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IEX records 4% increase in traded electricity volume in October 2024
The Indian Energy Exchange (IEX) reported a traded electricity volume of 9,642 million units (MU) in October 2024, marking a 4% year-on-year growth. IEX also traded 4.44 lakh renewable energy certificates (RECs) in October, a notable 105% increase from the previous year. India’s energy consumption for October reached 140.4 billion units (BUs), a 1% increase from the previous year, according to government data. The Market Clearing Price in the Day-Ahead Market (DAM) fell 39% year-on-year…
HPL Electric reports robust order book and growth in smart metering segment
HPL Electric & Power Ltd announced that its outstanding order book as of July 30, 2024, stands at over Rs. 37 billion. This substantial order book indicates a strong pipeline, ensuring sustained revenue generation and growth opportunities for the company. The company has bolstered its leadership in the smart metering sector, reporting a 35.67% year-on-year increase in revenue from its Metering, Systems & Services segment. This growth is attributed to a steady flow of orders…
Mahindra, Volkswagen set to form joint venture for EVs
Mahindra & Mahindra (M&M) and Skoda Auto Volkswagen India (SAVWIPL), a subsidiary of the Volkswagen Group, are reportedly finalizing a 50:50 joint venture to share costs, technology, and vehicle platforms for future product development. This partnership will primarily focus on developing battery-powered SUVs for both Indian and international markets, though it will also include fossil fuel-based models. According to The Economic Times, an official announcement is expected by the end of the year. The collaboration…
GE Vernova and Lizard Renewables launch Alva Power to develop 1 GW of RE projects in Italy
GE Vernova and Lizard Renewables have announced the creation of Alva Power, a 50-50 joint venture aimed at advancing Italy’s electrification and decarbonization goals. Alva Power will focus on developing over 1 GW of wind, battery energy storage systems (BESS), and photovoltaic (PV) solar projects, initially targeting onshore wind projects in Italy. The joint venture combines GE Vernova’s financial and technological strengths with Lizard’s regional network to drive new renewable energy initiatives. In the future,…
Patel Engineering emerges as L1 bidder for Teesta-VI Powerstation in Sikkim
Patel Engineering (PEL) has emerged as the lowest bidder (L1) for a Rs 2.4 billion contract awarded by NHPC for the Teesta-VI Powerstation in Sikkim. The project involves modifying a diversion tunnel into a tunnel spillway arrangement, including civil and hydro-mechanical (H&M) works, and is expected to be completed in 18 months. The contract covers construction of a tunnel spillway, gate operation chamber, precast bridge, and energy dissipation arrangement, among other tasks. PEL, with a…
SECI’s latest solar tender shakes up market with Rs 4.98 tariff for 630 MW
The Solar Energy Corporation of India’s (SECI) recent renewable energy tender has stirred the solar market, setting a tariff rate of Rs 4.98-4.99 per unit for 630 megawatts (MW) of solar power. This power will be supplied to BSES Rajdhani Power, BSES Yamuna Power, and Gift City in Gandhinagar. Vena Energy, Hero Future Energies, Hexa Climate, JSW Energy, and Serentica Renewables secured the bids, with JSW Energy winning 230 MW at Rs 4.98 per unit,…