Page 3 - Energy

Govt asks industry players to invest in technology towards greener future

The government on Friday stressed on the importance of coal and lignite gasification projects in India's energy transition and urged industry players to invest in the technology towards a greener and cleaner future. Coal Secretary Amrit Lal Meena also stressed on the government's support to the industry through initiatives, including financing and incentives, for promotion of clean coal technologies, the coal ministry said in a statement. The secretary requested all the industry stakeholders to come forward and participate in the RFP process and share their valuable inputs, to make the process transparent and open, it added. Through strategic initiatives and policy frameworks, the Ministry of Coal aims to catalyze investments and technological advancements in coal/gasification projects, aligning with India's vision for a cleaner and energy-efficient future. Coal India Chairman PM Prasad elaborated on CIL's proactive initiatives and endeavours in the realm of gasification and ...

Govt is mulling listing of PSEs' green energy arms, says Dipam secretary

There is a lot of opportunity for subsidiary units of some of our important companies to come to the market, said Pandey

Crude oil prices decline as IEA flags slower demand growth this year

Brent crude futures fell 37 cents, or 0.5%, to $81.23 a barrel by 1008 GMT. U.S. West Texas Intermediate crude futures declined 44 cents, or 0.6%, to $76.20

Govt in talks with ministers of IEA member countries for full membership

Ministers from the International Energy Agency's member countries have begun talks with India on its application to become a full member of the Paris-based agency of 31 nations, IEA said on Wednesday. In a statement issued after IEA's 2024 ministerial meeting in Paris, the agency said the talks with India are in recognition of the country's "strategic importance" in tackling global energy and climate challenges. "The Ministerial gave the IEA a strong mandate to deepen cooperation with major emerging economies. This includes starting discussions with India on its request for full IEA membership," it added. India, which joined the IEA as an associate member in 2017, sent a formal request for full membership in October 2023. "Ministers recognised the 'strategic importance' of India in tackling global energy and climate challenges," IEA said. Addressing the meeting through video conferencing, Prime Minister Narendra Modi said India is the world's fastest-growing major economy. "Susta

GVK Power Q3 results: Net loss at Rs 77 crore, income more than halves

GVK Power and Infrastructure Ltd (GPIL) on Wednesday posted a consolidated net loss of Rs 77.39 crore during the third quarter ended December 2023, mainly due to lower income. It had clocked a net profit of Rs 3,402.47 crore in the October-December 2022 period, the company said in an exchange filing. The company's total income more than halved to Rs 154.82 crore over Rs 342.79 crore a year ago. Its expenses stood at Rs 225.97 crore against Rs 355.59 crore a year ago. GVK is an Indian conglomerate with diversified interests across various sectors, including energy, airports, transportation, hospitality and life sciences.

Siemens results: Profit grows 9% to Rs 506 cr in Dec qtr, order book up 10%

Siemens Ltd on Tuesday posted a 9.2 per cent rise in net profit at Rs 505.7 crore in the first quarter ended December 31 due to higher revenues. The company follows the October to September fiscal year. It had reported a net profit of Rs 462.7 crore in the October-December period of the preceding financial year, Siemens Ltd said in an exchange filing. Its total income rose to Rs 4,989.3 crore over Rs 4,116.8 crore a year ago. Expenses stood at Rs 4,311 crore as against Rs 3,495.7 crore in the first quarter of last fiscal. In a separate statement, the company said it has received new orders of Rs 5,971 crore in the first quarter, a 10 per cent increase over the same period of last year. The first quarter (result) includes significant gain of Rs 103 crore due to positive effects of foreign exchange and commodities, the company said. Sunil Mathur, Managing Director and Chief Executive Officer, Siemens Limited, said, "While strong revenues came in from our digital industries, smart

EESL inks initial pacts worth Rs 500 cr with state bodies, industries

State-owned Energy Efficiency Services Ltd (EESL) has inked initial pacts worth Rs 500 crore with key state bodies and industry partners at the India Energy Week, to formulate a framework for longstanding collaboration in key areas of energy efficiency. Ladakh Autonomous Hill Development Council, Leh (LAHDC), and Vidhya Pratishthan have partnered with EESL, the company said in a statement on Friday. The MoUs with the two entities, valued at Rs 300 crore and Rs 200 crore, respectively, focus on crucial aspects of energy efficiency, including lighting, clean cooking, space heating, renewables, e-mobility, cooling, and consultancy. According to the statement, the EESL, a joint venture of public sector undertaking under the Ministry of Power, has signed Memoranda of Understanding (MoUs) worth Rs 500 crore with key state bodies and industry partners at the India Energy Week 2024. The focus of the MoUs signed during the event is to formulate a framework for longstanding collaboration in

Govt saves $6 bn on Qatar LNG deal renewal, signs $78 bn pact for 20 years

India on Tuesday signed a USD 78 billion deal to extend LNG imports from Qatar by another 20 years till 2048 at rates lower than current prices. Petronet LNG Ltd, India's biggest liquefied natural gas (LNG) importer, in a statement said it has signed a pact with QatarEnergy to extend the deal to buy 7.5 million tonne a year of gas for producing electricity, making fertilizers and converting it into CNG. The deal was signed on the sidelines of India Energy Week (IEW) here. Sources said the renewal is at a "significantly" lower price than the current deal. At current prices, India will save about USD 0.8 per million British thermal unit at the renewed terms. This translates into savings of USD 6 billion over the contract period. Petronet imports 8.5 million tonne per annum (MTPA) of LNG from Qatar under two contracts. The first 25-year deal is to expire in 2028 and has now been extended for 20 additional years. The second deal for 1 MTPA entered into in 2015, will be negotiated ...

PM Narendra Modi to inaugurate India Energy Week in Goa on February 6

Energy Ministers from 17 nations to discuss energy issues at India Energy Week

US allies 'reassured' Biden LNG pause does not affect current exports

The U.S. is the world's top LNG exporter and Pyatt said the shipments will roughly double by the end of the decade as already approved projects ramp up

Adani Power inks pact to sell stake in 2 arms to AdaniConnex for Rs 540 cr

Adani Power on Thursday said it has inked an initial pact to sell 100 per cent equity in its two arms Aviceda Infra Park and Innovant Buildwell to AdaniConnex for Rs 540 crore. "Adani Power has entered into a Memorandum of Understanding (MOU) to sell its 100 per cent equity stake in its two wholly-owned subsidiaries i.e. Aviceda Infra Park Ltd (AIPL); and Innovant Buildwell Private Ltd (IBPL) to AdaniConnex Private Ltd (ACX)," a BSE filing said. Consequently, the AIPL and IBPL will cease to be wholly-owned subsidiaries upon completion of the sale, it added. The filing showed that the AIPL and IBPL are being sold for a consideration of Rs 190 crore and Rs 350 crore, respectively. AdaniConnex Private Ltd (ACX) is a 50:50 joint venture between Adani Enterprises, which is a promoter group company, and EdgeConneX. It is engaged in the business of developing world-class data centres and providing co-location hosting and ancillary services, including managed services, remote hands and fe

JSW Energy Q3 profit rises 28% to Rs 231 cr on demand boost, low fuel costs

India's electricity generation rose 8.7% year-on-year in the December quarter, which analysts attributed to festive activities and strong industrial demand

Waaree Renewable Technologies Q3 results: PAT more than doubles to Rs 64 cr

Waaree Renewable Technologies Ltd (WRTL) on Monday said its consolidated Profit After Tax (PAT) more than doubled to Rs 64.46 crore in the December quarter, aided by higher revenues. It had clocked a PAT of Rs 24.98 crore in the year-ago period, the company said in a statement. The company's total revenue in the third quarter of the ongoing fiscal rose to Rs 324.19 crore from Rs 73.88 crore. During the quarter, the company received 70 MW capacity ground mounted solar power project and its unexecuted order book stood at 749 MW as of December 31, Waaree Renewable Technologies Ltd, a subsidiary of the Waaree Group, said.

Previous govts had no policy to handle energy requirements: Hardeep Puri

Urbanisation and energy requirements were neglected by previous governments as the focus was more on rural development with the vision of India living in villages, said Union minister Hardeep Singh Puri on Saturday. The central minister for housing and urban affairs was speaking at the first edition of Pune Public Policy Festival at Gokhale Institute of Politics and Economics. As people started migrating to urban areas from semi-urban pockets for job opportunities, the economic calculation started going wrong since the previous governments did not have an urban policy in place, a media release said quoting the minister. The cumulative spent on urban space by the central government was about Rs 1,57,000 crore between 2004 and 2014. After 2014, we realised the challenges in urbanisation and we saw an opportunity in it, he said. The current government has increased its urban spent by 11 times, Puri said. Today, we are spending about Rs 18 lakh crore for this purpose. This expenditure

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

Rs 16.93 trn investment in power, RE since 2014, Rs 17.05 trn in pipeline

A whopping investment of Rs 17.05 lakh crore is in the pipeline in power and renewable energy sector, which has attracted around 16.93 lakh crore of investment since 2014, Union minister R K Singh said on Monday. As much as 80 GW of thermal power generation capacity is under construction which we will have by 2030, Singh told reporters, adding that about 99 GW of renewable energy is under construction, at present. Briefing reporters on new rules called Electricity (Amendment) Rules 2024, Singh said that as much as Rs 16.93 lakh crore has been invested in power and renewable energy sectors so far. The Rs 16.93 lakh crore investment includes Rs 11.2 lakh crore in sectors like generation, distribution and transmission while Rs 5.73 lakh crore in the renewable energy sector, the minister explained. He further stated that an investment of Rs 17.05 lakh crore is in the pipeline in the power and renewable energy sectors. The minister said that Rs 7.4 lakh crore would be invested in the

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 .

India, UAE ink pact for possible energy grid connectivity between 2 nations

India and the United Arab Emirates have signed a deal to explore the establishment of grid connectivity between the two countries, Foreign Secretary Vinay Kwatra said on Wednesday. Kwatra said the deal is part of a total of four memorandums of understanding signed between New Delhi and Abu Dhabi in the ongoing Vibrant Gujarat Global Summit, Kwatra said. He said one of the pacts is on renewable energy, which also includes green hydrogen and solar. "There is an inherent thought of possible grid connectivity between India and the UAE in that space," the foreign secretary told reporters as he was speaking about the agreements signed between the two countries. He, however, did not share any more details on the grid connectivity. A September 15, 2023 news report quoted Minister of New and Renewable Energy R K Singh as saying that the UAE is interested in having such connectivity with India which will be subsea. The comments came after India signed a similar pact with Saudi Arabia in ..

Gujarat govt signs deals worth $86 billion ahead of investment summit

The home state of Prime Minister Narendra Modi has been signing these agreements ahead of its biennial Vibrant Gujarat Global Summit

India Energy Week 2024 to be held in Goa, 35,000 participants expected

The debut edition of IEW was held in early 2023