Page 2 - Electricity Prices

EU chief proposes revenue cap on electricity distributors in Ukraine

A top European Union official unveiled on Wednesday a plan to cap the revenues of electricity producing companies that are making extraordinary profits due to the war in Ukraine and climate change, saying the proposal could raise USD 140 billion to help people hit by spiralling energy prices. These companies are making revenues they never accounted for, they never even dreamt of, European Commission President Ursula von der Leyen told EU lawmakers in Strasbourg, France. In our social market economy, profits are OK, they are good. But in these times it is wrong to receive extraordinary record revenues and profits benefitting from war and on the back of consumers. In these times, profits must be shared and channeled to those who need it the most, she said. Our proposal will raise more than 140 billion euros (USD 140 billion) for member states to cushion the blow directly, von der Leyen said in a State of the European Union address to the EU assembly. With winter approaching, the 27 E

UK PM Truss walks the talk, caps power bills at £2,500 a year for two years

British Prime Minister Liz Truss said Thursday that her government will cap domestic energy prices for homes and businesses to ease a cost-of-living crisis that has left people and businesses across the UK facing a bleak winter. Truss told lawmakers in Parliament that the two-year energy price guarantee means average household bills will be no more than 2,500 pounds ($2,872) a year for heating and electricity. Bills had been due to rise to 3,500 pounds ($4,000) pounds a year from October, triple the cost of a year ago. Bills are skyrocketing because of Russia's invasion of Ukraine and the economic aftershocks of COVID-19 and Brexit. We are supporting this country through this winter and next and tackling the root causes of high prices so we are never in the same position again," Truss told lawmakers. Business and public institutions like hospitals and schools will also get support, but for six months rather than two years. The government says the cap will cut the UK's soaring ...

Sweden, Norway task force aims to cut electricity prices in Nordic region

Sweden and Norway announced that they were ready to launch a joint task force aimed at reining in the soaring electricity costs in the Nordic region

More UK energy aid to come under incoming leader, says Nadhim Zahawi

Zahawi's remarks come as economic headwinds build against the UK, with the Bank of England predicting a recession lasting more than a year amid surging inflation

Electricity bills in Delhi go up with 4% rise in PPA cost: Report

The cost of electricity in Delhi has increased with hike in power purchase adjustment cost (PPAC), imposed by discoms on consumers, by 4 per cent from mid June, official sources said on Sunday. A power department official said the hike was made by the power distribution companies (discoms) after approval by the Delhi Electricity Regulatory Commission(DERC) due to increase in prices of fuel like coal and gas. No immediate reaction of DERC was available. The PPAC is a surcharge to compensate the discoms for variations in the market-driven fuel costs. It is applied as a surcharge on total energy cost and fixed charge component of an electricity bill, officials said. "The PPAC in Delhi has been increased by 4 per cent from June 11, according to the approval of the DERC," said an official source. According to the Ministry of Power directions on November 9, 2021, every state regulatory commission (DERC in the case of Delhi) has to place a mechanism for automatic pass through of fuel and

Peak shortage shoots up to 10.77 GW this week, deepens power crisis

Peak power shortage rose swiftly this week from single digit of 5.24 GW on Monday to touch double digit of 10.77 GW on Thursday showing affects of various factors like low coal stocks.

Electricity tariffs may rise in Mumbai on spike in global coal prices

Maharashtra power regulator had set tariff for Mumbai users for 5 years in March 2020 when Richard Bay coal prices were at $64-72 a tonne. Since then, coal prices have quadrupled

EU countries struggle to find joint response to energy price spike

Energy ministers from European Union countries meet to debate their response to high gas and electricity prices

Electricity to become costlier in Pak as govt hikes tariff by Rs 1.39/unit

Pakistani government on Friday increased the base power tariff by Pakistani Rs 1.39 per unit to fulfil the International Monetary Fund demand to stay in its programme, local media reported

Punjab stares at major power outage with coal shortage in thermal plants

Punjab is once again heading towards major power outage with its thermal plants heading to deficiency of coal due to inadequate supply

November WPI inflation at nine-month high even as food prices moderate

Onion, which bore the brunt of rising inflation rate in recent months, saw deflation or fall in prices in November at 7.58%

Top headlines: Nomura on Indian economy in 2021, govt says no change in MSP

Business Standard brings you top headlines of the evening

IEX records 13.2% growth in electricity sales in September quarter

Paddy procurement is up 26 per cent so far this year, from 8.488 million tonnes in the correspo­nding period of KMS 2019-20.

Electricity tariffs in Delhi to remain unchanged for another year

For the domestic category, the energy charges or the per unit electricity charge is in the range of Rs 3-Rs 8 per unit for consumption slabs of 0-200 units to up till 1200 units

Govt's recent reforms won't help ailing power sector: CARE Ratings

Study says lockdown has sapped power demand, taking accumulated coal inventory to 51 million tonnes

Delhi power regulator reduces fixed electric charges, raises energy rates

Delhi Electricity Regularity Commission (DERC) chairman Justice (retired) S S Chauhan said the new rates would be applicable from August 1

Electricity prices positive for merchant power firms; JSW key beneficiary

Apart from JSW, Adani Power, KSK Energy & Jindal Power also became key beneficiaries