Energy Industry

Indian Energy Exchange commences trade on high price day ahead market

Indian Energy Exchange on Friday said it has commenced trade in the High Price Day Ahead Market segment to provide a new avenue of high variable cost electricity generators like imported coal and gas-based projects. "IEX, India's premier energy exchange, today announced the commencement of trade in the High Price Day Ahead Market (HP-DAM) segment," an IEX statement said. The Central Electricity Regulatory Commission (CERC) in its order dated February 16, 2023, approved the introduction of HP-DAM in the Integrated Day Ahead Market segment in the power exchange. This will provide a new avenue to the high variable cost generators which may not have been able to participate in DAM due to the existing price ceiling of Rs 12/kWh or unit, it explained. The HP-DAM segment was launched by Union Power Minister RK Singh during a webinar held on March 9, 2023. Speaking at the launch of HP-DAM, the minister said that it is a step towards reforming the evolving power market by meeting the curre

Power Grid Corporation board approves investments of about Rs 4,071 crore

State-owned Power Grid Corporation's board has approved investments of nearly Rs 4,071 crore for two transmission projects in the country. "Board of Directors of POWERGRID in their meeting held on 6th March 2023, have accorded investment approvals," a BSE filing said. The board has approved the transmission system for Kurnool Wind Energy Zone/ Solar Energy Zone (AP) -- Part-A & Part-B -- at an estimated cost of Rs 3,546.94 crore, scheduled to be commissioned by November 2024. It has also approved the Eastern Region Expansion Scheme-XXIX (ERES-XXIX) at an estimated cost of Rs 524.04 crore, scheduled to be commissioned by November 2025.

Genesis, IGL to invest Rs 110 cr to set up meter manufacturing plant

Genesis, an arm of Vikas Lifecare Limited (VLF), has inked a pact with Indraprastha Gas Limited (IGL) to set up a meter manufacturing plant at an estimated cost of Rs 110 crore. The unit will be set up through a joint venture company, VLF said in a statement on Monday. Genesis Gas Solutions Pvt Ltd (Genesis) has entered into a JV agreement with IGL to set up a smart meter manufacturing plant with a capex of Rs 110 crore, it added. "The unit will manufacture diaphragm gas meters equipped with IoT technologies like LoRa, LoRaWAN, Bluetooth, NFC, NB-IoT etc.," the statement said. Initially, the smart meter plant will have an installed capacity to manufacture one million meters annually. In the JV, IGL and Genesis will have equity participation in the ratio of 51:49. The unit is expected to be operational by April 2024. Vikas Garg, Chairman of Vikas Group & Director Genesis, said the JV will be a game changer. It will also aim to tap the demand in the international market, besides .

Thermax profit after tax up 59% y-o-y to Rs 126 cr in Dec quarter

Energy and environment solutions provider Thermax on Tuesday posted a 59 per cent jump in its net profit to Rs 126 crore in the December quarter mainly due to higher revenues. "Profit after tax (PAT or net profit) stood at Rs 126 crore, up 59 per cent as compared to Rs 79 crore in the corresponding quarter of FY 2021-22," a company statement said. For the third quarter of FY 2022-23, Thermax posted a consolidated operating revenue of Rs 2,049 crore in the quarter compared to Rs 1,615 crore in the same period a year ago. The profitability was driven by good performance in all three segments - Energy, Environment and Chemical; last year's margins were affected by higher commodity and freight costs, which have now stabilised, the company said. As of December 31, 2022, Thermax Group had an order balance of Rs 9,859 crore. The order booking for the quarter was 10 per cent lower at Rs 2,204 crore compared to Rs 2,462 crore in the same period year ago. The order book last year was highe

Japan eyes delay of Fukushima nuclear power plant water release: Report

Japan has revised the timing of a planned release to the sea of treated but still radioactive wastewater at the Fukushima nuclear power plant to around spring or summer", indicating a delay from the initial target of this spring, after factoring in the progress of a release tunnel and the need to gain public support. The government and the plant operator, Tokyo Electric Power Company Holdings, announced in April 2021 a plan to begin releasing the treated wastewater into the sea starting in spring 2023. They say more than 1 million tons of water stored in about 1,000 tanks at the plant are hampering its decommissioning and risk leaking in the event of a major earthquake or tsunami. Under the current plan, TEPCO will transport the treated water through a pipeline from the tanks to a coastal facility, where it will be diluted with seawater and sent through an undersea tunnel, currently under construction, to an offshore outlet. The company has acknowledged the possibility of rough win

Energy breakthrough

Commercial nuclear fusion may still be decades away

Uttar Pradesh sets a target of Rs 40,000 cr investments in energy sector

The steep proliferation in the state energy demand is attributed to the projected setting up of new industries and manufacturing plants over the next five years

China's Xi vows to buy more oil from Mideast countries as US focus wanes

Chinese leader Xi Jinping vowed on Friday to import more oil and natural gas from energy-rich Gulf Arab states while not interfering in their affairs, likely seeking to cast Beijing in a more favourable light than Washington as America's attention in the region wanes. Xi also urged the Arab countries to conduct energy sales in the Chinese yuan, potentially divorcing the U.S. dollar from transactions in a region where the United States still stations thousands of troops across a network of local bases as a hedge against Iran. China's hands-off approach could appeal to leaders such as Saudi Crown Prince Mohammed bin Salman, who stands ready to rule the oil-rich kingdom for possibly decades, even after facing widespread international criticism over the killing of Washington Post columnist Jamal Khashoggi and the still-raging war in Yemen. During Xi's visit to Saudi Arabia this week, the prince himself welcomed him to a meeting of the clubby Gulf Cooperation Council, and later to a wide

India's gas reliance grows as Europe cuts down on energy consumption

India's demand for the fuel has slumped 5 per cent in the April-September period of FY23 to 31.5 billion cubic metres from a year ago, after rising 5 per cent 2021-22

JSW Energy Q2 net up 37% to Rs 466 cr; Parth Jindal joins board

Revenue up 16% YoY to Rs 2,596 cr; finance cost rises by 7% due to additional borrowings for ongoing capex

Fears over Russian threat looms on Norway's energy infrastructure

Norwegian oil and gas workers normally don't see anything more threatening than North Sea waves crashing against the steel legs of their offshore platforms. But lately they have noticed a more troubling sight: unidentified drones buzzing in the skies overhead. With Norway replacing Russia as Europe's main source of natural gas, military experts suspect the unmanned aircraft are Moscow's doings. They list espionage, sabotage and intimidation as possible motives for the drone flights. The Norwegian government has sent warships, coastguard vessels and fighter jets to patrol around the offshore facilities. Norway's national guard stationed soldiers around onshore refineries that also were buzzed by drones. Prime Minister Jonas Gahr Stre has invited the navies of NATO allies Britain, France and Germany to help address what could be more than a Norwegian problem. Precious little of the offshore oil that provides vast income for Norway is used by the country's 5.4 million inhabitants. ..

Energy stockpiling in overdrive soothes worries of winter shortfall

Europe's natural gas storage sites are about 92% full, above the the five-year average of 87.6%. Germany has hit 95%, a level it aimed to reach by Nov. 1

MoUs, LoIs worth Rs 10.4 trillion signed ahead of Rajasthan summit

Energy sector has emerged as the main investment sector with 57 per cent of the proposed being implemented.

Nations must regulate, invest in clean energy to bring down costs: Report

Governments must deliberately use public investment and regulation to rapidly scale-up clean energy technologies to bring down costs, achieve global climate goals and boost economies worldwide

German Chancellor Olaf Scholz betting billions of euros on securing energy

Scholz's strategy adds pressure on the country's finances at a time when Germany already risks tipping into recession

Rajasthan to tap solar energy to fulfil electricity demand in agri sector

Rajasthan's solar generation potential has been assessed at 142 Gw. The state government plans to harness this potential systematically and has set an ambitious target of 30 Gw capacity by 2024-25

Windfall profit taxes are pure economic populism and thus bad policy

Germany's government just became the latest to ingratiate itself with angry voters by promising a windfall tax on energy companies

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

India among leaders in annual renewable energy investment: UN report

The report mentions WFP estimates of an increase of 47 million acutely hungry people in 2022 across 82 countries due to the lingering effects of Covid-19 and the continuing Russian-Ukraine war

IL&FS sells 2 firms in energy business for Rs 77.5 cr to reduce debt

IEDCL sold 27.75 per cent of its stake in Urjankur Nidhi Trust, where Maharashtra Energy Development Agency has a 50 per cent stake and Shree Datta Shetkari Sakhar Karkhana Ltd holds 22.25 per cent.