Energy Demand

India to supply LNG to Sri Lankan power plants, connect power grids

Sri Lankan President Anura Kumara Dissanayake is on a three-day visit to India for bilateral talks centred around economic cooperation, defence collaboration, and energy connectivity

ReNew Energy's Q2 net profit rises 31% to Rs 440 crore on higher income

ReNew Energy Global Plc (ReNew) on Wednesday reported a 31 per cent rise in net profit to Rs 493.9 crore (USD 59 million) in the September 2024 quarter pushed by higher income. It posted a net profit of Rs 377.1 crore (USD 45 million) in the July-September period of preceding 2023-24 fiscal, the Nasdaq-listed entity said in a statement. ReNew's total income in the second quarter also rose to Rs 2,988.7 crore (USD 357 million) from Rs 2,863.2 crore (USD 342 million) during the same period last financial year. Net profit for April-September or H1 FY25 was Rs 533.3 crore (USD 64 million), compared to Rs 675.4 crore (USD 81 million) for H1 FY24. Total income was Rs 5,471.3 crore (USD 653 million) during the period over Rs 5,329.1 crore (USD 636 million) for H1 FY24. As of September 30, 2024, the company's portfolio consisted of 15.6 GW compared to 13.8 GW as of September 30, 2023. Subsequent to the end of the quarter, the company signed PPAs (Power Purchase Agreements) for 0.7 GW of

Trump win may ensure India's trade security: CEA Nageswaran at BFSI Summit

Chief Economic Adviser to the Government of India V Anantha Nageswaran shared his thoughts on the impact of the US elections on India's growth at the Business Standard BFSI Insight Summit

IEX trade volume increases nearly 21% to 11,370 million units in September

Indian Energy Exchange's (IEX) total trade volume rose 24 per cent year-on-year to 11,370 million units (MU) in September this year. The electricity volume increased 21 per cent year-on-year to 10,332 MU in September, an IEX statement said on Monday. According to the statement, IEX achieved total monthly (trade) volume (including certificates) of 11,370 MU in September 2024, marking a 24 per cent year-over-year increase. The Renewable Energy Certificates (REC) at 1,031 MU, increased 100 per cent year-on-year. At Rs 110 per certificate, the REC market recorded an all-time low price in the trading session held on September 25, 2024. These prices provide an opportunity to obligated entities (DISCOMS and Captive Power Producers) to meet their Renewable Purchase Obligations, and voluntary customers to meet their sustainability aspirations. With a steady monsoon in September, there was a significant rise in hydro and wind power generation, which led to a substantial drop in Day-Ahead Ma

Uttar Pradesh expected to get Rs 1.5 trillion investment in energy sector

Rapid industrialisation, urbanisation feeding power demand

Uttar Pradesh expected to get Rs 1.5 trillion investment in energy sector

Rapid industrialisation, urbanisation feeding power demand

bp Plc meets in India, reflects confidence in country's opportunities

The board of global energy giant bp plc is holding its meeting in India in signs of its commitment to and confidence in opportunities in the country, the firm said on Wednesday. "The 5-day visit of the bp board reflects bp's significant and growing presence in India and its commitment to further develop its businesses in and with the country," it said in a statement. Recognising India's key role in global energy demand, during their visit the board will also hold meetings with the Indian government and bp's business partners, as well as visiting key bp India locations. The statement, however, did not elaborate on the meetings or the venue of the board meeting. Meeting Petroleum Minister Hardeep Puri, bp chair Helge Lund commented, "bp is committed to working closely with the government of India to support its changing energy needs. By leveraging our combined experience and expertise with our partners, we aim to facilitate the secure, affordable, and lower carbon growth of India's .

India will contribute to 35% of global energy demand in 2 decades: Puri

Over the next two decades, India will contribute to 35 per cent of the global increase in energy demand, Indian Minister Hardeep Puri said here on Tuesday at a multinational conference held to deliberate on the world's energy needs. The 52nd Gastech Exhibition & Conference kicked off Tuesday with strategic insights from the world's five leading energy ministers, including India's, at the George R Brown Convention Center. The event, themed 'Transforming Energy Through Vision, Innovation, and Action,' brought into focus a need for global energy stability and rapid decarbonisation. In his keynote address, Union Minister of Petroleum & Natural Gas, Hardeep Singh Puri underscored India's increasingly dominant role in the global energy landscape. "If global demand is increasing by one per cent, ours is surging three times faster. Over the next two decades, India will contribute to 35 per cent of the global increase in energy demand," he said. He framed India's challenge as an ...

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

Delhi breaches 8,300 MW mark first time as power demand soars amid heatwave

Delhi's peak power demand reached the all-time high of 8,302 MW on Wednesday afternoon as the city logged its highest-ever temperature of 52.3 degrees Celsius at the Mungeshpur weather station. Officials said this is the first time in the city's history that the power demand has breached the 8300-MW mark and the mercury crossed 52 degrees Celsius. Power distribution companies had estimated the demand to peak at 8,200 MW this summer, but according to the State Load Dispatch Centre, Delhi, it clocked 8,302 MW at 15:36:32 hours on Wednesday. The previous peak power demand was recorded just a week ago, when it touched 8,000 MW on May 22. The city has been braving a prolonged spell of heatwave conditions with the maximum day temperatures in many parts including Najafgarh, Mungeshpur and Narela touching almost 50 degrees Celsius. Delhi's demand usually peaks during June-end and early July, a trend that was broken last year when it peaked in August, according to discom officials. A disc

Peak power demand in May near projected 235 GW amid severe heatwave

India's peak power demand is hovering near the projected 235 GW level in May, following excessive use of cooling appliances like air conditioners and desert coolers amid severe heat waves in the country. According to the power ministry data, the peak power demand met or the highest supply in the day has already reached 233 GW on May 6 compared to 221.42 GW recorded a year ago. Earlier in the month, the power ministry estimated that the power demand would peak at 235 GW during the daytime, and 225 GW during evening hours in May; and 240 GW during daytime and 235 GW during evening hours in June 2024. Last week, the peak power supply touched 229.57 GW on May 18, while it was around 226 GW on May 15, 16 and 17. The peak supply was 229.77 GW on May 4, and interestingly the highest supply in a day crossed the 221.42 GW, recorded in May last year, on May 2 this year. The industry experts opined that power demand would increase further due to the increase in the intensity of heat in May,

TotalEnergies will continue to be listed in France: CEO Patrick Pouyanne

Poyanne said the LNG market was 'tense' but would have more supply and, as a result, lower prices by 2027-2030

Energy trade volume up 14%, hits all-time high of 110 bn units in FY24: IEX

Energy trading platform IEX on Thursday said it has logged the highest-ever trade volume of 110 billion units (BU) in the fiscal year 2023-24, registering a growth of nearly 14 per cent year-on-year. The total trade volume has crossed the 100 BU-mark for the first time in FY24, the exchange said. IEX (Indian Energy Exchange) achieved 110 BU total trade volume in FY24, registering an increase of 13.8 per cent on a Y-o-Y basis, according to a statement. Giving segment-wise break-up, it said that 75.39 lakh RECs (Renewable Energy Certificates), equivalent to 7,539 million units, were traded during FY24, registering an increase of 26 per cent year-on-year. The government undertook several measures which led to a better supply scenario in the country, as a result of which the sell side liquidity improved on the exchange, it said. During the year, the sell liquidity on the exchange increased by 16.9 per cent Y-o-Y, which led to a decline in the DAM (day ahead market) prices by 12 per ce

Gazprom buys former Shell stake in Sakhalin Energy for $1 billion

Sakhalin Project is fully owned by Gazprom, company filings showed

Companies to see more gains as India's power demand surge continues

The power demand for the quarterly period of October-December 2023 was 10 per cent higher than the previous year

Govt devising policies to boost green hydrogen for round-the-clock RE

India is the third largest consumer of energy, oil and LPG. India's demand for energy is expected to double by 2045

India to invest $67 bn in 5-6 years for developing gas sector: PM Modi

Ethanol policy has helped in reducing carbon emissions and fuel import bill, he says

India to see investment of $67 bn in next 5-6 years in energy sector: PM

Prime Minister Narendra Modi on Tuesday said that India will see an investment of USD 67 billion in the energy sector in next 5 to 6 years as he invited global investors to participate in India's growth story. Inaugurating the second edition of the India Energy Week here, Modi said the Indian economy is growing at the rate of more than 7.5 per cent and the country will soon become the world's third-largest economy. He invited global players to participate in India's energy sector growth, saying that the country is expected to increase its refining capacity from 254 MMTPA (million metric tonne per annum) to 450 MMTPA by 2030. He said, "In next 5-6 years, the investment of USD 67 billion is going to be done in energy sector in India." The prime minister further said that India is investing unprecedented money in the energy sector that has never happened before. He also said that the country's primary energy demand will be doubled by 2045. India, Modi said, is the third-largest cons

PM to inaugurate India Energy Week in Goa on Feb 6, dedicate NIT campus

Prime Minister Narendra Modi will inaugurate India Energy Week 2024 in Goa on Tuesday and also dedicate to the nation the permanent campus of the National Institute of Technology apart from laying foundation stones for various projects costing more than Rs 1,330 crore. Modi will also address Viksit Bharat, Viksit Goa 2047 programme. The PM will inaugurate the ONGC Sea Survival Centre at Betul village in South Goa at 10:30 am and inaugurate India Energy Week. He will participate in the Viksit Bharat, Viksit Goa 2047 programme at Fatorda in the afternoon, as per a release issued by the Prime Minister's Office. The Energy Week will be India's largest and only all-encompassing energy exhibition and conference expected to be attended by around 17 energy ministers from different countries. "Achieving 'aatmanirbharta' (self-reliance) in energy requirements has been a key focus area of the prime minister. In yet another step in this direction, India Energy Week 2024 will be held from Febru

Russia's energy elite, Indian govt officials try to keep oil flowing

Oil imports from Russia, negligible before Moscow's invasion of Ukraine, climbed steadily through 2022 and the first half of last year as India saw an opportunity to procure discounted barrels