COAL BASED
Govt, steel companies to join hands for procuring coking coal abroad
The Indian government, in collaboration with the steel industry, aims to establish a unified "one nation, one buying coking-coal policy" to strengthen India's bargaining power over imported coking coal prices. Currently, individual steel manufacturers like SAIL and Jindal independently import coking coal, which limits their leverage with international miners. In FY23, India imported 56.04 million tonnes of coking coal worth ₹1.53 lakh crore, primarily from Australia and the US.
Parag Parikh Flexi Cap Fund reduced stake in RIL, BHEL, added more of ITC in June
Parag Parikh Flexi Cap Fund reshuffled its portfolio in June by reducing shares of Reliance, Bharat Heavy Electricals, TCS, and Tech Mahindra.
Delhi's electricity bills are on the rise: Here's why you might be paying more
Delhi Electricity Bill: Electricity bills in Delhi saw an increase due to a rise in the power purchase adjustment charge (PPAC) across various discoms, starting this February. This adjustment, effective from February, reflects higher power purchase costs influenced by rising coal and fuel prices. PPAC, a surcharge managed by the Delhi Electricity Regulatory Commission (DERC), aims to cover these fluctuating costs incurred by discoms.
Coal recorded 10.2 pc growth among eight key infra sectors in May
The coal sector saw significant growth of 10.2 per cent in May, reaching 184.7 points compared to 167.6 last year, making it the fastest growing industry among the eight core sectors according to the Index of Eight Core Industries. This growth was driven by increased coal production, highlighting the sector's crucial role in meeting energy demands and driving overall industrial growth.
Centre gives in-principle nod to setting up coal-based thermal power plant in Uttarakhand
The central government has given in-principle consent to the establishment of thermal power plant through THDCIL-UJVNL Energy Company Limited (TUECO), an official release here said. According to the SHAKTI policy, Coal India Limited can allow the supply of coal to the production companies of the central and state governments and their joint ventures at notified rates.
NECIL looks to ramp up coal production in Assam
Assam Govt is collaborating with NECIL to boost coal production and address illegal mining. Chief Minister Himanta Biswa Sarma government want to increase coal production from the state.
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Tamil Nadu govt launches probe into coal import scam allegedly involving Adani group
Tamil Nadu govt authorizes DVAC probe into multi-crore coal import scam involving Adani group, focusing on irregularities in tender conditions by Tangedco. Investigation initiated due to alleged substantial losses, complaint by Arappor Iyakkam under Section 17A. DVAC acts under Prevention of Corruption Act based on complaint by private body. Clearance granted for inquiry into corruption allegations, sanctions under Prevention of Corruption Act.
India asks utilities to order $33 billion in equipment this year to boost coal power output
India's government plans a $33 billion equipment order to accelerate coal-fired power capacity additions amid soaring electricity demand. Major firms like NTPC and Adani Power are expected to lead tendering, aiming to add 31 GW in 5-6 years. The move follows record-high power demand and recent supply challenges, prompting urgent action to bolster infrastructure.
Nifty bull case target at 27K, says Axis Securities; bets on HDFC Bank, Bharti Airtel, others
Axis Securities expects reduced volatility and a smooth US market landing, targeting Nifty at 27,000 for March 2025 (bull case) and 24,600 (base case). They recommend stocks like HDFC Bank, ICICI Bank, Coal India, Nestle India, SBI, HCL Tech, Federal Bank, Varun Beverages, TVS Motors, Bharti Airtel, among others.
Adequate coal stock available, can meet 18.5 days' requirements of thermal power plants: Government
The Centre said that there is sufficient coal reserves for domestic thermal power plants, with stocks at 44.46 million tonnes lasting 18.5 days at current consumption rates, a 33 per cent increase from last year. Coal production increased by 10.58 per cent in the June quarter. Measures have been taken to ensure 98.67 MT stock availability at mines, representing a 33.5 per cent increase from last year. Coordination between coal, railways, and power ministries aims to maintain high coal stock levels at power plants.
Coal India's Q1 production rises 8 pc to 189 MT
State-owned Coal India Ltd (CIL) reported an 8% increase in coal production to 189.3 million tonnes (MT) in the first quarter of the current fiscal year, surpassing the target. The company achieved 100% satisfaction, with all seven subsidiaries showing positive growth and five surpassing their targets. CIL's total supplies rose to 198.4 MT, with a 6% year-on-year growth, meeting the increasing demand for coal in the country, especially for power generation.
Continue blending of 4 per cent imported coal till October 15, government tells power plants
Efficiently managing coal blending requirements and supply logistics is crucial for meeting peak power demand. Maintaining a balance between coal receipt and consumption at domestic coal-based plants is essential for uninterrupted power generation across the country.
Budget 2024: Hi-tech thermal plants may get Rs 6,000 cr viability support
Budget 2024: The Union budget for 2024-25 is expected to include a support scheme for setting up 800 MW coal-based power plants using Advanced Ultra Supercritical (AUSC) technology. The finance ministry is evaluating a proposal for ₹6,000 crore viability gap funding (VGF) and a ₹3,500 crore payment security mechanism for electric buses. The project, based on indigenous technology developed by a consortium of Bharat Heavy Electricals Limited, Indira Gandhi Centre for Atomic Research, and NTPC, is expected to cost upwards of ₹15,000 crore at completion.
Fending off Houthis requires double the fleet, EU force says
EU naval force in Red Sea, combating Houthi rebels' attacks, needs to double in size due to escalating threats.
Power units' imported coal blending may be cut to 4%
India is considering reducing the mandatory blend of imported coal with locally produced fuel for thermal power units from 6% to 4-5% due to higher coal stocks at plants. The advisory on coal blending, extended in March to ensure power availability during peak demand, is set to expire on June 30.
India's coal-based power demand at all-time high
Peak demand for power in India's hot, arid northern plains hit a record earlier this week, even as the government said it continues to implement measures to meet high energy consumption.
Adani’s Aussie coal port gets A$500 million private credit loan
Adani Group's Australian coal port unit has secured A$500 million private credit loan from Farallon and King Street Capital Management. Banks' reluctance due to ESG concerns prompts coal companies in Australia, like Whitehaven Coal Ltd., to seek private financing.
India wants to increase domestic coal production, reduce imports, coal minister says
India aims to reduce coal imports and boost domestic production, according to Federal Coal Minister G. Kishan Reddy. The country, a major coal consumer, imported 176 million tons of thermal coal in 2023. Import levels are projected to drop below 160 million tons in 2024. The government's shift towards green energy aligns with Prime Minister Narendra Modi's plan to reach net zero emissions by 2070.
Centre may seek nod for coal exchange
The coal ministry is expected to seek approval for India's first coal trading exchange as part of its 100-day action plan. The exchange aims to facilitate transparent coal trading for both captive and commercial auction holders, potentially leading to better prices for consumers. Surplus stock from Coal India Ltd may also be traded on the exchange. The ministry's plan includes upgrading coal transportation and loading systems, adding 600 MW of thermal power capacity by NLC India Ltd, and bidding out around 10 coal gasification projects.
India’s climate dilemma will hang over Modi’s next five years
Modi, who has cast himself as climate champion for much of the past decade, will be under pressure to make faster progress toward existing green targets, including pledges to hit net zero by 2070, install a mammoth 500 gigawatts of non-fossil energy by the end of the decade, and corral a global alliance on solar power that aims to secure $1 trillion in investment.
Moving to renewables will mean using less energy overall
Moving to clean energy could also bring savings of up to $4.6 trillion each year, according to new research from Colorado-based think tank RMI.
21 international organisations write to CJI for speedy resolution of Adani coal imports case in SC
The letter comes after a report by the London-based Financial Times, citing documents from George Soros-backed Organized Crime and Corruption Reporting Project (OCCRP), alluded to a "fraud" by the Adani Group by selling low-grade coal as high-value fuel in 2013.
Financial Times report against Adani Group is just for noise: Cantor Fitzgerald
Cantor Fitzgerald dismisses recent Financial Times report on Adani Group as market noise, indicating investors' confidence remains intact. Adani Enterprises' shares surged 8.2% following the allegations, marking a tenth consecutive day of market capitalization gains. Adani Group refuted the accusations, citing contractual obligations and rigorous testing processes, while Cantor highlighted discrepancies in the FT report's sources and noted India's growth trajectory as favorable for Adani Enterprises despite controversies.
Adani group m-cap regains $200 bn-mark as company rebuts coal invoicing allegations
While Adani group denied all allegations, the news report was cited by opposition leaders including former Congress president Rahul Gandhi to demand a probe by a joint parliamentary committee into the alleged wrongdoing.
THDC India aims to make Rs 12,000-crore coal-based thermal power project operational by September
State-owned THDC India Ltd is targeting to have its coal-based power plant up and running by September 2024, signaling its foray into the domestic thermal energy sector, as per a senior company official. The company is in the process of establishing a 1,320 megawatt (2X660 MW) Super Thermal Power Project (STPP) in Bulandshahr district, Uttar Pradesh. Currently, THDC India Ltd has a total installed power generation capacity of approximately 1,587 MW, comprising 1,424 MW from hydro sources, 113 MW from wind, and 50 MW from solar energy.
Power Min asks imported coal-based plants to run at full capacity till Oct 15
The Ministry of Power has instructed all thermal plants using imported coal to operate at full capacity until October 15 to prevent electricity shortages amid surging demand. With the summer season projecting a peak power demand of 260 GW, the move aims to mitigate potential deficits, especially considering the record-high peak power demand of 243 GW in September 2023.
India extends operation of imported coal-based power plants until Oct 15
India has extended a mandate for imported coal-based power plants to operate at full capacity until October 15, in response to anticipated high demand for electricity during the summer months. The directive, revealed in a government order, applies to companies like Tata Power and Adani Power, operating plants with a combined capacity of nearly 16 gigawatts.
Natural gas should come under GST regime, says GAIL chairman Sandeep Kumar Gupta
GAIL chairman Sandeep Kumar Gupta said the government should mandate the use of natural gas in refineries and steel making, and make emissions a factor in the merit order for electricity despatch to help gas-based power compete with coal-based supply. He also said natural gas should come under the goods and services tax (GST) regime, production-linked incentive (PLI) should be extended to LNG-powered vehicles and GST on CNG-powered vehicles should be slashed to 5% from 28%, on a par with electric vehicles (EVs).
Coal PSUs must plan pithead-based thermal projects: Coal Secy
The Coal Ministry urges Coal India Ltd and NLC India Ltd to establish pithead-based thermal projects to cut transportation costs and enhance coal accessibility. This initiative aims to decrease dependency on rail and road transportation, reduce logistics expenses, and improve power generation efficiency. Collaborations for power generation ventures in Rajasthan and discussions for similar projects in Uttar Pradesh and Bihar are underway.
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