FLASH NEWS
Andhra Pradesh Chief Minister Sri Y S Jagan Mohan Reddy has virtually laid the foundations for three renewable energy projects worth Rs 25,850 crore in Nandyala district that would generate 5,314 MW of power through solar, wind and pumped energy storage modes and are expected to create employment for around 5,300 people. The project by Arcelor Mittal at Kandikayapalle village in Panyam mandal, includes 314 MW wind power facility.
Source: PTI, 24 August 2023
A lack of trained manpower is proving to be a major bottleneck for Indian renewable energy companies which are struggling for new hires as they expand capacities. Companies say they are either forced to send executives overseas to be trained, hire expats or poach employees from other players. "The scale of the opportunity is something that is very exciting but there is a lack of talent and it is one of the challenges," said Mr. Sumant Sinha, chairman and chief executive of ReNew. In the next seven years, India will have to add 60 GW of renewable energy capacity every year to meet its aspirations across power and green green hydrogen, and trained manpower is needed for this, he added.
Source: ET Energy World, 31 May 2023
The global market for carbon credits is expected to witness an upward trend and .. touch the level of USD 250 billion by 2030, an industry executive said. The market for carbon credits took a hit due to multiple reasons, including Russia-Ukraine war, interest rate hikes, and reduced demand leading to falling prices up to 80 per cent, Manish Dabkara, Chairman and Managing Director (CMD) of EKI Energy Services, said in an interview. The government is taking measures to make India a market for determined contributions) goals, Union Minister for New and Renewable Energy Mr. R K Singh had earlier said.
Source: PTI, 24 August 2023
“The country is targeting over 64 per cent of non-fossil fuel-based capacity by 2030. India has set the target of having 500GW of renewable energy by 2030. Coal-based power generation, however, ensures stable operation of the electricity transmission grid” Chairman, Central Electricity Authority, Shri Ghanshyam Prasad said at the BCC&I Environment and Energy Conclave at New Delhi.
Source: PTI, 23 August 2023
Suzlon Group has announced that it has bagged a large order for a 201.6 MW wind energy project from Teq Green Power XI, a part of O2 Power. Suzlon will supply the wind turbines and execute the project including erection, commissioning and operation and maintenance services post-commissioning.
Source: The Mint, 25 August 2023
Union Power Minister Mr. R K Singh has said that discussions are underway to establish grid interconnection with Singapore and United Arab Emirates (UAE) for cross-border electricity transmission on the back of India's initiative 'One Sun, One World, One Grid' or global solar grid for transmission of electricity across the globe for mitigating emission challenges. India is also working on strengthening its power trade infrastructure with neighbouring countries such as Nepal, Bhutan, Myanmar and Bangladesh. Furthermore, plans are underway to establish infrastructure connectivity with Sri Lanka for power trade.
Source: PTI, 17 August 2023
"The entire world is grappling with climate change. India has shown the way to combat it," Mr. Modi said in his address to the nation from the Red Fort on the 77th Independence Day. Minister Narendra Modi has said India has achieved the green targets it had set for itself much ahead of schedule and has shown the world the way to fight climate change.
Source: PTI, 16 August 2023
India Inc. is reprioritising its spending under corporate social responsibility (CSR) obligations. As the focus on sustainability gathered traction, CSR expenditure on the environment more than doubled in FY22 from a year before to ₹2,837 crore and the sector emerged as the biggest recipient of such funds after health and education.
Source: ET Bureau, 16 August 2023
With the Union Budget 2023, the Government of India reiterated its commitment and focus on sustainability, allocating Rs 35,000 crore of priority capital investment aimed at helping achieve net zero by 2070. This is a big boost for the nation’s energy transition and will contribute to the country's energy security. Globally, energy transition is seen as the most significant investment since industrialization began. It requires balancing energy sustainability, affordability and reliability. Key global trends in this space over the past few years have been expansion of renewables, the efforts by governments and the private sector to improve energy efficiency, faster expansion of transmission networks due to the increasing electrification, security and sustainability of energy supply. With the global demand for electricity increasing, we require to maintain a reliable power supply with interconnected grids, load balancing and power flow management, thus increasing both transmission capacity and efficiency for a stabilized grid.
Source: ET Energy World, 15 August 2023
The government has not formulated any plan to phase out old coal-based thermal power plants in the country, Power and New and Renewable Energy Minister Mr. R K Singh has said. He added that the Central Electricity Authority had in January 2023 suggested no retirement or re-purposing of coal-based power stations will be done before 2030, considering the expected energy demand scenario and availability of capacity in future. "Thermal Power Plants were also advised implementation of Renovations & Modernisation (R&M) and Life Extension (LE) of their units for running up to 2030 and beyond or operating in two shift mode to facilitate Solar and Wind energy integration into the grid, wherever feasible," Singh said, in a written reply in Parliament.
Source: ET Energy World, 10 August 2023
Sri Lanka has issued tenders choosing India over China for power projects near Jaffna, shortly after President Mr. Ranil Wickremesinghe's New Delhi trip. The Ceylon Electricity Board (CEB) recently called for tenders to execute the hybrid power projects in three northern islands of Sri Lanka using a grant of $12 million from India, according to Colombo-based sources. India is investing in Sri Lanka’s energy sector with the aim to interconnect the two national grids. The Adani Group has secured project approval to start two wind power plants in Mannar and Pooneryn to generate about 350 MW of power.
Source: ET Bureau, 7 August 2023
The Ministry of New and Renewable Energy is steering the Renewable Energy Research and Technology Development (RE-RTD) programme, collaborating with research institutions and industries to foster innovative technologies for efficient renewable energy utilization. Union Minister for New and Renewable Energy and Power has said that the (RE-RTD) will continue till 2025-26. The programme, aimed at enhancing indigenous technology solutions in the renewable energy sector, will receive a budget allocation of Rs. 228 crore.
Source: Livemint, 10 Aug 2023
The central government has approved a project for setting up 624 circuit kilometer of transmission lines and 2,200 MVA capacity substations for evacuation of 4,000 MW renewable power in Tamil Nadu by 2025-26. The project has been approved by the MNRE at an estimated cost of Rs 719.76 crore with central government grant of Rs 237.52 crore at 33 per cent of the project cost as part of the Green Energy Corridor Phase-II scheme. Under Green Energy Corridor Phase-I, TANTRANSCO reported completion of a sanctioned project for setting up 1,068 ckm transmission lines and 1,910 MVA capacity substations on October 31, 2022, for which the ministry has already released a grant of Rs 524.30 Crore.
Source: ET Energy World, 1 August 2023
The Central Government has put in place measures to improve the financial health of Discoms with streamlining the process of accounting, reporting, billing and payment of subsidy by States to the Distribution Companies. The Ministry of Power notified rules on July 26. The Rules mandate that a quarterly report shall be submitted by the distribution licensee within thirty days from end date of the respective quarter and the State Commission shall examine the report, and issue it within thirty days of submission of the quarterly report.
Source: Agencies, 31 July 2023.
The Ministry of Power, Government of India, has unveiled a comprehensive National Framework aimed at promoting Energy Storage Systems (ESS) as an integral part of the country’s power infrastructure. The key objectives of this framework are to ensure a constant supply of renewable energy, reduce emissions, and lower energy costs by incentivizing ESS deployment while reducing the reliance on fossil fuel power plants. It also seeks to enhance grid stability and reliability through ESS deployment, stimulate innovation in energy storage technologies, and ensure equitable access to energy storage for all segments of the population. According to estimates by the CEA, the ESS capacity required to integrate upcoming renewable energy capacity is projected to be 16.13 GW by 2026-27, with significant growth anticipated in subsequent years.
Source: energystoragepro.com, 02 September 2023
Advanced and emerging market economies would require $5-6 trillion annually to achieve sustainable development (SDG) and energy transition goals, which could create business opportunities to the tune of $90 trillion, India’s G20 Sherpa Amitabh Kant has said. According to the International Monetary Fund, 80% of global growth is going to come from emerging markets.
Source: Financial Express, 30 July 2023
India could play a pivotal role in energy transition and be a leader in green hydrogen because of the lower cost of renewable energy generation, International Energy Agency (IEA) executive director Mr. Fatih Birol told in an interview. The country can increase foreign investment flow into green energy significantly if it simplifies bureaucratic procedures, he added.
Source: ET Energy Bureau, 26 July 2023
Wind energy generation in Tamil Nadu has picked up pace and is consistently over the 100 million unit mark, taking care of nearly one-third of the total electricity requirement. The wind season had an early start in June, but the flow later dropped. It resumed in July and with wind blasting through the passes from Aralvoimozhi-Pollachi to Sengottai and Aandipatti, windmills have been generating electricity to the full potential.
Despite the RBI having categorised it as a priority sector, loans up to only Rs 30 crore are provided for renewable energy projects and a high-level Parliamentary panel has directed the Renewable Energy Ministry to pursue the matter of enhancement in the loans limit for the sector with the Finance Ministry as well as with the Reserve Bank of India as the limit is very less.
Source: IENS, 4 September 2023
The share of non-fossil fuel in the total electricity production during the year 2022-23 and the current year up to May 2023, stood at 25 % and 22 % respectively, said the Minister of Power and New and Renewable Energy, Mr. R K Singh in a written reply to a question in Rajya Sabha. He said that according to the National Electricity Plan of May 2023, the share of non-fossil based capacity was expected to increase to 57 % by the end of 2026-27 and is likely to further increase to 68 % by the end of 2031-32. The share of non-fossil fuel based gross generation in 2026-27 is likely to be 39 % and in 2031-32 is likely to be 49 %, added Singh.
Source: ET Energy World, 1 August 2023
In order to boost and support India's renewable energy sector going forward, the government is working on a multi-pronged strategy that focus on energy storage, offshore wind and green hydrogen simultaneously, according to Mr. Dinesh Jagdale, Joint Secretary, Ministry of New and Renewable Energy. Speaking at the US-India Energy Summit Mr. Jagdale said that MNRE has adopted a strategy of faster adoption of renewable energy in the Indian electricity sector. "We are following the mantra of greening the grid and more electrifying of the economy. This is the way forward and at this stage defines our endeavour to move towards India's energy transition," he said.
Source: ET Energy World, 18 July 2023
Adani Wind has announced that its 5.2 MW wind turbine generator (WTG) has been enlisted in the Revised List of Models and Manufacturers (RLMM) published by the Ministry of New and Renewable Energy (MNRE). Adani Wind's 5.2 MW WTG is highest capacity onshore wind turbine in India, to feature in the RLMM. The turbine has a rotor diameter of 160 meters and a tip height of 200 meters.
Source: Capital Markets, 14 September 2023
G20 leaders agreed on 9th September 2023 to pursue tripling renewable energy capacity globally by 2030 and accepted the need to phase-down unabated coal power, but stopped short of setting major climate goals. The world's 20 major economies have had disagreements on commitments to reduce fossil fuel use, cut greenhouse gas emissions and increase renewable energy targets. One such sticking point was a proposal by Western countries to triple renewable energy capacity by 2030 and cut greenhouse gas emissions by 60% by 2035, which was opposed by Russia, China, Saudi Arabia and India during sherpa level meetings. . The declaration adopted by G20 leaders on the first day of the two-day summit in New Delhi did not mention cutting greenhouse emissions. It said member nations "will pursue and encourage efforts to triple renewable energy capacity globally ... in line with national circumstances by 2030." The G20 member countries together account for over 80% of global emissions and a cumulative effort by the group to decarbonise is crucial in the global fight against climate change. Climate talks at the bloc's summit will be keenly watched by the world ahead of the COP28 U.N climate summit in the United Arab Emirates later this year. The G20 has agreed that "national circumstances" will be factored into the phasing down of "unabated coal power" but did not mention reduction in usage of crude oil, suggesting that countries like oil-rich Saudi Arabia prevailed during the negotiations. On phasing down fossil fuels, the declaration said the leaders "recognise the importance" to accelerate measures that will help transition to low-emission energy systems, "including accelerating efforts towards phasedown of unabated coal power, in line with national circumstances". The bloc had failed to reach consensus during previous ministerial meetings on environment and energy. The declaration also does not commit to reaching net zero commitments faster than 2050, something that the G7 nations were pushing for. Instead, the declaration said: "we reiterate our commitment to achieve global net zero greenhouse gas emissions/carbon neutrality by or around mid-century, while taking into account the latest scientific developments and in line with different national circumstances". It also noted the need to provide low-cost and sustainable financing to developing countries to support their transition to lower emissions.
Courtesy: Reuters, September 11, 2023
Prime Minister Sri Narendra Modi announced the adoption of G20 New Delhi Leaders' Declaration. India announced the launch of the Global Biofuel Alliance and urged G20 nations initiative with a plea to take ethanol blending with petrol globally to 20 percent. He also unveiled plans for an ambitious India-Middle East- Europe Economic Corridor. Prime Minister Mr. Modi proposed to launch the G20 Satellite Mission for Environment and Climate Observation and urged leaders to start working on a Green credit initiative. The leaders of G20's current and next three presidencies - India, Brazil, South Africa and the United States "met on the margins of the G20 Leaders' Summit in New Delhi to reaffirm our shared commitment to the G20 as the premier forum for international economic cooperation to deliver solutions for our shared world."
Source: PTI, 9 September 2023
G20 countries, under India's presidency, on Saturday highlighted the insufficiency o of global ambition and implementation in addressing climate change to achieve the temperature objectives outlined in the Paris Agreement. The bloc has called on all nations yet to align their nationally determined contributions (NDCs) with the Paris Agreement's temperature objectives to reconsider and strengthen their 2030 targets within the framework of their unique national circumstances by the end of 2023.
Source: PTI, 9 September 2023
In recent years, India has witnessed a significant surge in clean energy investments and M&A activity. Strong power market fundamentals, stable political and fiscal regime, push towards net zero and an ambitious clean energy target (500 GW of non-fossil fuel capacity by 2030) are spurring robust growth in the sector (projected CAGR of 22 per cent), thereby, creating opportunities for both consolidation and market entry. G20’s agenda to prioritise accelerating the transition to clean, affordable, and inclusive energy systems further proves that the sector expects enormous investments. In 2022, India accounted for 50 per cent of the cumulative clean energy deal value in Asia and deal volume surged to over 66 per cent y-o-y. The first half of 2023 has already witnessed 24 deals with a cumulative deal value of US$3.8 bn.
Source: ET Energy World, 12 September 2023
Ministry of New and Renewable Energy (MNRE), Government of India, Wind Energy Division has released the list of the Wind Turbine Models included in the RLMM after declaration of new procedure (i.e 01 November 2018) on 13th September 2023.
Source: MNRE
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