Energy Firms

Power Grid Corp Q3 results: PAT dips 4% to Rs 3,682 cr on weak demand

The state-run energy transmission company's consolidated net profit fell 4% to 38.62 billion rupees ($443.5 million) in the three months to Dec. 31

Premier Energies halts US solar cell facility plans amid policy uncertainty

Concerns over US stance on clean energy have weighed on shares of Premier, which have lost about 23% since hitting a peak in December, after listing in September

ReNew Energy offered to be taken private in $2.82 bln deal: US SEC filings

That represents an 11.5 per cent premium to the stock's closing price of $6.34 on Nasdaq on Dec. 10. The offer's valuation is based on a total of 398.61 million diluted shares outstanding as of Aug 1

Adani Energy acquires Khavda project entailing Rs 4,091 cr investment

Adani Energy Solutions on Monday said it has acquired a 298-km special purpose vehicle (SPV) of the Khavda Phase IV Part-A transmission project entailing an investment of Rs 4,091 crore. Khavda IVA Power Transmission Ltd, an SPV, was set up by REC Power Development and Consultancy Ltd (RECPDCL) to evacuate 7 GW of renewable energy from Khavda RE park, the company said in a statement. Adani Energy Solutions (AESL) will commission the project in Gujarat in the next 24 months on BOOT (build, own, operate and transfer) basis, it said. The company will invest Rs 4,091 crore to build the 298 km (596 ckm) transmission project, as per the statement. The project also includes setting up 300 MVAr STATCOM and 3x1500 MVA, 765/400 kV Inter-connecting Transformer (ICTs) with 1x330 MVAr, 765 kV and 1x125 MVAr, 420 kV bus reactors, it said. AESL won the project through the tariff-based competitive bidding process and will commission the project in the next 24 months on BOOT (build, own operate, a

C&I segment emerges as lucrative for energy companies and investors

Leading names in the energy sector Tata Power, JSW Energy, ReNew, Hero Future Energies, and Sterlite Power have announced plans for a dedicated C&I business vertical

Energy firms are 'godfathers of climate chaos', should be taxed more: UN

UN Secretary-General Antnio Guterres called Wednesday for a windfall tax on profits of fossil fuel companies to help pay for the fight against global warming, calling them the godfathers of climate chaos. Guterres spoke in a bid to revive the world's focus on climate change at a time when elections, inflation and conflict in places like Ukraine, Gaza and Sudan have seized the spotlight. In a speech timed for World Environment Day, the UN chief drew on new data and projections to make a case against Big Oil. The European Union's Copernicus service, a global reference for tracking world temperatures, said that last month was the hottest May ever, marking the 12th straight monthly record high. The service cited an average surface air temperature of 15.9 Celsius (60.6 Fahrenheit) last month or 1.52 degrees Celsius higher than the estimated May average before industrial times. The burning of fossil fuels oil, gas and coal is the main contributor to global warming caused by human ...

BluPine Energy completes acquisition of 369 MW solar assets from Acme Group

Renewable energy player BluPine Energy on Monday said it has completed the acquisition of 369 MW solar power assets from Acme Group. The 369 megawatts of solar capacity power assets are spread across Uttarakhand, Punjab, and Karnataka and augment its total renewable capacity to 2.4 gigawatts, BluPine Energy said in a statement. Neerav Nanavaty, CEO of BluPine Energy, said, "The renewable energy sector in India continues to witness remarkable growth. We have high-quality solar assets in our portfolio, further solidifying our commitment to driving positive change in India's energy sector." BluPine Energy is a leading renewable energy services company established in India by Actis, a global investor and leader in funding and building sustainable infrastructure companies. With an investment of USD 800 million from Actis' Energy Fund 5, BluPine Energy is dedicated to developing a renewable energy portfolio of over 4 GW in India. The company did not disclose the deal value.

Brookfield to invest $850 mn in development of renewable energy projects

Axis Energy Ventures will contribute its extensive portfolio of wind and solar projects at varying stages of development across the country to the venture, said a statement

UK govt increases windfall tax on profits of oil, natural gas companies

Britain's Treasury chief says he's increasing the windfall tax on the profits of oil and natural gas companies as he announced an emergency budget aimed at restoring the nation's economic credibility and patching up its battered finances. Jeremy Hunt said Thursday that the windfall tax will rise from 25% to 35% from January 2024 to March 2028 and that electricity generators will have to pay a new temporary levy of 45%. He said the taxes combined would raise 14 billion pounds next year. Energy companies such as London-based BP and Shell have reported huge profits in recent months as Russia's war in Ukraine pushes up energy prices worldwide. Britain's government has faced pressure to increase taxes on oil and gas companies to help fund support for millions of Britons struggling to cope with soaring energy prices. Prime Minister Rishi Sunak, a former Treasury chief, introduced a 25% energy profits levy earlier this year but that was limited to profits made from extracting U.K. oil an

Kaynes Tech IPO subscribed 34x, Keystone receives 8% bid on Day 1 & more

Kaynes Tech reported a net profit of Rs 10.05 crore and net sales of Rs 199.27 crore in the three months ended on June 2022

Hitachi Energy to supply transformers for NTPC renewable energy park

The NTPC REL facility in Kutch produce electricity to support 8 million people

Suzlon Energy founder Tulsi Tanti passes away after cardiac arrest

His death comes at a time when Suzlon Energy has just announced opening of its Rs 1,200 crore rights issue

Wall Street deep in bear market as S&P 500 hits new two-year low

S&P 500 hits lowest since Nov. 2020; rate-sensitive tech, growth stocks give back gains; energy stocks among rare gainers

Over 300 French companies urge govt to take action on surging energy prices

Over 300 French companies have alerted the country's government to the negative effects of the surging energy prices, Minister Delegate for Industry Roland Lescure has said

EU seeks $140 bn from energy firms to insulate consumers from energy crisis

European gas and power prices have rocketed this year as Russia cut fuel exports to retaliate for Western sanctions over its invasion of Ukraine

Norwegian energy firm Equinor completes Russia exit due to Ukraine war

Equinor had one asset left to divest from, a stake in the Arctic Kharyaga oilfield

Hyderabad- based Greenko to offer energy storage through a cloud platform

Storage to be open access for any consumer to use, can own and invest in green energy projects

CDPQ buys add'l 10% in Mumbai-based Apraava Energy at Rs 660 cr deal value

With this, the Canadian pension fund's stake in the firm goes up to 50%

UK announces 25% levy on energy firms to ease cost-of-living crisis

The UK announced that it will impose a 25 per cent levy on the profits of oil and gas companies, to ease the financial burden on millions of households amid raging inflation

Ravindra Energy seeks shareholders' nod to raise Rs 102 cr via warrants

The Board of Directors proposes to create, offer, issue and allot two crore warrants at the rate of Rs 51 per unit for an amount up to Rs 102 crore