Page 12 - Energy

Germany, France pledge mutual support to avert possible energy crunch

Germany and France have pledged to provide each other mutual support in preventing a possible energy crisis after supplies from Russia dried up amid the war in Ukraine. As part of a joint agreement signed by German Chancellor Olaf Scholz and French Prime Minister Elisabeth Borne on Friday, Germany will provide France with electricity while getting much-needed natural gas in return. Friends help each other in need, Scholz said after the signing ceremony in Berlin. Borne echoed that sentiment, saying the friendship between the two European heavyweight was crucial. It has already proved it can withstand tests and master many challenges, she said. Before Russia launched its war in Ukraine nine months ago, Germany was heavily reliant on Russian gas supplies. Since then, Germany has scrambled to find other sources, including by ramping up imports of liquefied natural gas. France, meanwhile, is struggling to meet its electricity needs due to repairs at several of the country's nuclear po

India seeks to use global energy challenge as opportunity: Hardeep Puri

G7 nations, including the United States, as well as the European Union and Australia, are planning to implement a likely price cap of $65 to $70 a barrel on sea-borne Russian oil exports from Dec 5

With war in Europe, world encountering food, energy crisis: Shaktikanta Das

The war in Europe brought with it new challenges, just when the economy was about to normalise fully despite the third wave of the COVID-19 pandemic and suddenly, the world encountered a severe food and energy crisis, Reserve Bank Governor Shaktikanta Das said on Saturday. Delivering the inaugural address at the annual research conference of the Department of Economic and Policy Research of RBI here, Das said the COVID-19 pandemic crisis created an opportunity to explore and harness the power of big data and strengthen direct feedback mechanisms while working from home. He further said the pandemic also posed new research issues and analytical challenges for policy-making as it caused a demand shock or a supply shock, the size and nature of policy stimulus required, and their effectiveness, among others. The RBI Governor said the first major challenge was data collection during the first wave of the pandemic and the associated statistical break in data. During the second wave which

Rich nations stick to coal phase-out as China builds new plants

Countries within OECD policy forum and European Union on track to close more than 75% of their coal power capacity from 2010 to 2030

After KFW deal, SBI now in talks with EIB for Euro 200 mn green funding

Last week the lender tied up its second Euro 150 million funding with German govt-owned KFW as part of solar partnership with India

Bharat Forge's subsidiary bags $155.5 mn order to export artillery guns

Bharat Forge has been consolidating its defence and aerospace business under Kalyani Strategic Systems with an aim to target export opportunities in the defence sector

Oil prices eases to $98 a barrel as China Covid-19 cases dampen spirits

Brent edged down below $98 a barrel, after losing ground in the week's opening session as China reaffirmed its commitment to its zero Covid-19 strategy

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

Germany moves ahead with massive energy relief package for households

German officials have agreed on the main details of a plan to provide up to 200 billion euros ($198 billion) in subsidies to households and businesses to ease the strain of high gas, electricity and heating prices. Chancellor Olaf Scholz and the governors of Germany's 16 states agreed Wednesday on a two-stage plan to tackle high gas prices that largely mirrors the recommendations last month of an expert panel. Some other European Union countries think the move by the 27-nation bloc's biggest economy should have been coordinated with them and have expressed concern that it could push up prices elsewhere. Scholz has repeatedly defended the plan, insisting that Germany is showing solidarity with the rest of Europe and its programme is similar in scope to other countries'. Scholz's Cabinet agreed that the state will take on the cost of gas customers' monthly bill in December. That will be followed by a price subsidy for part of what households use starting in March and through April 20

NaBFID likely to make first fund commitment this financial year, says MD

It is looking at projects in transmission, energy, solar power and roads; is also eyeing a retail bond issuance

BP rakes in quarterly net profit of $8.2 billion after price surge

The firm more than doubled its third-quarter profit from a year earlier to $8.15 billion and expanded its share buybacks by $2.5 billion

Emergency bid: GAIL inks agreement with ADNOC to secure LNG supply

Officials said the agreement represents a reworking of India's gas sourcing strategy as the country aims to aggressively source LNG from a wider list of nations

Most Indian firms still face key challenges towards net-zero goals: Report

About 63 per cent say the lack of access to peer networks and cross-sector communities is a top challenge impeding climate collaboration.

India's Sept crude oil imports fall 6.7% to 16 mn tonnes; 5.8% YoY decline

Oil product imports came in lower for a second straight month, falling about 4% from a month earlier to 3.48 million tonnes in September, while exports dropped 4.8%

European Union to provide Albania with 80 mn euros to tackle energy crisis

The European Union (EU) will provide 80 million euros ($79.7 million) in grants to Albania to tackle energy crisis, European Commission President Ursula von der Leyen said here.

Investment in energy storage, smart grid rose 66% in Jan-Sep period: Report

Investments in the energy storage and smart grid globally grew 66 per cent year-on-year to record USD 25 billion in January-September period this year, according to a Mercom Capital report. The funding includes those through venture capital, public market financing and debt financing. "Total corporate funding for energy storage, smart grid, and efficiency companies in 9M 2022 was record USD 25 billion compared to USD 15.1 billion raised in 9M (January-September) 2021," the global clean energy consulting firm said in the report released on Wednesday. During January-September 2022, the energy storage segment garnered USD 22 billion funding through 92 deals. This is 69 per cent higher compared to the USD 13 billion raised in 74 deals in the year-ago period. The rest were made in smart grid and energy efficiency areas. Raj Prabhu, CEO of Mercom Capital said, the investments will continue to rise, with energy storage companies poised to play a vital role in the transition from fossil f

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 .

Minister Jitu Vaghani announces 10 pc VAT cut on CNG, PNG in Gujarat

Gujarat Education Minister Jitu Vaghani on Monday announced 10 per cent value-added tax (VAT) reduction on compressed natural gas (CNG) and piped natural gas (PNG) by the state government

Oil prices steady as recession fears counter positive Chinese signals

Oil prices were steady on Monday as China's continuation of loose monetary policy was offset by fears that high inflation and energy costs could drag the global economy into recession