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India and Saudi Arabia explore bilateral investment opportunities in energy and power sectors

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The governments of India and Saudi Arabia discussed various opportunities for bilateral investments in diverse areas in the public and private sectors, including refining and petrochemical plants, new and renewable energy, and power. They reviewed measures aimed at promoting two-way investments in a mutually beneficial manner at the first meeting of the India-Saudi Arabia High-Level Task Force on Investments.

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Surge in renewables turns electricity prices negative

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The surge in solar panels and wind turbines is leading to an increase in negative wholesale electricity prices. This phenomenon, occurring in regions such as southern Australia, southern California, France, and Switzerland, happens when production exceeds demand. For example, in southern Australia, negative prices have been recorded about 20 per cent of the time since last year. Southern California saw negative prices over 20 per cent of the time in the first half of 2024,…

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State approves Rs 4 billion rooftop solar project in Jammu and Kashmir

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The government of Jammu and Kashmir has approved a Rs 4 billion rooftop solar project to be installed on government buildings across the region. This project, to be implemented by the Jammu and Kashmir Energy Development Agency (JKEDA), is part of the Union Territory’s efforts to increase renewable energy usage and reduce carbon emissions. The project aims to install 270 MW of solar power plants, reducing carbon emissions by approximately 8.3 million tons over 25…

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CIL to invest Rs 1.33 trillion in 119 projects to boost coal output

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Coal India Limited (CIL) is advancing 119 projects with a sanctioned capital of Rs 1.33 trillion to enhance coal production and meet the growing energy demand.  The projects are in various stages of implementation and are expected to significantly augment CIL’s output. In the financial year 2023-24, CIL aims to achieve a production target of 780 million tonnes, an increase from the previous year’s 703 million tonnes. This target aligns with India’s objective of reducing…

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Ola Electric to launch Rs 55 billion IPO on August 2, 2024

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Ola Electric Mobility is set to launch its initial public offering (IPO) on August 2, 2024, aiming to raise Rs 55 billion. The IPO will consist of a fresh issue of shares worth Rs 30 billion and an offer-for-sale (OFS) of Rs 25 billion by existing shareholders. The price band for the IPO has been set at Rs 200-215 per share. Ola Electric, a subsidiary of ANI Technologies (the parent company of Ola Cabs), is…

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REC Limited’s market capitalization and net profit surge in Q1 FY 2024

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REC Limited’s market capitalization surged by 219 per cent in the first quarter, reaching Rs 600 billion. Additionally, REC’s net profit saw an increase of Rs 3.44 billion, resulting in a total profit of Rs 32.23 billion for the quarter. This performance is attributed to higher income from operations, reduced finance costs, and improved asset quality. REC’s income from operations rose to Rs 100.71 billion, an 11 per cent increase compared to the previous year….

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500 GW renewable energy by 2030: Economic Survey 2024 highlights key advancements

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The Economic Survey 2024 reveals significant strides in India’s green transition, aiming for 500 GW of renewable energy capacity by 2030. As of March 31, 2024, India’s renewable energy installed capacity has reached 190.57 GW, 43.12 per cent of the nation’s total power generation capacity. The survey highlights advancements in India’s power transmission infrastructure, which now supports the transfer of 118,740 MW across a network of 485,544 ckm with a transformation capacity of 1,251,080 MVA….

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1,600 tonnes of lithium reserves discovered in Karnataka

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The Ministry of Science and Technology announced the discovery of 1,600 tonnes lithium reserves in Karnataka’s Mandya and Yadgiri districts. The Atomic Minerals Directorate for Exploration and Research (AMD) located these resources in the Marlagalla area of Mandya through initial surveys and subsurface exploration. AMD is exploring other potential lithium sources in India, including Korba district in Chhattisgarh, mica belts in Rajasthan, Bihar, and Andhra Pradesh, and pegmatite belts in Odisha, Chhattisgarh, and Karnataka. Lithium,…

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Indian Railways to deploy 50 hydrogen trains by 2047

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Indian Railways (IR) plans to deploy 50 hydrogen trains by 2047, and the first of these is expected to start operations this year. This initiative aligns with broader goals to enhance energy efficiency within the railways sector. Additionally, India’s first Bullet train is projected to commence by 2027. IR is focusing on reducing its carbon footprint. Rail transport is more energy-efficient compared to road transport, being 40 per cent more efficient and resulting in an…

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India’s renewable energy capacity to grow: 76.42 GW projects to be launched

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The Ministry of New and Renewable Energy (MNRE) has announced that India has about 151 GW of renewable energy projects in various stages of implementation. Around 76.42 GW of this capacity will become operational in the next three to four years. The tendering process for the 76.42 GW capacity projects has been completed. Since 2014, India’s renewable energy capacity has grown from 76 GW to over 195 GW as of June 2024.