WIND POWER
Transforming India's power grid: Highlights from the Transmission & Distribution Conclave 2024
The conclave that took place at KSH Infra Park in Pune, Maharashtra on June 13, brought together industry leaders, experts, and enthusiasts to explore the transformative possibilities within the transmission and distribution industry.
'Extremely dangerous' Hurricane Beryl intensifies in Caribbean, eyeing Jamaica
Hurricane Beryl intensified to a Category 4 storm with winds up to 155 mph, moving across the southeastern Caribbean on Monday. Jamaica is near its path, prompting a hurricane warning. The storm has caused power outages and flooding in several Caribbean islands. Beryl is expected to bring heavy rain to Barbados and the Windward Islands. Climate change is believed to be intensifying such storms, contributing to an unusually active hurricane season. Jamaica and Mexico are preparing for Beryl's impact, with warnings of potential flash flooding and infrastructure damage.
Inox Wind, CE Info Systems among 10 stocks that saw recent coverage by brokerages
In the last week, quite a few companies came on the radar of various brokerages, which initiated coverage on the same. Brokerages like Goldman Sachs, Bernstein, Nuvama initiated coverage on stocks like TBI Tek, CE Info Systems and PNB Housing Finance among others with upside potential of up to 34%. Below is the list of recent coverages:
Viability gap funding set to boost offshore wind energy space: Crisil
The government's outlay, announced on June 19, includes Rs 6,853 crore for the installation and commissioning of 1 GW of offshore wind energy projects of 500 MW each off the coast of Gujarat and Tamil Nadu. It also has Rs 600 crore for augmentation of two ports to meet the logistics requirements for offshore wind energy projects farms and encourage developers to enter this space.
India keen to speed up power grid link talks with Sri Lanka
India is actively pursuing discussions with Sri Lanka to establish a power grid link, focusing on renewable energy for electricity trading. The project includes overhead and under-sea cables, with economic benefits being evaluated by PwC India and plans for a joint consultant for investment decisions.
Wind power generation picks up pace in TN; clean energy meets one-third of state’s power demand
Tamil Nadu's wind and solar energy generation peaked on Wednesday, meeting over one-third of the state's power needs. Wind power set a new record with 105.138 million units contributing to the grid. Solar power added 25.8 Mu despite overcast conditions, showcasing the state's commitment to green energy.
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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.
Sembcorp files suit against Siemens Gamesa over unsettled arbitration
Sembcorp's India unit has filed a lawsuit in a Bengaluru court to prevent Siemens Gamesa from selling its Indian business assets before settling an ongoing arbitration. The arbitration pertains to alleged default in executing a contract. Sembcorp has sought an injunction over the sale, which includes Siemens Gamesa's shareholding in India.
Juniper Green Energy secures renewable PPAs in Gujarat, Rajasthan
Juniper Green Energy announced on Wednesday that it has signed power purchase agreements for renewable energy projects in Gujarat and Rajasthan. The company has secured an agreement with Gujarat Urja Vikas Nigam Limited (GUVNL) under wind phase VI for a standalone 90 MW wind project in Gujarat. The aim of these projects is to promote renewable energy in these regions.
India powers up energy network for its hotspots
The govt is taking steps to ensure power projects, including renewable energy sources like wind turbines and solar panels, can operate effectively in the face of intense heatwaves in India. Actions involve enhancing heat tolerance levels, addressing peak power demand, upgrading transmission equipment, and implementing measures like proper ventilation in substations and transformer yards.
Record $1.8 trillion investment in renewables made in 2023 not enough to meet COP28 goals, says EY report
More than 100 countries at the COP28 climate summit in Dubai last year had agreed to triple renewable energy capacity by 2030 and cut down the use of fossil fuel and emissions, a move seen as vital to avert the worst effects of climate change. The pledge made at COP28 is one of the several energy-related announcements that include new measures and funding to combat methane emissions, agreements to cut coal use and nuclear energy promotion.
Cabinet approves offshore wind energy projects in Gujarat, Tamil Nadu with total outlay of Rs 7,453 cr
The Union Cabinet approved India's first offshore wind energy projects with a capacity of 1 GW, divided equally between Gujarat and Tamil Nadu, at a total cost of Rs 7,453 crore. Information & Broadcasting Minister Ashwini Vaishnaw highlighted this as a landmark decision, emphasizing the significant opportunity it represents for India's renewable energy sector.
Cabinet givs nod to VGF scheme for offshore wind energy with Rs 7,453 crore outlay
The Union Cabinet approved a viability gap funding (VGF) scheme for offshore wind energy projects with a total allocation of Rs 7,453 crore. This includes Rs 6,853 crore for installing and commissioning 1 GW of offshore wind projects, split into 500 MW each off Gujarat and Tamil Nadu coasts. Additionally, Rs 600 crore is earmarked for upgrading two ports to support logistics for these projects.
DERC releases draft regulation for green power obligations on discoms
The DERC has issued draft regulations mandating a 29.91% green energy purchase for stakeholders in 2024. RPOs require electricity distribution licensees to buy energy from renewable sources.
Turnaround stocks: 10 companies that returned to profit in Q4
According to Ace Equity data, Piramal Pharma, Inox Wind Energy, BHEL, Sunteck Realty, Tejas Networks, and others turned profitable in Q4FY24
Beware New York City! Thunderstorms, strong winds, showers expected
The pleasant weather might fool you. The strong storm is expected to come to New York City. National Weather Service has strong winds, rain, and power outages that could affect the Tri-State area.
Japan could be energy-independent by 2060 thanks to renewables: Rystad Energy CEO
Japan imports most of its energy resources, with the Middle East, Australia and the United States being its top suppliers. The government's strategy calls for a reduction in LNG and coal to under 40% of the power generation mix by 2030 from more than 60% now. But analysts say Japan is moving slower it needs to.
Global wind installation growth pace slows on rising costs
Global wind power growth expected to slow in 2024 due to rising costs, limited infrastructure, and policy uncertainty, with installations increasing by almost 6%.
Adani to invest over $1 bn in Sri Lankan wind projects
Adani Group plans to invest over USD 1 billion in setting up projects in Sri Lanka through Adani Green Energy Ltd. The projects include two wind farms in Sri Lanka's Mannar town and Pooneryn village with a total capacity of 484 megawatts.
Scorching heat drives India's gas-fired power use to multi-year highs in May
Sweltering heat and policy measures are driving a surge in gas-fired power use in India, with LNG imports set to sharply rise over the next two years. Gas-fired power generation doubled in April and May, impacting coal's share. India's LNG imports are forecasted to increase, driven by the power sector's growing demand for flexibility.
Despite record peak demand, power exchange prices remain lower than last year's peak period
The average daily price in the day-ahead market on the power exchange remained lower in May compared to peak periods last year, despite record-high peak demand. This indicates sufficient energy supply from various sources. The average price during May was ₹5.30 per unit, lower than last year's peak period of mid-August to mid-September, which was ₹7.75 per unit. Increased hydro and wind power generation have contributed to this improvement in supply. Even during days of record peak demand, prices remained relatively low on average.
Overheating electricity: How India can address supply shortages and renewable energy challenges
With temperatures soaring to record levels across India, the Government of India has taken steps to address the impending surge in electricity demand by instructing idling power plants to increase operations. This move comes as a response to the high demand for electricity not translating into adequate purchases by utilities, leading to shortages in power supply.
Over 750,000 customers without power in Texas, other states after storms
Over 754,000 homes and businesses in Texas, Kentucky, and other states were without power on Tuesday due to storms over the Memorial Day weekend. Tornado-spawning thunderstorms have killed at least 21 people across four US states. Texas power company Oncor has the most outages, with over 540,000 customers in the Dallas-Fort Worth area.
Assam prepares for Cyclone Remal's impact
Government of Assam has taken extensive measures to ensure the safety and well-being of its citizens in light of the impending increase in rainfall and wind speeds due to Cyclone Remal, which will make landfall on May 26 at West Bengal and Bangladesh and move northwards towards the Northeast.
Green energy will help fight pollution and create jobs in India
India, committed to climate mitigation programme, today stands 4th globally in renewable energy installed capacity, 4th in wind power capacity and 5th in solar power capacity, as per International Renewable Energy Agency - Renewable capacity statistics 2023.
Believe it or not: Even in Saudi Arabia, renewable power is cheaper than fossil fuels
Saudi Arabia has signed deals to purchase electricity from two large-scale wind farms at record-low prices, cheaper than natural gas plants. The kingdom aims to shift rapidly to a larger share of renewables in the power grid, with the goal of generating half of its power from clean sources by 2030. The projects, developed by Japan's Marubeni Corp, benefit from state backing and favorable wind conditions in the country, making them more cost-effective than fossil fuel alternatives. The country's move towards renewable energy is part of Crown Prince Mohammed Bin Salman's efforts to diversify the economy away from oil dependence.
India may add 25 GB wind energy capacity by 2028, need Rs 2 lakh crore: Crisil
India is set to significantly boost its wind energy capacity by adding nearly 25 gigawatts between fiscal years 2025 and 2028, driven by the increasing need for renewable energy and grid balancing. The government's target to auction 50 GW of renewable projects annually and stable average tariffs reflect India's commitment to sustainable energy solutions.
Pre-emptive steps, better planning help meet peak power demand in April
India copes with high power demand during heat wave, hitting 224 GW last month. Major load from air conditioners. Heatwave continues till May 6. Majority electricity from coal-based power, with growth in solar and wind power.
Torrent Power gets letter of award to supply 150 MW renewable energy
Torrent Power awarded 150MW wind solar hybrid project by Distribution Unit with Rs 1,825 crore investment at Rs 3.65 per kWh, under a 25-year PPA, planning 245 MW capacity installation.
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