Page 5 - Energy

PTC India gets shareholders' nod to sell 100% stake in energy arm to ONGC

Power trading solutions provider PTC India on Thursday received shareholders approval for selling 100 per cent equity stake in its arm PTC Energy to state-owned ONGC Ltd for an enterprise value of Rs 2,021 crore. As much as 93.61 per cent of votes were in favour of the special resolution to approve the proposal for 100 per cent disinvestment (by way of sale, transfer or otherwise) in its wholly-owned subsidiary PTC Energy Ltd, at an extraordinary general meeting held on Thursday, a regulatory filing said. In October, PTC India announced that the upstream firm ONGC had emerged as the successful bidder for acquiring 100 per cent stake in PTC Energy for an enterprise value of Rs 2,021 crore. In November 2023, PTC India Chairman and Managing Director Rajib K Mishra had told PTI in an interview, "With the transfer of PTC Energy's assets, the company would become virtually debt-free." Mishra had also informed that the enterprise value of PTC Energy includes Rs 925 crore bid of ONGC as we

As domestic LNG output rises, imports will decline to 45% by FY26

With increasing local production, the import dependency of natural gas in general and LNG in particular, is likely to come down to 45 per cent by FY26, says a report. According to a Care Ratings analysis, with the rise in domestic natural gas production, the dependency on imported LNG (liquefied natural gas), which stood at 53 per cent in FY21, has gradually declined over the past three years and is expected to remain at around 45 per cent by FY26, the agency said. Higher demand for natural gas is also expected to be supported by sizeable growth in domestic gas production, wherein nearly 30 MMSCMD of new domestic natural gas production has gradually come on-stream over the past three years and another 15 MMSCMD of new domestic production is expected to come on-stream next fiscal alone. There has been a steady growth in natural gas consumption till FY20. However, following the pandemic and a sharp increase in imported LNG prices due to geopolitical situation, the demand for natural

PM Modi, Bhutanese counterpart agree to expand energy partnership

Hydro-power cooperation has been an important pillar of India-Bhutan bilateral economic partnership

Snowfall disrupts life in Lahaul-Spiti; power, communication lines down

Normal life was thrown out of gear in the tribal areas of the district following near-relentless snowfall over three consecutive days--on March 2, 3 and 4

MERC partly allows Tata Power's plea for tariff hike, energy to get dearer

The Maharashtra Electricity Regulatory Commission (MERC) on Thursday partly allowed Tata Power's petition to hike electricity charges for its consumers in the financial capital. The regulator's order will give some relief to lower-end consumers, and the tariff hikes will be over 50 per cent as well. The revisions are for FY25, and effective from April 1. Earlier, the power utility, which serves over 7.5 lakh consumers in the city, had proposed a "rationalization" of tariffs where it was pitching for more than doubling the rate per unit paid by those consuming up to 100 units per month, while the extent of the proposed hike was lower for those at the higher end. In a statement issued after the MERC order, Tata Power said even after the order, its tariff for the residential category of up to 100 units remains "the lowest" when compared with competition. It, however, conceded that its tariff for the 101-300 units a month category is "slightly higher than other private player". The ..

European inflation eases to 2.6% on falling energy prices, food inflation

The inflation that has ravaged the European economy eased again in February, falling to 2.6 per cent as high interest rates, moderating oil and gas prices, and sluggish growth held back price increases in stores. February's figure for the 20 countries that use the euro currency compares to 2.8 per cent from January, the European Union's statistical agency Eurostat said Friday. Inflation is now far below its peak of 10.6 per cent in October 2022, which it hit after Russia cut off most supplies of natural gas and sent energy prices through the roof. But the return of inflation to 2 per cent, the goal set by the European Central Bank, is taking time. Food inflation eased to 4 per cent from 5.6 per cent, offering some relief to people on modest incomes who spend more of their pay on necessities than the well-off. Another factor was energy prices, which fell by 3.7 per cent. One key sign that inflation is losing steam was so-called core inflation, which excludes swings in food and fuel

India's green hydrogen sector will need $4-12 billion support: A&M report

The firm said estimated support is driven by the need to level playing field against global suppliers who enjoy government subsidies and to enable domestic end-use sectors to transition affordably

Adani Energy Solutions aims to raise about $400 mn via oversees bonds

The group's ability to raise funds offshore has been under close scrutiny since the 2023 crisis triggered by shortseller Hindenburg Research's allegations of malfeasance

Coal import for blending drops 37% to 19.36 million tonne in Apr-Jan period

The import of coal for blending purposes dropped 36.69 per cent to 19.36 Million Tonnes (MT) in the April-January period of the current fiscal, an official statement said on Monday. The country's coal import for blending was 30.58 MT in the corresponding period of the previous financial year. "Despite the surging power demand, coal import for blending witnessed a significant decrease of 36.69 per cent... This exemplifies the nation's steadfast commitment to achieving self-reliance in coal production and minimising overall coal imports," the coal ministry said in a statement. The country's power generation grew 6.6 per cent in the April-January period over the year-ago period, the statement said. Coal remains the predominant source and contributes over 70 per cent to the total power generation. Coal-based power generation has been important in meeting the rising energy demands. Currently, the country is experiencing a substantial rise in power requirements on account of industrial

Coal India to bid for 3 mines in critical minerals auctions in February

The world's largest miner has also visited lithium mines in Australia and is in preliminary talks about operating them, Chairman said

Govt asks industry players to invest in technology towards greener future

The government on Friday stressed on the importance of coal and lignite gasification projects in India's energy transition and urged industry players to invest in the technology towards a greener and cleaner future. Coal Secretary Amrit Lal Meena also stressed on the government's support to the industry through initiatives, including financing and incentives, for promotion of clean coal technologies, the coal ministry said in a statement. The secretary requested all the industry stakeholders to come forward and participate in the RFP process and share their valuable inputs, to make the process transparent and open, it added. Through strategic initiatives and policy frameworks, the Ministry of Coal aims to catalyze investments and technological advancements in coal/gasification projects, aligning with India's vision for a cleaner and energy-efficient future. Coal India Chairman PM Prasad elaborated on CIL's proactive initiatives and endeavours in the realm of gasification and ...

Govt is mulling listing of PSEs' green energy arms, says Dipam secretary

There is a lot of opportunity for subsidiary units of some of our important companies to come to the market, said Pandey

Crude oil prices decline as IEA flags slower demand growth this year

Brent crude futures fell 37 cents, or 0.5%, to $81.23 a barrel by 1008 GMT. U.S. West Texas Intermediate crude futures declined 44 cents, or 0.6%, to $76.20

Govt in talks with ministers of IEA member countries for full membership

Ministers from the International Energy Agency's member countries have begun talks with India on its application to become a full member of the Paris-based agency of 31 nations, IEA said on Wednesday. In a statement issued after IEA's 2024 ministerial meeting in Paris, the agency said the talks with India are in recognition of the country's "strategic importance" in tackling global energy and climate challenges. "The Ministerial gave the IEA a strong mandate to deepen cooperation with major emerging economies. This includes starting discussions with India on its request for full IEA membership," it added. India, which joined the IEA as an associate member in 2017, sent a formal request for full membership in October 2023. "Ministers recognised the 'strategic importance' of India in tackling global energy and climate challenges," IEA said. Addressing the meeting through video conferencing, Prime Minister Narendra Modi said India is the world's fastest-growing major economy. "Susta

GVK Power Q3 results: Net loss at Rs 77 crore, income more than halves

GVK Power and Infrastructure Ltd (GPIL) on Wednesday posted a consolidated net loss of Rs 77.39 crore during the third quarter ended December 2023, mainly due to lower income. It had clocked a net profit of Rs 3,402.47 crore in the October-December 2022 period, the company said in an exchange filing. The company's total income more than halved to Rs 154.82 crore over Rs 342.79 crore a year ago. Its expenses stood at Rs 225.97 crore against Rs 355.59 crore a year ago. GVK is an Indian conglomerate with diversified interests across various sectors, including energy, airports, transportation, hospitality and life sciences.

Siemens results: Profit grows 9% to Rs 506 cr in Dec qtr, order book up 10%

Siemens Ltd on Tuesday posted a 9.2 per cent rise in net profit at Rs 505.7 crore in the first quarter ended December 31 due to higher revenues. The company follows the October to September fiscal year. It had reported a net profit of Rs 462.7 crore in the October-December period of the preceding financial year, Siemens Ltd said in an exchange filing. Its total income rose to Rs 4,989.3 crore over Rs 4,116.8 crore a year ago. Expenses stood at Rs 4,311 crore as against Rs 3,495.7 crore in the first quarter of last fiscal. In a separate statement, the company said it has received new orders of Rs 5,971 crore in the first quarter, a 10 per cent increase over the same period of last year. The first quarter (result) includes significant gain of Rs 103 crore due to positive effects of foreign exchange and commodities, the company said. Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited, said, "While strong revenues came in from our digital industries, smart

EESL inks initial pacts worth Rs 500 cr with state bodies, industries

State-owned Energy Efficiency Services Ltd (EESL) has inked initial pacts worth Rs 500 crore with key state bodies and industry partners at the India Energy Week, to formulate a framework for longstanding collaboration in key areas of energy efficiency. Ladakh Autonomous Hill Development Council, Leh (LAHDC), and Vidhya Pratishthan have partnered with EESL, the company said in a statement on Friday. The MoUs with the two entities, valued at Rs 300 crore and Rs 200 crore, respectively, focus on crucial aspects of energy efficiency, including lighting, clean cooking, space heating, renewables, e-mobility, cooling, and consultancy. According to the statement, the EESL, a joint venture of public sector undertaking under the Ministry of Power, has signed Memoranda of Understanding (MoUs) worth Rs 500 crore with key state bodies and industry partners at the India Energy Week 2024. The focus of the MoUs signed during the event is to formulate a framework for longstanding collaboration in

Govt saves $6 bn on Qatar LNG deal renewal, signs $78 bn pact for 20 years

India on Tuesday signed a USD 78 billion deal to extend LNG imports from Qatar by another 20 years till 2048 at rates lower than current prices. Petronet LNG Ltd, India's biggest liquefied natural gas (LNG) importer, in a statement said it has signed a pact with QatarEnergy to extend the deal to buy 7.5 million tonne a year of gas for producing electricity, making fertilizers and converting it into CNG. The deal was signed on the sidelines of India Energy Week (IEW) here. Sources said the renewal is at a "significantly" lower price than the current deal. At current prices, India will save about USD 0.8 per million British thermal unit at the renewed terms. This translates into savings of USD 6 billion over the contract period. Petronet imports 8.5 million tonne per annum (MTPA) of LNG from Qatar under two contracts. The first 25-year deal is to expire in 2028 and has now been extended for 20 additional years. The second deal for 1 MTPA entered into in 2015, will be negotiated ...

PM Narendra Modi to inaugurate India Energy Week in Goa on February 6

Energy Ministers from 17 nations to discuss energy issues at India Energy Week

US allies 'reassured' Biden LNG pause does not affect current exports

The U.S. is the world's top LNG exporter and Pyatt said the shipments will roughly double by the end of the decade as already approved projects ramp up