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AI-Powered Load Forecasting and Smart Grids: Yellakari Kesava Charyulu’s Vision for Andhra Pradesh’s Energy Future

Analysis, Opinions and Perspective

In this insightful interview, Yellakari Kesava Charyulu, Chief Engineer at the Andhra Pradesh State Load Dispatch Center (SLDC), discusses the challenges and opportunities that come with managing a power grid in one of India’s most dynamic states. As renewable energy plays an increasingly larger role, Mr. Charyulu explains how the SLDC is adapting to integrate intermittent power sources, manage peak demand, and adopt cutting-edge technologies like artificial intelligence (AI) and smart grids. He also shares…

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IREDA receives approval to launch subsidiary for retail renewable energy business

India, News

The Indian Renewable Energy Development Agency (IREDA) has received in-principle approval from the Department of Investment and Public Asset Management (DIPAM) to establish a wholly-owned subsidiary focused on retail and B2B renewable energy sectors.  This new entity will manage initiatives under PM-Suryaghar (Rooftop Solar), PM-KUSUM schemes, and other B2C segments, while also exploring emerging sectors such as electric vehicles (EVs), energy storage, and green technologies.

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Indian auto sector records $1.9 billion in deals in Q3 2024, highest since 2021

India, News

The Indian auto sector saw 32 deals worth $1.9 billion in the July-September 2024 period, marking its highest quarterly activity since Q4 2021, according to a report by Grant Thornton Bharat. This surge highlights the sector’s resilience and investor appeal, driven by three high-value deals worth $300 million. Mergers and acquisitions (M&A) activity included six deals valued at $74 million, reflecting a 20% increase in volumes and 30% growth in value from Q2. Strategic investments…

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Pilot Energy receives offer from for Three Springs solar plant in Australia

Global, News

Pilot Energy has confirmed a non-binding A$11.5 million ($7.75 million) proposal from EDP Renewables APAC to acquire the 376 MW Three Springs solar photovoltaic power plant in Western Australia. The offer is structured in staged payments, with finalisation pending due diligence and an asset sale agreement by the end of 2024. Located 310 km north of Perth, the Three Springs solar project is a key component of Western Australia’s Mid-West Clean Energy Project, aimed at…

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IEX posts 24% growth in trading volume, REC prices hit all-time low in September 2024

Analysis, Data Insights, India, News

The Indian Energy Exchange (IEX) recorded a total trading volume of 11,370 million units (MU) in September 2024, a 24% year-on-year increase. The electricity volume, including green electricity, rose by 21% year-on-year to 10,332 MU. Trading volume in renewable energy certificates (REC) doubled to 1,031 MU compared to the previous year. On September 25, 2024, the REC market saw an all-time low price of Rs 110 per certificate, offering obligated entities like discoms and captive…

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First nuclear plant recommissioned in US history as part of $2.8bn funding

Global, News

The Biden-Harris Administration, through the US Department of Energy (DOE) and Department of Agriculture (USDA), has allocated over $2.8bn to support clean energy in the Midwest. As part of this effort, the DOE has secured a loan guarantee of up to $1.52bn for recommissioning the 800 MW Palisades Nuclear Plant in Michigan, marking the first revival of a retired nuclear facility in US history. Palisades, which closed in May 2022, will resume operations, providing clean…

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Transformers and Rectifiers wins Rs 5.65 billion order from Power Grid

India, News

Transformers and Rectifiers (India) has won a Rs 5.65 billion contract from Power Grid Corporation of India (PGCIL) for the manufacturing of transformers and reactors ranging from 80 MVAr to 500 MVA and 420 kV to 765 kV Class.  Delivery is scheduled by the financial year 2025-2026.

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REC to finance Rs 3 trillion for infrastructure projects in Rajasthan

India, News

REC Limited has signed a Memorandum of Understanding (MoU) with the Government of Rajasthan during the “Rising Rajasthan Investors Meet.”  As part of the agreement, REC will increase its annual financing from Rs 200 billion to Rs 500 billion for power and non-power infrastructure projects in the state. The six-year MoU, running until 2030, is valued at Rs 3 trillion. 

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REC forms eight SPVs for interstate transmission projects

India, News

The board of REC Ltd has approved the establishment of eight special purpose vehicles (SPVs) for the development of interstate transmission system (ISTS) schemes. In a stock exchange filing, REC stated that the board, during a meeting on September 30, 2024, authorized the formation of these SPVs as wholly-owned subsidiaries of REC Power Development & Consultancy Ltd (RECPDCL), which is itself a wholly-owned subsidiary of REC Ltd. These SPVs will serve as shell companies for…

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REC raises $500 million through green bonds for renewable energy projects

India, News

REC Limited has raised $500 million through green dollar bonds as part of its $10 billion global medium-term programme. This 5-year bond has a coupon rate of 4.75% per annum, with semi-annual payments, and is set to mature on September 27, 2029. It marks the first US dollar bond issuance by an Indian public sector enterprise in 2024. The funds raised under REC’s Green Finance Framework will be allocated to eligible green projects in line…