Page 13 - Power Sector

Oil India seeking foreign technology partner for first offshore foray

Global companies like ExxonMobil, Equinor and Baker Hughes are being considered

India Energy Week 2024: OVL likely to lift more crude from Venezuela

Discussions underway to inject more investments into both of OVL's projects in Venezuela

Power Finance Corporation Q3 result: Net profit rises 20% to Rs 6,294 crore

State-owned Power Finance Corporation on Thursday said it has posted an over 20 per cent rise in its consolidated net profit to Rs 6,294.44 crore in the December quarter, on the back of higher revenues. The company's consolidated net profit was Rs 5,241.10 crore in the quarter ended on December 31, 2022, according to a BSE filing. Total income in the quarter rose to Rs 23,593.40 crore from Rs 19,662.65 crore in the same period a year ago. The board, in its meeting on Thursday, approved the declaration of a second interim dividend at the rate of 35 per cent, of Rs 3.50 per equity share, subject to deduction of TDS, on the face value of the paid-up equity shares of Rs 10 each for FY 2023-24. The date of payment /dispatch of the interim dividend shall be on or before March 9, 2024, the filing said. In a separate statement, the company said it has registered a 19 per cent rise in consolidated loan asset book from Rs 8,04,526 crore as on December 31, 2022, to Rs 9,54,483 crore as on ..

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

GE T&D Q3 results: Net profit jumps 49% to Rs 49.4 cr, revenue up 8%

GE T&D India on Monday posted a steep rise in net profit to Rs 49.4 crore in the December quarter mainly on the back of higher revenues. The company posted an 8 per cent rise in revenue to Rs 840 crore in the quarter, the company said in a release. Profit After Tax was at Rs 49.40 crore, against Rs 4.7 crore in the Quarter Ended (QE) December 2022, the company said. The order bookings were Rs 2,370 crore, up 204 per cent compared to Rs 780 crore in Quarter Ended (QE) December 2022. Sandeep Zanzaria, Managing Director & CEO of GE T&D India said in the statement, "As the pace of global energy transition accelerates with India spearheading the shift, our Q3 order book reflected a surge in demand - both in terms of domestic and exports. This, combined with our unwavering focus on optimization and strong order execution paved the way for improvement in profitability and the company becoming debt-free." GE T&D India is a leading player in the power transmission and ...

Reliance Power Q3 results: Net loss rises to Rs 1,136.7 cr on high expenses

Reliance Power Ltd on Saturday reported widening of its consolidated net loss to Rs 1,136.75 crore during the quarter ended December 2023, due to increased expenses. It had posted a net loss of Rs 291.54 crore during the October-December period of preceding 2022-23 financial year, the company said in an exchange filing. The company's total income increased marginally to Rs 2,001.54 crore in the reporting quarter compared to Rs 1,936.29 crore in the year-ago quarter. The company's expenses surged to Rs 3,179.08 crore in the quarter from Rs 2,126.33 crore a year ago. Reliance Power is the country's leading private sector power generation and coal resources company.

Power PSUs to implement PM Suryodaya Yojana: Power minister R K Singh

He said subsidy under PMSY would be 60% of the total project cost and the balance would be the loan

TD Power Systems Q3 results: Net profit rises 49% to Rs 29.89 crore

TD Power Systems on Thursday posted a nearly 49 per cent rise in its consolidated net profit to Rs 29.89 crore in the December quarter, on the back of higher revenues. Its consolidated net profit was Rs 20.07 crore in the quarter ended on December 31, 2022, according to a regulatory filing. Total income rose to Rs 247.92 crore in the quarter from Rs 205.65 crore in the same period a year ago. The company's board has appointed Rahul Matthan and Karl Olof Alexander Olsson as additional directors in the capacity of its non-executive Independent Directors for a term of 5 years, with effect from April 1, 2024, the filing said. The appointment is subject to the approval of the shareholders, it added.

Power consumption rises nearly 6% to 133.83 billion units in January

India's power consumption grew nearly six per cent to 133.83 Billion Units (BU) in January 2024 as compared to the year-ago period, according to government data. In January 2023, power consumption stood at 126.30 BU, higher than 111.80 BU recorded in the same month a year ago, the data showed. The peak power demand met -- the highest supply in a day -- rose to 222.32 GW in January 2024. The peak power supply stood at 210.72 GW in January 2023 and 192.18 GW in January 2022. Experts said that power consumption as well as demand improved in January as mercury fell sharply in the month, especially in North India. The cold wave resulted in increased use of heating equipment like heaters, blowers and geysers which led to increase of power demand as well as consumption. The power ministry had estimated the country's electricity demand to touch 229 GW during the summer in 2023. The demand did not reach the projected level in April-July due to unseasonal rains. The peak supply, however,

Sterlite Power secures orders worth Rs 1,400 crore in Oct-Dec quarter

Sterlite Power on Tuesday said it has secured new orders worth Rs 1,400 crore during the quarter ended December 2023. These orders from domestic and export markets are for high-performance power conductors, optical ground wire (OPGW) and power cables among others. Further, the company has also received orders for specialized Engineering, Procurement and Construction (EPC) services and turnkey EPC for extra high voltage (EHV) and high-voltage (HV) cables in the domestic market, Sterlite Power said. The equipment will be supplied for projects like metro, data center, and power projects. "The order wins are indicative of the growing demand for our product offerings in India and export markets. "With increased focus on decarbonization, our range of high-performance conductors, HV and EHV cables and specialized EPC services for cable transmission, continue to make a significant impact in the energy transition journey," Manish Agarwal, CEO, Global Products & Services business ...

NTPC Q3 results: Profit up 7% at Rs 5,208 cr, income falls to Rs 43,574 cr

State-owned power giant NTPC on Monday reported over 7 per cent rise in consolidated net profit to Rs 5,208.87 crore for the December 2023 quarter, aided by energy sales through trading. Its net profit stood at Rs 4,854.36 crore in the year-ago period, a BSE filing said. The total income fell to Rs 43,574.65 crore in the quarter from Rs 44,989.21 crore in the same period a year ago. The company's expenses rose to Rs 38,782.22 crore from Rs 37,007.51 a year ago. "Revenue from operations for the quarter and nine months ended 31 December 2023 include Rs 2,117.12 crore and Rs 7,012.90 crore, respectively (Previous quarter and nine months Rs 1,984.92 crore and Rs 6,039.14 crore, respectively) on account of sale of energy through trading," the filing said. The Board of Directors of the company has also approved a second interim dividend of 2.25 per share (face value of Rs 10 each) for the financial year 2023-24 in their meeting held on January 29, 2024. The date of payment/dispatch of t

Rajasthan govt turns to open market as power cuts hit irrigation

This is prompting the Rajasthan Urja Vikas Nigam to purchase electricity from the open market, sources in the state energy department said

Jaiprakash Power Ventures Q3 results: Net Profit at Rs 172.85 crore

Jaiprakash Power Ventures Ltd (JPVL) on Monday posted a consolidated net profit of Rs 172.85 crore in the December quarter compared to the year-ago period. The company had suffered a loss of Rs 217.97 crore in the quarter that ended on December 31, 2022, a BSE filing stated. Total income rose to Rs 2,213.68 crore in the quarter from Rs 1,206.06 crore in the same period a year ago.

Polaris Smart Metering gets Rs 5,200 crore smart meter project in UP

Polaris Smart Metering on Monday said it has secured two smart meter projects totalling Rs 5,200 crore in Uttar Pradesh. "Madhyanchal Vidyut Vitran Nigam Limited (MVVNL) has awarded the contracts for installing over 5.1 million smart meters in the important clusters of Lucknow and Ayodhya/Devipatan, which the company plans to install over the next 27 months," Polaris Smart Metering said in a statement. As per the agreement, Polaris Smart Metering will supply, commission, install and maintain smart meters for consumers and system metering across the consumer base in these clusters for the next 10 years, it said. These smart meters will be equipped with state-of-the-art technology, enabling prepaid billing, real-time energy monitoring, accurate metering, and improved grid management capabilities. This contract comes under a Design-Build-Finance-Operate-Own-Transfer (DBFOOT) agreement. Meanwhile, Polaris has also received Letter of Awards (LOAs) from West Bengal and Manipur worth over

Adani Power Q3 results: Net profit surges to Rs 2,738 cr as volumes swell

In Q3FY24, Adani Power reported a consolidated net profit of Rs 2,738 crore, up from a profit of Rs 9 crore reported in the same period a year ago

Hero Future Energies inks tolling agreement with Pixon Green Energy

Hero Group's renewable energy arm Hero Future Energies on Thursday said it has inked a tolling agreement with PIXON Green Energy for supply of solar modules. Under the agreement, PIXON Green Energy will provide Hero Future Energies with high-efficiency modules for up to 500 MW annually on a prioritised basis for a period of two years from their fully automated Ecoprogetti line based in Rajkot, Gujarat, a company statement said. Both parties will also be involved in the procurement of strategic components for module manufacturing. According to the statement, Hero Future Energies has announced the signing of a strategic tolling agreement with PIXON Green Energy, a leading domestic module manufacturer, for supply of solar PV modules. "Global supply chains have been subject to disruption recently. Entering into a strategic partnership will allow us to control our costs better and have more visibility in our supply chain," Hero Future Energies Global CEO Srivatsan Iyer said in the ...

Tata Power to hold 'lok adalat' for north Delhi consumers on January 28

Power distribution company TPDDL will organise a special "Lok Adalat" in association with the Delhi State Legal Services Authority (DSLSA) to offer on-spot-settlement of electricity theft cases on January 28, a discom official said Thursday. The special court will start at 10 am near Venkateshwar Global School in Rohini Sector-13, the Tata Power Delhi Distribution Limited (TPDDL) spokesperson said. The litigants can register for the Lok Adalat by dialling 19124 or writing to eac.care@tatapower-ddl.com. The complainants must carry their photo identity and a copy of their theft bill during the Lok Adalat. "Consumers who look forward to settling their power-theft cases can utilise this opportunity for an amicable and immediate settlement of unsolved cases. In case of a default, the company will be obliged to initiate criminal proceedings against the consumers under the Electricity Act, 2003," he added.

Thermal power plants' capacity utilisation to rise to 69% in FY25: ICRA

The capacity utilisation of thermal power plants will increase by a percentage point to 69 per cent in 2024-25, led by the growth in electricity demand and limited thermal capacity addition, says rating agency ICRA. ICRA's outlook for the thermal power segment is 'Stable', supported by the healthy improvement in the thermal plant load factor (PLF), coupled with the reduction in dues from state distribution utilities (discoms) following the implementation of the Late Payment Surcharge (LPS) scheme since August 2022, a statement said. "The current under-construction thermal capacity is about 30 GW, which is predominantly in the Central and the state-owned generation segment and is expected to be commissioned over the next two to four-year period," Girishkumar Kadam, Senior Vice President & Group Head - Corporate Ratings, ICRA, said in the statement. In our view, there is a clear need for incremental capacity beyond this pipeline if the annual electricity demand growth continues to ..

RattanIndia Power net loss widens to Rs 587 crore in December quarter

RattanIndia Power on Tuesday reported a widening of consolidated net loss to Rs 586.97 crore in the December quarter compared to a year ago, mainly due to lower revenues. According to a regulatory filing, the company's consolidated net loss stood at Rs 479.76 crore in the quarter ended on December 31, 2022. In the October-December period, the total income declined to Rs 888.30 crore as against Rs 931.29 crore a year ago.

Domestic coal-based power generation rises 7% to 872 bn units in Apr-Dec

Domestic coal-based power generation increased 7.14 per cent to 872 billion units (BU) in the April-December period of the current fiscal. The rise in domestic coal-based electricity generation reflects an ample supply of coal to meet the growing energy demand in the country, the coal ministry said in a statement. Domestic coal-based power generation was 813.9 BU in the year-ago period, it said. In the country, power is generated from conventional sources -- thermal, nuclear and hydro-- and renewable sources -- wind, solar, biomass etc. Thermal power producers use coal as the main fuel to run the units and the dry fuel contributes to more than 70 per cent of the total electricity generation. Coal-based power generation in the country registered a growth of around 10.13 per cent during April-December period of FY'24, as compared to the corresponding period of previous year while overall power generation grew 6.71 per cent during the same period, the ministry statement said. Coal ..