India is making plans to establish a strategic natural gas reserve that can store up to 4 billion cubic metres (BCM) of imported gas. This reserve will serve as a backup in case of supply emergencies and help stabilize the domestic market, people familiar with the matter told ET. The decision to set up the […]
Category: Power
Power
Spain’s Grenergy to expand in US under USD 2.8 billion plan
MADRID: Spain’s Grenergy plans to more than double its US solar power generation and battery storage projects pipeline in the next three years under a 2.6 billion euro ($2.84 billion) investment strategy. Spain’s energy firms such as renewables giant Iberdrola and oil major Repsol have increased their focus on the United States as they try […]
Government officials may have ‘good news’ for local EV manufacturers
The government is in the process of drafting a policy to incentivise local manufacturing of electric cars. Foreign EV makers like the Elon Musk-led Tesla and Vietnam-based VinFast are also solidifying their India entry strategy. While the policy guidelines are yet to be finalised, local carmakers are concerned about the government’s incentivising strategy. Domestic EV […]
Renewable co IREDA eyes Rs 2,150 crore in IPO
CHENNAI: Indian Renewable Energy Development Agency (IREDA), a mini ratna under the Union ministry of new and renewable energy, will launch its IPO on Tuesday. Registered as a Systemically Important Non-Deposit-taking Non-Banking Finance Company with Infrastructure Finance Company status,It has set the price band at Rs 30-32 per share and is looking to raise up […]
Adani Energy Solutions earns ‘stellar’ global recognition with ESG ratings and sustainable milestones
AHMEDABAD: AdEnergy Solutions Limited (AESL), a key player in India’s energy sector, has earned remarkable Environmental, Social, and Governance (ESG) ratings, reinforcing its commitment to sustainable practices, an official release stated. According to a press release by Adani Group, in the July-September 2023 quarter, AESL demonstrated substantial improvement across various ESG parameters, positioning itself as […]
India has 637 GW of residential rooftop solar energy potential: CEEW report
MUMBAI: Over 25 crore households across India have the potential to deploy 637 GW of solar energy capacity on rooftops, according to a new independent report by the Council on Energy, Environment and Water (CEEW) released today. Further, the CEEW report found that deploying just one-third of this total solar technical potential could support the […]
India may look to woo Elon Musk’s Tesla with five-year tax cuts on EV imports
India is considering tax cuts on the imports of completely-built units of electric vehicles, for a period of up to five years, as it tries to entice the likes of Tesla Inc. to sell and eventually make its cars in the country. The Indian government is working on an electric vehicle policy that would allow […]
Adani Electricity used renewable source to supply four hours of power to Mumbai on Diwali day
MUMBAI: Power utility company Adani Electricity on Monday said it relied completely on renewable sources for supply of power to Mumbai for four hours on Diwali day. Adani Electricity supplied 1,200 MW of power from renewable sources to its 3 million subscribers between 10 AM and 2 PM, which meant that over 40 per cent […]
Genus Power Infrastructures wins order worth Rs 2,259.94 crores
NEW DELHI: Genus Power Infrastructures on Wednesday said it has bagged an order worth Rs 2,259.94 crore for a smart meter project. With this, the company’s total order book stands at over Rs 19,000 crore (net of taxes). “Genus Power Infrastructures Ltd’s wholly owned subsidiary has received a Letter of Award (LOA) worth Rs 2,259.94 […]
Magma HDI General Insurance develops specialised insurance cover for EV batteries
Mumbai: The Poonawalla Group-owned Magma HDI Insurance is offering electric vehicle owners a ‘Battery Secure Add On’ cover that protects against any damage to the battery. The company has launched this cover because prevailing insurance offerings are primarily tailored for internal combustion engine (ICE) vehicles, resulting in coverage limitations for EV and HEV owners. These […]
Adani Energy Solutions Q2 profit rises 46 per cent to Rs 284 crore
NEW DELHI: Adani Energy Solutions on Monday posted 46 per cent rise in consolidated net profit to Rs 284 crore for September quarter 2023-24, mainly on the back of higher revenues. In the year-ago period, the profit was Rs 194 crore, a company statement said. Total revenue rose to Rs 3,421 crore in the quarter […]
Adani Energy Solutions Q2 net profit swells 46.1%
AHMEDABAD: Adani Energy Solutions Limited (formerly Adani Transmission Limited) on Monday announced its second quarter results, posting 46.1% growth in its consolidated net profit. The company’s profit stood at Rs 284 crore during the July to September quarter of FY 2024, as compared to Rs 194 crore in the corresponding quarter, AESL said in its […]