Page 3 - Power Sector

Suzlon Energy's Rs 1,200-crore rights issue oversubscribed by 1.8 times

Suzlon Energy on Thursday said that its Rs 1,200-crore rights issue has been subscribed by 1.8 times. "The (rights) issue resulted into subscription of 435.46 crore shares resulting into oversubscription by 1.8 times. The issue period was from October 11, 2022 to October 20, 2022," a company statement said. Suzlon Energy Ltd, one of India's top manufacturers in the wind component manufacturing segment as per capacity and one of the top renewable O&M service providers in India as per capacity serviced, announced the successful closure of the issue of 240 crore partly paid-up equity shares on rights basis to the eligible equity shareholders. According to the statement, the issue size was 240 crore partly paid-up equity shares for cash, at a price of Rs 5 per rights equity share (including a premium of Rs 3 per rights equity share) aggregating up to Rs 1,200 crore on a rights basis in the ratio of 5 rights equity shares for every 21 fully paid-up equity shares. The funds raised via .

CII urges govt to consider lowering freight, power costs for exporters

Industry body CII on Thursday suggested the government a number of measures, including lowering freight and power costs for exporters and setting up a shipping regulator, to promote outbound shipments. CII National Committee on EXIM Chairman and Patton Group's MD Sanjay Budhia also asked for fast-tracking establishment of an export promotion body. There is also a need to do an internal export promotion and marketing exercise to get more businesses on the export markets, he said at the CII's national exports summit here. "Can we consider lower freight and power costs for exporters? It is not required to have subsidies but calibrated rates so that exporters are not cross subsidising other consumers. In this regard, including electricity costs under GST could be a way out to lower tax incidence," Budhia said. He added that the government can consider a carve-out under the national logistics policy for investments in trade-related infrastructure. States should be encouraged to work on

Tamil Nadu power utility plans importing 22 MT coal to meet requirements

The Tamil Nadu Generation and Distribution Company will be importing 22 lakh metric tonnes of coal during the current financial year. Of this 7.2 lakh MT of coal will be imported in February 2023

Coal revival may push power sector's carbon emissions to record high

The jump in fossil fuel use pushed emissions from electricity production up 1.7%, or 133 million tons, in the first eight months of this year, climate think-tank Ember said in a report

Amended Electricity Act 2022 sparks debate: States feel 'powerless'

State governments - specifically those run by Opposition parties - claim that the amendments will curtail their powers, especially relating to subsidies given to the farm sector

Corporatisation of power, agri sectors will be disastrous: K T Rama Rao

The Centre is trying to privatise power and agriculture sectors which will have disastrous impact on farmers and others, Telangana Minister for IT and Industries K T Rama Rao has alleged. Speaking to reporters in Siricilla on Thursday, he said if the Electricity (Amendment) Bill brought in by the Central government turns into an Act, farmers would lose free power, Scheduled Caste members, Scheduled Tribe persons, poultry farmers, washermen, barbers, weavers, and others will have to bid goodbye to power subsidies. Rama Rao reiterated Chief Minister K Chandrasekhar Rao's stand against the reforms in agriculture and power sectors, and reminded the state government's resolution passed in the state assembly against the Bill. "Telangana is a state where farmers cultivate lands relying on power supply. The state has 26 lakh pump sets. What would be the fate of farmers if free power is not supplied?" he asked. Crops are grown across 1.35 crore acres in Telangana. An additional 50 lakh acre

How small modular nuclear reactors may help India to meet energy goals

The adoption of the SMR route could also end the difficult route of developing nuclear technology India has been attempting since the 1950s

India plans to set up strategic gas reserve amid global energy crisis

Amid a deepening global energy crisis, India is planning to set up a strategic gas reserve on the lines of its strategic petroleum reserve (SPR)

Servotech sets up Techbec Industries to make batteries, allied activities

Servotech Power Systems on Friday said it has incorporated a subsidiary, Techbec Industries Ltd, for manufacturing batteries, particularly lithium-ion batteries, and other allied activities. Servotech Power Systems will be the holding company of Techbec Industries Ltd (TIL) and would hold 63.5 per cent share capital in the newly established battery manufacturing entity, the company said in a regulatory filing. The new subsidiary has been incorporated with the authorised capital of Rs 10 Lakh, the filing added. "India must produce its own lithium-ion batteries in order to achieve its EV (electric vehicles) goals without importing any," Raman Bhatia, Founder and Managing Director, Servotech Power Systems said in the statement. The newly launched subsidiary will be an integrated battery storage solution in the market, facilitating its goal of indigenizing battery manufacturing for EVs, E-rickshaws, and varied solar-powered solutions, he said. TIL intends to bring specific focus to ..

RPower, subsidiary to raise debt of up to Rs 1,200 cr from Varde Partners

Reliance Power and its subsidiary have inked a pact with Varde Partners for availing debt of up to Rs 1,200 crore. In a regulatory filing, Reliance Power said the company and its subsidiary have entered into a indicative Memorandum of Understanding (MoU) with Varde Partners for availing debt of up to Rs 1,200 crore (USD 150 million) "for settlement and discharge and/or acquisition and restructuring of certain financial debt availed by Reliance Power." Varde Partners is a leading global alternative investment firm specializing in credit and credit-related assets. The drawdown of the debt will be subject to finalization and execution of binding documents and all requisite approvals including regulatory approvals as per applicable rules/ laws/ regulations, the filing added. The stock exchanges will be updated once the terms of the proposed financing are finalised and the definitive documents in relation to the proposed financing are executed, it further said. Reliance Power Ltd, a pa

Suzlon Energy freezes at 20% upper circuit on heavy volumes

As of 10:08 AM, a combined 228 million equity shares had changed hands in less than hour of trades with pending buy orders for around 45.83 million shares on the NSE and BSE.

Power exchanges clock growth despite pending discom dues worth Rs 1.32 trn

A third player starts operations, pointing to the potential of this nascent business

Financial crisis: TN power utility cracks whip on default local bodies

Officials with the financial department of Tangedco told IANS that an amount of Rs 1,800 crore was due from local bodies of the state

Sector majors line up for power ministry's 10 mn smart meter tender

The first phase of the tender is for procurement of 25 lakh meters which would be installed in states in the Central and Western region of the country

Decoding Azure Power: India's first NYSE-listed renewables company

Stock tanks after new CEO's sudden resignation, whistle-blower complaint

Centre's plan on sale of RE power to states offers only a flickering hope

The power ministry's plan to become an intermediary in the sale of green power generation to states is only a limited solution to the larger problem facing state discoms

Torrent Power and Sembcorp Industries in race to buy Vector Green Energy

The transaction is expected to have an equity value of 30 billion rupees ($377 million) and an enterprise value of 50 billion rupees

Rise in power demand leads to 17% hike in coal supply in July

The overall coal production also went up by 11.37 per cent to 60.42 MT in July as against 54.25 MT in the year-ago period

PowerGrid Q1 consolidated net profit declines 37% to Rs 3,801 crore

Q1 PAT dropped by 8.55 per cent from ₹4,156.44 crore in the preceding quarter

Financial deficit of power distribution sector at highest ever: PFC

Annual rating reveals absolute cash-adjusted losses increased by 10% in the sector between FY19 and FY21