Energy Sector

Foreign portfolio investors pull out Rs 11k cr from energy, finance, IT

Turn their attention to capital goods, construction, FMCG, consumer durables in March

India's coal plant commissioning slowed, but new proposals persist: Survey

India continued to send mixed signals about its future coal use, as new plant commissioning slowed to their lowest in years, but plans for new projects persist and no clear retirement plans

Indian Energy Exchange trade volume dips 4% YoY to 9212 mn units in March

Indian Energy Exchange's total trade volume declined by 4 per cent to 9,212 million units (MU) in March compared to the same month a year ago. On a month-on-month basis, the trade volume rose by 12 per cent, a statement said. Indian Energy Exchange achieved 9,212 MU overall volume in March 2023, including green market trade of 391 MU, 8.69 lac RECs (equivalent to 869 MU) and 22,881 ESCerts (equivalent to 23 MU), a statement said. The (average spot power) price during March 2023 was Rs 5.25 per unit, lower 23 per cent on MoM basis, due to cooler weather conditions, it explained. The IEX achieved 26,052 MU volume across all segments during Q4 FY '23 (January-March 2023), growing 7 per cent over the previous quarter. Cumulatively for the fiscal year 2023, the IEX traded 96.8 BU (billion units), a degrowth of 5 per cent YoY basis, despite a highly constrained sell-side liquidity, which led to the price increasing by 35 per cent on YoY basis, it explained. The Day-Ahead Market (DAM)

SWELECT Energy launches solar module manufacturing unit in Tamil Nadu

SWELECT Energy Systems Ltd, formerly Numeric Power Systems, engaged in production of solar photo-voltaic module has launched its solar module manufacturing unit in Tamil Nadu, the company said on Friday. With the launch of the new facility at Sarkarsamakulam, located on the outskirts of the city, SWELECT supersedes its 140 MW facility established in 2013 in Bengaluru. The production at the manufacturing unit would be scaled upto 595 MW from the initial 385 MW, managing director R Chellappan said here. The company, which holds five per cent market share, has installed about 3,800 solar roof tops, 6,000 water pumps, he told reporters. According to company website, it has a fully automated photovoltaic manufacturing unit at Dabaspet in Bengaluru. The company operates a 140 MW class one lakh dust-free clean room, world-class photo-voltaic solar technologies manufacturing plant with research and development facility. SWELECT also boasts of a 'Balance of Systems' manufacturing unit in S

OilMin accepts all major Kirit Parikh panel recommendations on gas pricing

Final cabinet note being prepared, but Finance Ministry yet to submit comments on key issues

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

Viraj Profiles with Avaada Energy to set up 100 MW solar plant in Maha

Stainless steel maker Viraj Profiles along with Avaada Energy will set up a 100 MW solar project in Tarapur, Maharashtra. The aim is to make the captive project operational by February 2024, Viraj Profiles said in a statement on Friday. The company did not disclose financial details of the project. According to industry estimates, an investment of about Rs 5 crore is required to set up every 1 MW of solar capacity. Once commissioned, the plant will generate about 207 million units of green energy per year, which will offset approximately 182 million kilos of CO2, the statement said. "Viraj Profiles along with Avaada Energy shall set up a special purpose vehicle (SPV) to build the 100 MW captive solar plant," it said. The power generated will be used for captive consumption by Viraj Profiles' stainless steel unit in Tarapur, reducing its dependence on conventional sources by 50 per cent.

Charts signal bearish trend for Nifty Pharma in near-term: Ravi Nathani

According to the technical analyst, traders must adopt 'sell-on-rise' strategy for Nifty Pharma, Nifty Energy, and Nifty Midcap 100 indices

Energy industry needs investment to meet global demand: OPEC Chief

He said the oil and gas industry, which will retain its share as a critical component of the energy mix, must transform and decarbonize operations

New thermal plants: A reality check

The quest to secure India's energy future should not lead to suboptimal policy solutions

'Buy-on-dips' strategy suitable for Nifty MidCap 50, suggests Ravi Nathani

According to the technical analyst, traders must adopt 'buy-on-dips' strategy for Nifty Energy, Nifty Commodities, and Nifty MidCap 50 indices

Renewable energy firms missing deadlines to be blacklisted for 3-5 years

Senior executives, however, pointed out that the encashment of bank guarantee in case of default was always part of the tender document issued by central government agencies

Essar on a new path of growth, to invest in energy, steel, mining sectors

Armed with substantially lighter balance sheet after repaying Rs 2 lakh crore debt, Essar is embarking on the next phase of growth by investing in hydrogen projects, building LNG import facility and retail chain, and setting up steel plants. Prashant Ruia, director, Essar Capital Ltd, said Essar currently owns businesses in the core sectors of energy, metals and mining, infrastructure, services and technology and its future plans centre around them. It is looking to set up steel plants in Odisha and Saudi Arabia and a facility to import liquefied natural gas (LNG) at Hazira in Gujarat. In the UK, where it owns an oil refinery, the group is setting up a blue hydrogen plant and is exploring opportunities to set up a green ammonia unit in India. Essar has set up a unit to retail LNG to trucks and will set up a chain of outlets dispensing the environment-friendly fuel. "We have completed what is certainly the one of the biggest, if not the biggest, deleveraging exercise by repaying Rs

ONGC aims to raise output over next two fiscals, says exploration director

In what may come as relief amid growing uncertainty over availability of petroleum products across the world in the aftermath of Russia-Ukraine war, India's largest explorer ONGC plans to raise its

PM asks investors to explore investment opportunities in energy sector

Prime Minister Narendra Modi on Monday urged global investors to explore investment opportunities in the country's energy sector, saying India is the most opportune place at present. Modi in his inaugural address at the India Energy Week 2023 said the Budget (for 2023-34) has provided Rs 10 lakh crore for capital expenditure, which will give a boost to green hydrogen, solar power and road sectors. "I ask you to explore all opportunities connected with India's energy sector. India is the most opportune place for investment today," he said at the India Energy Week, which is being attended by several ministers, corporate leaders and experts from different nations. The Prime Minister also recalled several initiatives taken by the government to promote green energy and make India net zero by 2070. The budget 2023-24 has provided Rs 35,000 crore to the petroleum and natural gas ministry for achieving the net-zero target. India Energy Week 2023 is the first major event of G20 under India

Challenge to energy security, access should be deliberated upon: R K Singh

Union Power Minister R K Singh on Sunday said discourse on energy transition needs to be expanded, and stressed upon deliberation on challenges such as energy security and access. He was speaking to reporters on the sidelines of the first energy transitions working group (ETWG-1) meeting, under G20 India Presidency here. Stating that the meeting is in preparation of a G20 declaration which is energy, Singh said, "It is the most critical aspect today, as you cannot develop without energy. Development means energy." At the same time, there is a climate crisis and the world needs to ensure that emissions are brought down in order to restrict global warming to below two degrees centigrade, which is achievable, he said in the conference that the different challenges for energy transition like technology, finance, supply chain would be looked at, as they are critical. Stressing the need to expand the discourse, the Minister said one cannot talk about energy transition alone, and there i

Rs 35K cr for energy transition: Energy sector awaits disbursement details

No decision has been taken on how to utilise this money for green initiatives and the government is yet to come out with any guidelines too

PM prioritising energy sector in northeast: Union minister Hardeep Puri

The prime minister's priority is to put the region on a high growth trajectory and he is putting great emphasis on the energy sector: Puri

PM Modi always prioritised energy sector of Northeast: Hardeep Singh Puri

Prime Minister Narendra Modi has always prioritised the energy sector of the North East, Petroleum and Natural Gas Minister Hardeep Singh Puri said here on Monday. The prime minister's priority is to put the region in the high growth trajectory and as such he is putting great emphasis on the energy sector, Puri said while participating at the run-up to the India Energy Week event here tonight. Without giving any detail, the Union minister said several big projects in the sector are also in the pipeline in the region. The Petroleum and Natural Gas minister was also present at the signing of the Memorandum of Understanding (MoU) between Numaligarh Refinery Limited (NRL) and the Assam government to set up three bamboo nurseries that were signed on the occasion. Each nursery will cover an area of five hectares to accomplish secondary hardening of tissue-cultured bamboo saplings and will be set up in Golaghat, Nagaon and Sonitpur. The three bamboo nurseries will generate saplings that

Transition to more inclusive, sustainable energy system needed: RK Singh

Union Minister R K Singh on Tuesday said a transition to a more inclusive, sustainable, affordable and secure global energy system is imperative