Page 7 - Power Sector

Over Rs 3 trn needed each year to reach 440 GW RE capacity by 2030: ICRA

An investment of over Rs 3 lakh crore is needed every year in the renewable energy sector to take India's installed green capacity to 440 gigawatt, Icra experts said on Friday. "We expect India to have 440 gigawatt installed capacity of renewable energy by 2030," Vikram V, Vice President & Co-Group Head - Corporate Ratings, ICRA Ltd said at a media roundtable. The estimated capacity would require incremental investment of at least Rs 3 lakh crore every year over the next five to six years, Girish Kumar Kadam, Group Head Corporate Sector Ratings at ICRA Ltd. He further said to meet the renewable purchase obligation (RPO) target of 43 per cent by 2030, the renewable energy capacity should more than double to 440 GW from the current level of 200 GW. The government's target is to have 500 gigawatt of installed renewable energy capacity by 2030. Sharing his outlook for the RE sector, Kadam said India has made significant progress in renewable energy capacity addition with a strong ...

SJVN generates 8,489 MU of power as green energy in FY24: CMD Sharma

State-owned SJVN generated 8,489 million units (MUs) of green energy from its operational hydro, solar and wind power stations in 2023-24, a top company official said. SJVN CMD Sushil Sharma made the remarks at the company's 36th Annual General Meeting (AGM) for the 2023-24 financial year. "Despite facing challenging hydrological conditions due to climate change, SJVN demonstrated resilience in its operations. In FY24, the company generated 8,489 MUs from its operational hydro, solar and wind power stations," a company statement quoted Sharma as saying. The power stations set new records, including highest-ever daily generation of 39.570 million units (MU) and 10.971 MU by 1,500 MW NJHPS (Nathpa Jhakri Hydro Power Station) and 412 MW Rampur HPS, respectively, in July 2023. The highest-ever monthly generation of 1,590.072 MU was recorded from all operational projects in August 2023 and Rampur HPS also achieved the highest-ever monthly generation of 337.165 MU during the month. Duri

Global oil importance wanes, but it remains key to India's economic growth

India may contribute around 8% to global GDP growth in 2024 while accounting for over 22%of global oil demand growth

MHI all set to auction final 10 gigawatt-hour of the ACC PLI scheme

In June 2021, MHI launched the Rs 18,100 crore ACC PLI scheme with a total capacity of 50 GWh

Circularity of critical minerals for India's clean energy transition

The clean energy sector offers significant opportunities for the Indian economy

India's power consumption declines 4.7% to 144.2 billion units in Aug

India's power consumption declined 4.7 to 144.21 billion units (BU) in August compared to the year-ago period, mainly due to the above normal rainfall across the country which reduced the use of cooling appliances like air conditioners and desert coolers. According to the Indian Meteorological Department, the country recorded 287.1 mm of rainfall in August, which is about 16 per cent higher than the normal 248.1 mm. In August 2023, the power consumption stood at 151.32 BU, according to official data. The highest supply in a day (peak power demand met) also contracted to 216.68 GW in August 2024 against 236.29 GW in the year-ago month. The peak power demand touched an all-time high of about 250GW in May this year. The previous all-time high peak power demand of 243.27 GW was recorded in September 2023. Earlier this year, the power ministry projected a peak power demand of 235 GW during the day and 225 GW during evening hours for May and 240 GW during daytime and 235 GW in the eveni

Bhel wins thermal projects worth Rs 11,000 crore from Adani Power

BHEL will complete the Kawai Phase-II project in 49 months, the Kawai Phase-III project in 52 months, and the Mahan Phase-III project in 55 months

India, US explore technical exchange to upgrade grid transmission

India and the US have discussed and explored the possibility of technical exchanges on efforts to upgrade grid transmission to handle future load growth during a ministerial-level deliberations. Discussions also covered policy consultations and potential financial support to advance these modernization efforts, a power ministry statement said. In a bid to enhance bilateral cooperation in the energy sector, Union Minister for Power Manohar Lal, accompanied by Minister of State for Power and New & Renewable Energy Shripad Naik and senior officials held a productive discussion with the US delegation led by John Podesta, Senior Advisor to the President for International Climate Policy, it stated. During the discussion, Lal emphasized the longstanding bilateral partnership between India and the US, highlighting the shared commitment to a clean' energy future that fosters economic growth and development. The union minister further stated that Ministry of Power is committed to ...

Gail, Petron sign pact to explore setting up bio-ethylene plant in India

State-owned gas utility GAIL (India) Ltd on Thursday said it has signed an agreement with US biofuel producer Petron Scientech Inc to jointly explore setting up of a 500 kilo tonnes per annum bio-ethylene plant in India. The memorandum of understanding provides for the two firms looking at setting up the plant based on bioethanol in a 50:50 joint venture, GAIL said in a statement. While GAIL is India's largest natural gas transportation and marketing company, Petron specializes in setting up biomass and grain processing biorefinery projects to produce ethanol, bio-ethylene, bio-chemicals (ethylene oxide / mono ethylene glycol, Methanol) and various bio-fuel projects worldwide. "In line with the MoU, GAIL and Petron will jointly undertake feasibility studies to ascertain technical viability and financial prospects of the project. Both the parties endeavour to secure investment approval from their respective management for investment in the project and forming a JV company," the ...

Adani Power to acquire Reliance Power's Butibori plant in Rs 3,000 cr deal

The deal is expected to be valued between Rs 2,400 crore and Rs 3,000 crore; Adani Power is negotiating with CFM Asset Reconstruction Co to acquire the project under Vidarbha Industries Power Ltd

Industrial output grows 4.2% in June on good show by mining, power sectors

India's industrial production grew 4.2 per cent in June this year, mainly due to a good show by the mining and power sectors, according to official data released on Monday. The factory output, measured in terms of the Index of Industrial Production (IIP) witnessed a growth of 4 per cent in June 2023. India's Index of Industrial Production increased by 4.2 per cent in June 2024, an official statement said. The data released by the National Statistical Office (NSO) showed that the manufacturing sector's output grew 2.6 per cent in June 2024 against 3.5 per cent in the year-ago month. In June this year, mining production rose 10.3 per cent, and power output increased 8.6 per cent. In the April-June quarter of this fiscal, the IIP grew 5.2 per cent compared to 4.7 per cent in the year-ago period.

Stock market positive on Thermax despite profit margin decline in Q1

The industrial products segment is poised for double-digit growth driven by solutions for water treatment and air pollution

Data centres turn to renewable energy sources as power demand surges

Data centres procure electricity at commercial rates in a state, which usually falls within the highest power tariff slab

Around 337,900 MW power capacity likely to be added by 2032: MoS Power

A total of 3,37,900 MW power generation capacity is likely to be added in the country by 2032, Parliament was informed on Monday. About 2,14,237 megawatt (MW) of electricity generation capacity was added in the last ten years, Union Minister of State for Power Shripad Naik said in a reply to the Rajya Sabha. The total generation capacity increased by 79.5 per cent from 2,48,554 MW in March 2014 to 4,46,190 MW in June 2024, he said, adding that "the total anticipated capacity addition by 2032 will be 3,37,900 MW". Of the total anticipated capacity addition, 80,000 MW will be thermal, 25,010 MW hydropower, 14,300 MW nuclear and 50,760 MW of pump storage plants (PSP) capacity, the minister said. Further, 510 MW of small hydro capacity is expected to be added by 2032, besides 1,43,980 MW of solar power and 23,340 MW of wind power.

Record temperatures scorch eastern China, driving up power demand

In the east and northwest of China, temperatures as high as 43.9 degrees Celsius

Coal doesn't make sense in today's environment: Avaada group chairman

Mittal has raised $2.6 billion since 2023 from Canadian fund Brookfield and Thailand's state-run oil company PTT group, enabling him to participate and win several bids this year

Thermax Q1 results: Net profit jumps 82% to Rs 109 cr, revenue up 13%

Energy and environment solutions provider Thermax on Thursday posted an 82 per cent jump in its consolidated net profit to Rs 109 crore as against Rs 60 crore in the same period last year mainly due to higher revenues. The company reported consolidated operating revenue of Rs 2,184 crore in the first quarter of FY25, registering a 13 per cent increase compared to Rs 1,933 crore in the same quarter of the previous fiscal, according to a company statement. The order booking for the quarter stood at Rs 2,569 crore as against Rs 2,567 crore in the corresponding period a year ago. The board has approved an additional equity investment of USD 2.8 million in Thermax (Thailand) Limited, a step-down subsidiary of the company through Thermax Engineering Singapore Pte Ltd. (TESPL), a subsidiary of the company. The board has approved the issuance of a guarantee for an amount not exceeding USD 4 million on behalf of Thermax (Thailand) Limited. During the quarter, Thermax unveiled a manufacturi

Power Grid stock hits new high on strong outlook; zooms 53% so far in CY24

The company is actively exploring opportunities to undertake transmission projects on BOOM model for RE developers, distribution licensees, and bulk consumers with advanced discussions underway.

Budget 2024: No 'budget' for energy transition is a cause for concern

Withdrawing funds for the initiative to be taken up by oil refiners, who have lost their power to price fuels for the last few years, is a cause for concern

Coal India Q1 FY25 results: Net profit up 4.1% at Rs 10,959 crore

5 of Coal India's 7 subsidiaries met production targets in Q1, but none met offtake goals