Page 34 - Energy Sector

COP27 summit 2022: Informal draft has little new for poor nations

Sticks to coal phase-down, seeks 'phase out and rationalisation' of fossil fuel subsidies

ONGC Q2 profit tumbles 30% to Rs 12,826 crore on windfall tax woes

India's top oil and gas producer ONGC reported a 30 per cent fall in September quarter net profit after the government brought a new tax on windfall profits arising from a spurt in international energy prices. Net profit of Rs 12,825.99 crore, or Rs 10.20 a share, in July-September 2022-23 is compared with Rs 18,347.73 crore, or Rs 14.58 per share net profit in the same period a year ago, Oil and Natural Gas Corporation (ONGC) said in a statement. Profit fell 15.6 per cent over the preceding June quarter when it had reported Rs 15,205.85 crore net profit. Net profit fell despite the company's gross billing for crude oil it produced soaring 37.7 per cent to USD 95.49 per barrel in July-September from USD 69.36 a barrel a year back. State-owned ONGC sells crude oil, which is refined at refineries to produce petrol, diesel and other petroleum products, at international benchmark rates which soared following the Russian invasion of Ukraine. However, the government beginning July 1 bro

Five changes that can help India reach its green energy goal faster

Experts say India will need systemic changes in policy and electricity infrastructure to quickly ramp up its renewable energy capacity

India to produce 50% energy from renewables by 2030: Modi at G20 meet

Prime Minister says there should be no restrictions on energy supply, seeks 'return to the path of ceasefire and diplomacy in Ukraine'

G20 meet: There should be no restrictions on energy supplies, says PM Modi

"India's energy security is also important for global growth," Modi was quoted as saying in a statement released by the Indian foreign ministry.

India, Russia vow to expand economic cooperation, including energy sector

India and Russia on Tuesday vowed to expand their economic engagement including New Delhi's import of petroleum products from its "time-tested" partner even as External Affairs Minister S Jaishankar emphasized on ending the Ukraine conflict in view of growing global concerns over energy and food security. After holding wide-ranging talks with his Russian counterpart Sergey Lavrov and Deputy Prime Minister Denis Manturov in Moscow, Jaishankar said India would be supportive of any initiative that "de-risks" the global economy and stabilises the global order at this stage. In his opening remarks at the meeting with Lavrov, Jaishankar described Indo-Russia relations as "exceptionally steady" and "time-tested" and said the objective is to fashion a contemporary, balanced, mutually beneficial, sustainable and long-term engagement between the two sides. It was Jaishankar's first visit to Moscow after Russia launched its invasion of Ukraine in February and his talks with the Russian ...

Energy colonialism, climate reparations: COP27 and key concepts to know

As countries come together at COP27 to take actions on the collective goals under the Paris Agreement and Convention in Egypt, here are the key concepts you must know about

Ukraine's President Zelensky wants Iran punished for helping Russia

"If it was not for the Iranian supply of weapons to the aggressor, we would be closer to peace now," Zelensky said Sunday evening in his daily address

GAIL Q2 net profit down 46% on higher prices, Russian gas disruption

In an emergency bid to secure stable LNG supply, GAIL has sought to expedite talks on short- and long-term supply deals with Gulf firm ADNOC

Spotlight on innovation in non-solar areas in emerging green energy sector

Businesses built on renewable infrastructure are gaining traction but banks are still figuring out ways to finance them

Exxon Mobil, Chevron reap over $31 billion profit from energy crunch

Exxon's stock rose 2.6 per cent at 9:33 am in New York. Chevron advanced 2.7 per cent

JSW Energy Q2 net up 37% to Rs 466 cr; Parth Jindal joins board

Revenue up 16% YoY to Rs 2,596 cr; finance cost rises by 7% due to additional borrowings for ongoing capex

Weak global growth, high inflation may impact energy demand, says RIL

Company sees oil demand averaging 99.6 million barrels a day, up 1.9 per cent versus a year ago....

Suzlon Energy's Rs 1,200-crore rights issue oversubscribed by 1.8 times

Suzlon Energy on Thursday said that its Rs 1,200-crore rights issue has been subscribed by 1.8 times. "The (rights) issue resulted into subscription of 435.46 crore shares resulting into oversubscription by 1.8 times. The issue period was from October 11, 2022 to October 20, 2022," a company statement said. Suzlon Energy Ltd, one of India's top manufacturers in the wind component manufacturing segment as per capacity and one of the top renewable O&M service providers in India as per capacity serviced, announced the successful closure of the issue of 240 crore partly paid-up equity shares on rights basis to the eligible equity shareholders. According to the statement, the issue size was 240 crore partly paid-up equity shares for cash, at a price of Rs 5 per rights equity share (including a premium of Rs 3 per rights equity share) aggregating up to Rs 1,200 crore on a rights basis in the ratio of 5 rights equity shares for every 21 fully paid-up equity shares. The funds raised via .

Hitachi Energy to supply transformers for NTPC renewable energy park

The NTPC REL facility in Kutch produce electricity to support 8 million people

PM Modi calls upon industry, research bodies to address energy needs

Prime Minister Narendra Modi on Saturday called upon the industry, academic and research organisations to work seamlessly with greater integration to address India's energy needs and foster circular economy for sustainable development. He also highlighted the need to use scientific approach and technology such as artificial intelligence in various fields ranging from traditional knowledge to mapping students to their interest, skill sets and competencies to make them better suited to meet the demands of future India and the world. Prime Minister Modi, who is President of the Council of Scientific and Industrial Research (CSIR), made the comments at the meeting of CSIR Society here on Saturday. Modi asked the scientific community to move towards Vision 2047 with the aim of India being a global leader, according to an official statement. He called upon the scientific community to come up with technological solutions to increase protein content in cereals and new varieties of millets

Financials, IT, energy see highest FPI selloff in last fortnight of Sept

The selling dragged the BSE Financial Services index by 4.7 per cent in the last two weeks of September.

How wind power fell behind solar in India?

Wind power, which had an impressive head start in India, has reported moderated growth in the last few years, with solar dominating the renewable energy mix. Why is it so? Let us find out

German expert panel proposes 2-stage energy subsidy to ease high rates

A government-appointed expert panel is proposing a two-stage system for distributing up to 200 billion euros ($195 billion) in subsidies Germany has announced to ease the strain of high energy prices. German news agency dpa reported Monday that the panel will suggest one-off payments to natural gas customers equivalent to a single monthly bill this year, followed by a price subsidy for part of people's consumption next year. Citing unnamed officials, dpa reported that from January businesses would pay 0.07 euros per kilowatt hour for the first 70% of their gas bill, based on the previous year's consumption. Private gas customers would pay 0.12 euros for the first 80%, starting in March. The proposal put together by a panel made up of representatives from industry, trade unions, scientists and lawmakers is due to be publicly announced later Monday. Many European countries have proposed similar subsidies on fossil fuels, prices for which have increased sharply worldwide in the wake

MoUs, LoIs worth Rs 10.4 trillion signed ahead of Rajasthan summit

Energy sector has emerged as the main investment sector with 57 per cent of the proposed being implemented.