Page 13 - Energy Sector

Nifty Pharma, Nifty Energy eyeing correction on charts: Check key levels

Technical indicators for Nifty Pharma are aligning with the bearish sentiment as the RSI has declined to 59, signaling a potential downtrend, as per Ravi Nathani

Telangana signs deals worth Rs 12,400 cr with Adani Group at Davos summit

Business conglomerate commits investments in data centre, energy storage, cement plant

JSW to invest Rs 9,000 crore for setting up 1,500 MW pumped storage project

JSW Neo Energy, a subsidiary of JSW Energy, has announced establishment of a pumped storage project with a generation capacity of 1,500 MW, at an outlay of Rs 9,000 crore in Telangana. An official release issued on Wednesday said a Memorandum of Understanding (MoU) was signed between the state government and JSW Neo Energy at the World Economic Forum being held in Davos. Sajjan Jindal, Chairman, JSW Group, met with Chief Minister of Telangana A Revanth Reddy on the sidelines of WEF and announced the plan for setting up the project, it said. JSW Neo Energy, a wholly owned subsidiary of JSW Energy that focuses on renewable and new energy solutions, will be responsible for setting up the proposed project in Telangana. Assuring all necessary support for the project, Revanth Reddy said JSW is a key partner for the State in its journey towards clean and green energy and the government is keen to collaborate with JSW for their future projects in India. Sajjan Jindal expressed his gratitu

Jindal Power offers Rs 4,203 crore for distressed coal-fired power plant

Adani Power had last month quoted 41 billion rupees ($493.38 million) for the 1,980-megawatt power plant in central India ensnared in insolvency proceedings

Will keep diversifying crude oil supply, accelerate energy transition: Puri

Puri said that while OPEC+ nations have a right to decide on their energy production, supply cuts against such uncertainty, and resulting adverse impact on global prices, will dent long term demand

IREDA, Indian Overseas Bank partner to co-finance renewable energy projects

State-owned IREDA on Tuesday announced a partnership with Indian Overseas Bank (IOB) to co-finance renewable energy projects in India. The agreement was signed in the presence of IREDA CMD Pradip Kumar Das and IOB MD and CEO Ajay Kumar Srivastava in the national capital, a statement said. Indian Renewable Energy Development Agency (IREDA) and Indian Overseas Bank have joined hands by signing a memorandum of understanding (MoU). The agreement sets the stage for co-lending and loan syndication for a diverse spectrum of renewable energy projects across the nation, it added. The IREDA CMD said, "By combining our strengths and resources, we aim to provide robust financial support to renewable energy projects. The partnership aims to streamline loan syndication and underwriting processes, management of Trust and Retention Account (TRA) for IREDA borrowers, and work towards fixed interest rates over a 3-4-year period for IREDA borrowings". This collaboration builds upon IREDA's successful

As govt opens more areas for oil and gas exploration, ONGC reports new find

State-owned company may get more acreage for exploration as government aims to increase domestic fuel production

Mahindra, Ontario Teachers' co-sponsor InvIT in renewable energy sector

Mahindra Group and global institutional investor Ontario Teachers' Pension Plan Board have co-sponsored an infrastructure investment trust (InvIT) holding assets of 1.54 GW in the renewable energy space in India. The InvIT, Sustainable Energy Infra Trust (SEIT), is India's largest InvIT in the renewable energy space and has raised primary capital of Rs 1,365 crore as part of the initial offer of units (offer), Mahindra Group said in a statement. Several global and Indian investors, including Asian Infrastructure Investment Bank (AIIB), subscribed to the offer. SEIT made its debut on the National Stock Exchange on Monday. SEIT has been set up to focus on the growth of the renewable energy sector in India at scale. It holds operational renewable power assets seeded by Mahindra Susten with a generation capacity of approximately 1.54 GWp. The capital of Rs 897.8 crore made available to Mahindra Susten by way of an offer for sale of units of SEIT will help Mahindra Susten develop a fut

Green hydrogen can enable energy transition in net-zero journey: WEF report

Green hydrogen in India can not only provide energy for sectors such as fertilizers, chemicals, refining and iron, but also save carbon emissions compared to fossil fuels, the World Economic Forum said on Wednesday. In a detailed analysis of what it will take to make green hydrogen a credible energy pathway in India, the report said, "Green hydrogen can enable energy transition as India takes its net-zero journey towards 2070 while supporting its growing energy needs." Hydrogen produced through the electrolysis of water and powered by renewable energy, which is known as green hydrogen, is considered a clean, flexible and versatile energy carrier that can also help address the tension between energy supply and climate change, the report said. India is currently the third-largest economy in the world in terms of energy needs, and the country's demand for energy is set to surge. The demand is estimated to grow 35 per cent by 2030. In 2022, India's energy import bill was pegged at USD

Energy security: India considering options for strategic petroleum reserves

India's plans to replace most petrol vehicles with electric ones may fall well short of the target, forcing the country to continue depending on crude oil

Plans for Britain's largest hydrogen production hub get green light

The Cheshire West & Chester Council has approved Essar Energy Transition's (EET) plans to set up the first large scale, low carbon hydrogen production plant in the UK at the Stanlow manufacturing complex. "Consisting of two plants (HPP1 and HPP2), the hydrogen hub will enable local industrial and power generation businesses to switch from fossil fuels to low carbon energy. This will help reduce the North West's carbon emissions by 2.5 million tonne every year - the equivalent of taking 1.1 million cars off the roads," the company said in a statement. The hydrogen will be used locally by the Essar refinery and other major manufacturers in the region, including Tata Chemicals, Encirc and Pilkington to create the first low carbon refining operations, glass and chemicals manufacturing sites in the world. The EET hydrogen hub will help secure and grow vital industries, create jobs and unlock billions of pounds of related investment. EET will develop the hydrogen hub in phases with the .

Vibrant Gujarat Summit: TPREL plans to invest Rs 70,000 cr in Gujarat

Tata Power's arm Tata Power Renewable Energy Limited (TPREL) plans to invest Rs 70,000 crore for the development of 10,000 MW of renewable energy power projects in Gujarat. The company has signed a Memorandum of Understanding (MoU) with the Gujarat government in this regard at the ongoing 10th edition of Vibrant Gujarat Global Summit 2024 in Gandhinagar. These projects would generate 3,000 job opportunities, the company said in a statement. "The 10,000 MW renewable energy power projects comprise solar, wind, hybrid, Round The Clock (RTC), peak, and Firm and Dispatchable Renewable Energy (FDRE), covering an extensive 50,000-acre of encumbrance-free government land," it said.

ENGIE plans to invest Rs 17,200 cr to set up renewable projects in Gujarat

Pune-based ENGIE plans to invest Rs 17,200 crore for the development of 2.5 GW of renewable energy projects in Gujarat. The company has signed a MoU with the Gujarat government in this regard at the ongoing 10th edition of Vibrant Gujarat Global Summit 2024 in Gandhinagar. These proposed projects are in addition to the ongoing development of a 400 MW solar project at Surendernagar in Gujarat, ENGIE said in a statement on Thursday. "This MoU signifies an investment of Rs 17,200 crore along with creating 14,000 new jobs, reflecting ENGIE India's commitment to contributing to the region's socio-economic development," the company said. Amit Jain, Country Manager, ENGIE India, said, "Through this cooperation with the government of Gujarat, our goal is to play a significant role in advancing the state's renewable energy sector and thereby making substantial contributions to India's overarching clean energy objectives." The company is mainly into renewable power generation.

RIL, ACME, 7 others selected for govt sops to set up green hydrogen plants

Reliance Green Hydrogen and Green Chemicals, ACME Cleantech Solutions, and Greenko Zero are among the nine firms that have emerged as successful bidders for government's incentives for setting up facilities to produce up to 4.50 lakh tonnes of green hydrogen. On July 10, state-owned Solar Energy Corporation of India (SECI) had invited bids for selection of green hydrogen producers for setting up production facilities of 4,50,000 tonnes of green hydrogen under the Strategic Interventions for Green Hydrogen Transition (SIGHT) Scheme (Mode-1-Tranche-I). As many as 12 companies' bids were qualified for incentives to set up production facilities of 5,49,500 tonnes of green hydrogen, against the offered capacity of 4,50,000 tonnes. A SECI statement issued on January 9 showed Reliance Green Hydrogen and Green Chemicals Ltd has been selected to receive incentives for production of 90,000 tonnes of green hydrogen at a three-year average rate of Rs 18.9 per kg. Similarly, ACME Cleantech ...

Indo Petroleum Marketing to set up 100 fuel outlets; to start from Assam

Startup fuel retail firm Indo Petroleum Marketing (IPM) on Thursday said it will set up 100 fuel stations across the country within the next five years while starting its business from Assam. The Delhi-based company has already generated a net worth of Rs 250 crore to roll out its network to sell different types of fuel in the country. "IPM will set up retail outlets or petrol pumps across the country to undertake fuel sales to the public. In the first phase, we will set up 100 outlets within five years," IPM Founder Gyan Prakash Sharma told PTI here. He said that the firm is the first Petroleum and Natural Gas Ministry-authorized startup private Oil Marketing Company (OMC) to commence operations on the ground. "To begin our journey, we will start from Assam. We plan to set up five retail outlets in remote areas within the next two years. The first outlet will come up in Jorhat district", Sharma said. The company has already discussed its plans with the Assam government, which has

Pinewood Systems, Braithwaite partner to develop 500 MW solar project

Pinewood Systems on Wednesday announced that it has plans to develop a 500 MW solar power project in Maharashtra in partnership with state-owned Braithwaite & Co. While Pinewood Systems is an active investor in the renewable energy sector in India, Braithwaite & Co comes under Ministry of Railways. In a statement, Pinewood Systems said it has formed an executive team to develop the project. "We are dedicated to delivering a sustainable and impactful solution to meet the renewal energy demands of Maharashtra, in line with our commitment to clean and renewable energy sources," Pinewood Systems Chairman Satish Jha said. According to the statement, the primary objective is to adhere to the timeline set by Maharashtra State Electricity Distribution Company Ltd (MSEDCL).

National coal index declines 17.5% to 155.09 points in November 2023

Indicating sufficient coal availability in the market, the National Coal Index (NCI) dropped 17.54 per cent to 155.09 points in November 2023. The NCI was at 188.08 points in November 2022, the coal ministry said in a statement on Wednesday. This shows a strong supply of coal in the market, with sufficient availability to meet the growing demand. NCI is a price index that combines coal prices from all sales channels, including notified prices, auction prices and import prices. Established with the base year as fiscal 2017-18, it serves as a reliable indicator of market dynamics, providing insights into price fluctuations. "Similarly, the NCI for non-coking coal stands at 143.52 points in November 2023, reflecting a decline of 25.07 per cent, compared to November 2022, while Coking Coal stands at 188.39 points in November 2023, with a growth of 5.79 per cent compared to the corresponding period of last year," the statement said. The peak of NCI was observed in June 2022 when the i

Power equipment sector's order book charged up on transmission projects

Between April to December 2023, close to 35 projects worth Rs 60,000 crore were offered under tariff-based competitive bidding

TN global investors meet: Tata Power to invest Rs 70K cr in green units

Set to be firm's highest investment in any state

1,900 govt buildings solarised in J&K; 20,000 more to be covered by Dec'25

Nearly 1,900 government buildings have been provided with rooftop solar power plants in Jammu and Kashmir, where 20,000 remaining buildings will be solarized by the end of 2025, an official said on Saturday. Commissioner Secretary, Science and Technology, Saurabh Bhagat said the government offices have 22,494 registrations to their names across the Union Territory with a sanctioned load of about 486 megawatt. Bhagat was briefing a meeting chaired by Chief Secretary Atal Dulloo here to assess the preparedness for saturation of rooftop solar power plants on all the government buildings by December, 2025 in accordance with the target fixed by Prime Minister Narendra Modi at the recently concluded Chief Secretaries Conference in New Delhi, an official spokesman said. The commissioner secretary said nearly 1,900 buildings have already been solarized either by Jammu and Kashmir Energy Development Agency (JAKEDA) or other departments with a cumulative capacity of 27.61 MW till now. He sai