Page 32 - Energy Sector

MCX stock riding on hopes of strong prospects post technology upgrade

The long-term growth opportunity remains, and trading volumes may benefit from new product launches

Israel govt approves new outline plan to increase its energy storage

It also regulates the planning procedures for the promotion of storage facilities and enables the issuance of permits for small to large storage facilities

THDCIL inks pacts to develop 3,270 MW renewable energy projects in K'taka

THDC India Ltd (THDCIL) is planning to set up 3,270 megawatts (MWs) of clean energy projects, including pumped storage and floating solar, in Karnataka, its chairman and managing director R K Vishnoi has said. In this regards, the Uttarakhand-based company on Thursday signed two memoranda of understandings with Karnataka Power Corporation Limited (KPCL) and Karnataka Renewable Energy Development Limited (KREDL) in Bengaluru. "These collaborative efforts encompass the development of a diverse range of projects, spanning ground-mounted, floating solar projects, and hybrid projects including pumped storage projects (PSPs) with a cumulative capacity of around 3,270 MW," Vishnoi said in a company statement. Gaurav Gupta, managing director of KPCL, and K P Rudrappaiah, MD of KREDL, signed the agreement with Bhupender Gupta, Director (Technical), THDCIL, in presence of K J George, Minister of Energy, Government of Karnataka. "This strategic alliance not only underscores THDCIL's commitmen

TPDDL, IIT-Roorkee sign MoU for development of energy saving solutions

Tata Power Delhi Distribution Ltd (TPDDL) on Tuesday said it has signed an agreement with IIT-Roorkee to conduct research and develop solutions for optimal use of energy. The Memorandum of Understanding (MoU) was signed between TPDDL CEO Ganesh Srinivasan and M K Singhal, Head of Department, Hydro and Renewable Energy at IIT Roorkee. "TPDDL and IIT Roorkee signed a MoU to research and develop pioneering solutions for optimal use of energy, leading to greener and sustainable future through its Urja Arpan initiative," the company said in a statement. The collaboration with IIT Roorkee signifies a harmonious blend of our experience and their academic brilliance, fostering a fertile ground for... pioneering research papers and inventive ideas within the realm of Urja Arpan, Srinivasan said. Tata Power Delhi Distribution Ltd is a joint venture between Tata Power and the Delhi government.

Suzlon Energy Q2 result: Profit up 81% to Rs 102 crore on fall in expenses

Suzlon Energy on Thursday posted over 81 per cent rise in consolidated net profit to Rs 102.29 crore for September quarter 2023-24 mainly due to decline in expenses. Net profit in the year-ago period was Rs 56.47 crore, according to a BSE filing by the company. Total income declined to Rs 1,428.69 crore in the second quarter from Rs 1,442.58 crore in the same period a year ago. Total expenses also dipped to Rs 1,291.26 crore from Rs 1,427.84 crore. "At the end of Q2 FY24, our orderbook stands at a healthy 1,613 MW...Our service business continues to do well, while our forging and foundry business SE Forge consolidated on its foundation for future growth," J P Chalasani, Chief Executive Officer, Suzlon Group, said. Himanshu Mody, Chief Financial Officer, Suzlon Group, said the company was anchored strongly with a net cash of Rs 599 crore by September 2023 which is a significant shift from net debt of Rs 1,180 crore in March 2023. On the back of a successful QIP conclusion in Augu

Power consumption grows nearly 22% to 138.94 billion units in October

The country's power consumption grew nearly 22 per cent to 138.94 billion units (BU) in October, showing a surge in electricity demand due to festivities and increased economic activities. In the year-ago period, power consumption stood at 113.94 BU, higher than 112.79 billion units recorded in October 2021, according to government data. The peak power demand met -- the highest supply in a day -- rose to 221.62 GW in October. The peak power supply stood at 186.90 GW in October 2022 and 174.44 GW in October 2021. The power ministry had estimated the country's electricity demand to touch 229 GW during summer. The demand did not reach the projected level in April-July due to unseasonal rain. The peak supply, however, touched a new high of 224.1 GW in June before dropping to 209.03 GW in July. Peak demand touched 238.19 GW in August. In September this year, it was 240.17 GW. Industry experts said power consumption was affected in March, April, May, and June this year due to widesprea

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