Page 2 - Power Companies

CESC Q3 net profit falls 10% to Rs 301 crore due to higher expenses

Power utility CESC Ltd's consolidated net profit dipped over 10 per cent to Rs 301 crore in the December quarter, mainly due to higher expenses. Its consolidated net profit was Rs 336 crore in the quarter ended December 2022, a BSE filing showed. The total expenses rose to Rs 3,497 crore in the quarter under review from Rs 3,141 crore in the year-ago period. The company's total income rose to Rs 3,301 crore in the quarter against Rs 3,224 crore a year ago. The Board has declared an interim dividend of Rs 4.50 per equity share (i.e., 450 per cent) on the paid-up equity share capital of the company. The record date to ascertain the eligibility of members to receive the said interim dividend is February 1, 2024. The Board, in its meeting on Friday, also approved the appointment of Arjun Kumar as a non-executive director in the category of an Independent Director of the company for a term of five years with effect from January 19, 2024. Kumar is not related to any Director of the co

Rajasthan CM Sharma flags power companies' debt burden of Rs 90,000 cr

Rajasthan Chief Minister Bhajan Lal Sharma on Monday said power companies in the state have a debt of about 90,000 crore and a large portion of the budget is going towards repaying this debt. He said the state has immense natural resources in the field of renewable energy. "With proper policy formulation and implementation in this area, the Energy Department can generate resources and employment on a large scale for the development and bright future of the state," Sharma said. He said self-reliance in energy production is very important to provide relief to the common people through various public welfare schemes. Sharma was addressing the review meeting of the Energy Department at the Chief Minister's Office on Monday. He directed the officials to prepare a road map for the future keeping in mind the energy needs of the state. The focus of the department should be on giving real and concrete results instead of manipulation of data, he said. The chief minister said it should be .

India's power consumption grows 8.5% to 119.64 bn units in November

The country's power consumption grew nearly 8.5 per cent to 119.64 billion units (BU) in November, showing a surge in electricity demand due to festivities and increased economic activities. In the year-ago period, power consumption stood at 110.25 BU, higher than 99.32 billion units recorded in November 2021, according to the government data. The peak power demand met -- the highest supply in a day -- rose to 204.60 GW in November. The peak power supply stood at 187.34 GW in November 2022 and 166.10 GW in November 2021. The power ministry had estimated the country's electricity demand to touch 229 GW during summer. The demand did not reach the projected level in April-July due to unseasonal rain. The peak supply, however, touched a new high of 224.1 GW in June before dropping to 209.03 GW in July. Peak demand touched 238.19 GW in August. In September this year, it was 240.17 GW. The peak demand was 222.16 GW in October 2023. Industry experts said power consumption was affected

PTC to divest 100% equity in energy arm for Rs 2,021 cr enterprise value

Power trading solution provider PTC India on Thursday said the company will divest its 100 per cent equity stake in its arm PTC Energy to state-owned upstream firm ONGC for an enterprise value of Rs 2,021 crore. "Bid submitted by ONGC is an all-cash bid of Rs 925 crore for acquiring PTC's 100 per cent equity stake in PTC Energy Ltd, which corresponds to an enterprise value (i.e. the sum of outstanding debt and equity value) of Rs 2,021 crores, subject to adjustments on the date of transaction closure as per the bid format," PTC India stated in a BSE filing. This is to further our intimation filed to the stock exchanges and to clarify some media reports regarding PTC's stake sale in PTC Energy Ltd (PEL), it stated. The company had invited bids for selling a 100 per cent equity stake in PTC Energy. ONGC emerged as the successful bidder with a cash bid of Rs 925 crore. PTC Energy was established in August 2008 as a subsidiary of PTC India to play a pivotal role in India's emerging ene

Undeterred by ESMA, power company employees continue to strike in MP

Thousands of employees of electricity companies in Madhya Pradesh have defied the Essential Services Maintenance Act (ESMA) to continue their agitation to press for their demands, including an end to the privatisation of the power sector in the state. A top government official asserted that alternative arrangements have been put in place and there is no hindrance in power supply in the state. The government clamped ESMA two days ago, the senior official said. ESMA is aimed at ensuring the delivery of certain essential services like public transport, health and power and prohibits employees involved in these key services from striking work. Those defying ESMA may faction action as per the rules. The agitating employees belong to six organisations involved in electricity generation, transmission, distribution and power management in MP. According to VKS Parihar, president of the United Forum for Power Employees and Associations, about 30,000 engineers and other employees of these ...

Kerala govt urges CERC to reinstate cancelled contracts in power sector

In a bid to meet the electricity requirements of Kerala, the state government on Wednesday decided to urge the Central Electricity Regulatory Commission to reinstate contracts in the power sector that it previously denied permission to. The decision was taken at a state cabinet meeting chaired by Chief Minister Pinarayi Vijayan. The state government said it would give this direction to the Central Electricity Regulatory Commission under Section 108 of the Electricity Act. State Power Minister K Krishnankutty said that the key regulator is legally bound to follow the direction of the state government. "If the direction is being given invoking Section 108 of the Electricity Act, then they are legally bound to accept the direction. We also have the provision for an appeal," Krishnankutty told PTI. In a statement, the CMO said the decision was taken considering public interest and to ensure that the state would not experience a power crisis. Meanwhile, the Kerala State Electricity Bo

Govt asks regulator CERC to begin process for coupling power exchanges

The power ministry has asked Central Electricity Regulatory Authority (CERC) to initiate the process of coupling multiple power exchanges, a mechanism which seeks to ensure uniformity in price discovery of energy at trading platforms. At present India has three power exchanges -- Indian Electricity Exchange (IEX), Power Exchange of India (PXIL) and Hindustan Power Exchange (HPX). In the present scenario, buyers and sellers at each exchange do trading of electricity and discover spot price separately at these exchanges. After coupling of exchanges, the price discovery would be uniform. In a communique to the power regulator CERC, the ministry said, "Several stakeholders approached the Ministry of Power on the subject of market coupling in the context of multiple power exchanges. "The ministry of power has decided to go ahead with the process...CERC is requested to take suitable action, so that the process of consultation and the finalisation of the construct for its implementation i

Steel, power cos bag major slice of blocks auctioned in 6th coal auctions

Steel, power and cement companies have bagged a sizable number of blocks auctioned under the sixth round of commercial coal auctions. As per an official note, JSW Steel has won Banai and Bhalumunda mines in Chhattisgarh, another block Parbatpur Central and Sitanala mines in Jharkhand, while JSW Cement bagged Marwatola - VI mine in Madhya Pradesh (MP). Jindal Power won Gare Palma Sector - I, Gare Palma IV/2 and Gare Palma IV/3 coal mines located in Chhattisgarh. Rungta Sons Private Limited has bagged Sakhigopal B Kankili and Chhendipada (Revised) blocks in Odisha, and Choritand Tiliaya in Jharkhand. RCR Steel Works won Patal East (Eastern Part) located in Jharkhand, Orissa Metallurgical Industry has secured Kagra Joydev mine in West Bengal. Cement companies Ambuja Cements Limited won Dahegaon-Gowari mine in Maharashtra, Ultratech Cement got Arjuni East in Madhya Pradesh, Dalmia Cement (Bharat) won Mandla North in Madhya Pradesh, Rama Cement Industries got 1 Marwatola VII mine in

Gencos with high input cost allowed to sell power at up to Rs 50 per unit

Power generating companies that incur high variable costs due to fuel expenses and other charges will soon able to sell electricity at a price of up to Rs 50 per unit on energy exchanges. The relaxation in norms by the Central Electricity Regulatory Commission (CERC) will provide relief to three category of power generating companies (gencos) -- those running their plants on expensive natural gas (RLNG), imported coal and using Battery Energy Storage System (BESS). At present, there is a price ceiling of Rs 12 per unit in the Day Ahead Market (DAM) on the energy exchanges. With the ceiling, gencos having high variable costs for operating their plants are generally not keen on selling electricity on the energy exchanges and this in turn results in stranded power generation capacity. Against this backdrop as well as the upcoming summer season, the CERC, earlier this month, allowed the introduction of a new segment -- High Price Day Ahead Market (HP-DAM) -- on the energy exchanges ...

Proposed UP power hike will hit common man: Akhilesh slams UP govt

Samajwadi Party (SP) president Akhilesh Yadav has slammed Uttar Pradesh government's proposal for a 23 per cent hike in power tariff

Power demand to fall in H2, gencos' receivables to go up: Fitch Ratings

The LPS Rules regulate access to power in case of non-payment of dues by discoms to gencos

JSPL acquires Monnet Power for Rs 410 cr through insolvency process

Monnet Power has a 1050 MW under-construction plant in Odisha's Angul

Turkish inflation tops 85% driven by surge in food prices, energy costs

Turkish annual inflation accelerated for the 17th month in a row in October, driven by a surge in food prices and energy costs, to its likely peak during President Erdogan's two decades in power

Valuations factor in multiple positives for Power Grid Corporation

Brokerages are positive given growth prospects, falling debt levels and high dividends

Pvt players will benefit: Workers federation leader slams electricity bill

The Electricity Amendment Bill 2022 tabled in Parliament in August will benefit private players and hurt common citizens, a senior functionary of an employees' outfit said on Saturday. Mohan Sharma, national general secretary of All India Federation of Electricity Employees, said the Bill will stop power subsidy to famers and common consumers. "While private companies will supply electricity to commercial consumers, the government distribution companies will suffer losses by providing subsidised electricity to farmers and common consumers. As a result, state-run power firms will become loss-making companies," he claimed. The Bill, which was introduced in the Lok Sabha on August 8, was referred for scrutiny to the Parliamentary Standing Committee on Energy on the same day. A few days ago, Union Power Minister RK Singh had told PTI "we hope we will be able to bring the Electricity Amendment Bill 2022 for consideration and passage in the Winter Session of Parliament".

Sembcorp Industries sells India unit to Tanweer Infra $1.47 billion

By 2025, Sembcorp aims to quadruple its gross installed renewable energy capacity to 10 Gw

Finnish govt proposes 10 bn euro crisis package for energy companies

"The state could grant loans or guarantees on a case-by-case basis to companies whose continued operations are critical to the functioning of society," said Prime Minister Sanna Marin

NTPC floats tender to raise Rs 5,000-cr term loan, bids invited till Aug 31

"We hereby seek participation of Banks/FIs (Financial Institutions) for the subject RFP (Request For Proposal for raising Rs 5,000 crore term loan)," a document said.

Saudi Aramco profit surges to another record on bumper oil market

Saudi Aramco posted the biggest quarterly adjusted profit of any listed company globally driven by high crude prices and production

Distressed discoms, high demand: What is ailing India's power sector?

Indian states and union territories (UTs) owe over Rs 1 trillion to the gencos and Rs 62,931 crore to the discoms