...

BSE Power index gains 2% on hopes of higher demand; NTPC hits 5-year high

Ratings agency ICRA said the likelihood of El Nino in FY24 may have a positive impact on electricity demand.

Gaurs Group forays into energy sector with 15 MW solar power project in UP

The company shared that this will result in a reduction of 18 thousand tonnes of carbondioxide equivalent annually