State electricity distribution companies have paid much higher tariffs to buy power on short-term contracts over the last few months, shelling out a few thousand crore rupees more than they did for spot market buys.
Union Minster R K Singh Sunday said the aim of the Centre is to have “One Nation One Grid” and pay damages to consumers in case of load sheddings. The government will soon go ahead with structural reforms to achieve the objective of “One Nation One Grid”
Power distribution companies from Uttar Pradesh will not sign new long-term coal based power contracts for the next three years to avoid the burden of fixed costs and to optimise their current agreements.
The Andhra Pradesh government has called wind project developers in the state to meet them on Monday to renegotiate tariffs, going ahead with new chief minister Jagan Mohan Reddy’s resolve to revisit renewable energy contracts despite the Centre and industry raising concerns.
The recent decision by oil producing countries to prolong cuts in output will not fundamentally change the outlook for a market that is heavily oversupplied, the IEA said on Friday.
Highways minister Nitin Gadkari will ask the petroleum ministry to set up ethanol pumps in the country in a bid to make India’s ethanol economy Rs 2 lakh crore in size. The move will open up opportunities for sugarcane farmers in the country and create jobs in the agriculture sector, Gadkari said.
A month after securing a $495-million equity commitment from existing investors GIC of Singapore and Abu Dhabi Investment Authority (ADIA), Greenko Energy Holdings has received another $329 million of funding at a $6.5-billion enterprise valuation through a rights issue.
Power prices at the Indian Energy Exchange (IEX) rose Rs 1.16 per unit or almost 50%, during the last five days on the back of a near 60% rise in demand propelled by increased buy bids from South India.
The government has rejected the demand of 20,000 Coal India executives that the company’s pay scale should be the same as that of some other state firms such as Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Limited (BPCL).
The higher cess, as it will be passed through to the customers, will be neutral for oil companies, says MK Surana, CMD, HPCL.