Page 28 - Power Sector

Vedanta to buy Athena Chhattisgarh Power for Rs 564 crore

Vedanta Ltd on Thursday said it will acquire debt-ridden Athena Chhattisgarh Power Ltd for Rs 564.67 crore. Liquidation process for the company was initiated in March last year. The acquisition for a purchase price of Rs 564.67 crore is likely to be completed in the ongoing financial year, adding that the consideration will be in the form of cash. "Vedanta Limited to acquire 100 per cent of the paid-up capital of Athena Chhattisgarh Power Ltd," the metals and mining major said in a filing to BSE. The acquisition will fulfill the power requirement for Vedanta aluminium business and through vertical integration, add synergies by providing a cost advantage pertaining to power consumption. Athena Chhattisgarh Power Ltd has a 1,200 MW coal-based power plant located at Jhanjgir Champa district in Chhattisgarh. Athena was admitted under Corporate Insolvency Resolution Process on May 15, 2019. On May 13 last year, a bench of NCLT Hyderabad directed initiation of the liquidation process

Govt may drop proposal on discom delicensing after some states protest

The amendment pertains to delicensing of power distribution that would have paved the way for any company to supply electricity in an area, after necessary regulatory approval

ACME, Tata Power among 60 firms to sign MoUs worth Rs 1.25 trn with TN govt

Chief Minister M K Stalin also lays foundation stone for 21 projects with an investment commitment of Rs 22,252 crore and employment potential for about 17,654 persons

20 yrs of privatised Delhi discoms: Leap in tech but feet tied in populism

Delhi's power purchase cost has risen by 300% since 2014 but the tariff has only risen by 90%

Rlys freight grows 11% on year in June at 125 MT, gains from loading coal

There has also been an increase of 7 per cent in freight leads, or the distance travelled for transportation of goods, which is a source of higher revenue for the railways

Adani, L&T among 18 firms to show interest in BSES smart meter tender

With 5 million meters, this is the largest tender in the country

Coal shortage hurting non-power sectors still year after supply shift

In the past one year, the non-power sector has seen coal dispatch fall by 33 per cent

Taxing times for solar power as govt frowns at imports, pushes local

A new tax on solar equipment imports plus mandatory purchase of local modules will raise costs significantly and dim the outlook for meeting green energy targets

Can Indian power sector afford coal imports to meet spike in demand?

State discoms remain financially stressed and are against imports, while domestic coal availability is under pressure

Red marks in green power plans amid lack of reform in electricity pricing

The lack of market reform in electricity pricing has limited states' ability to expand capital expenditure on the critical transition to clean energy

India's post-pandemic electricity generation growth outpaced peers

Like India, multiple lower middle income countries face power outages

Gencos have started coal import related process, says power minister

Replying to a question on the issue, the minister said "most of the states have started (the process), in fact every state has started."

Banks to take Rs 37,200-cr hit by liquidating 10 power projects: BofA

Combined capacity is 10.5 Gw; projects fail to find any takers under insolvency process

Decline in coal imports in FY22 due to less buying by power sector: Govt

The government on Thursday said the drop in coal imports in FY'22 was mainly on account of the power sector's inbound shipments declining.

Nava Bharat Ventures zooms 33% in 4 days on robust Q4 results

The company reported robust growth in its operations, backed by solid traction in manganese alloy business in both export and domestic markets.

Top headlines: Govt warns cab aggregators, volatility in power stocks

Here are the top business stories on Wednesday

Power sector stocks may see lot of volatility even as demand remains strong

Cost of inputs and funds, working capital needs and sales-mix key factors to influence prospects

Tata Power dips 9% on heavy volumes post March quarter results

The company received approval for merger of Coastal Gujarat Power Limited (CGPL) into Tata Power and signed binding agreement for investment in India's most comprehensive renewable energy platform.

Power crisis not one of capacity but delayed coal deliveries to generators

India's climate plans since November reveal slow progress towards meeting renewables target and an exponential expansion of thermal generation in the face of a power crisis

India's dependence on coal based power is proving to be very expensive

The situation cries out for more global investment in India to retire coal, buy out existing contracts, compensate affected communities and switch to renewables