Tag: Energy

India Energy Week | Vedanta’s Anil Agarwal outlines vision for 2024

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Anil Agarwal, Chairman of Mumbai-headquartered multinational mining company, Vedanta. spoke to CNBC-TV18 from the sidelines of the India Energy Week, which kick-started in Goa on February 6.

Sharing his vision for the company, Agarwal said, “in the coming year, we’ll have a revenue of about $30 billion. We’ll have about $7.5 billion profit, the total debt in the company will be $12 billion or $11 billion.”

He also talked about plans to increase production of various products such as oil and gas, zinc, silver, copper, iron ore, and aluminium, by nearly 30% in current calendar year.

The company mainly operates in iron ore, gold and aluminium mines in Goa, Karnataka, Rajasthan and Odisha.

In the third quarter of the current financial year (Q3FY24), Vedanta reported a 7% year-on-year (YoY) decline in net profit to ₹2,868 crore from ₹3,092 crore. However, the profit tripled from ₹915 crore reported in the second quarter (Q2FY24).

The total revenue of the company in Q3 rose 4% to ₹34,968 crore, driven by higher sales volume, premia and favorable movement in exchange rate which is partially offset by decrease in commodity prices. The revenue was ₹33,691 crore in the previous year quarter.

The company has a market capitalisation of ₹1,05,141 crore.

For more, watch the accompanying video

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

WEF 2024: India is crucial for energy transition, says Roberto Bocca

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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India is going to play an important part in the energy transition, taking leaps in the energy transition space, said Roberto Bocca, Head of Centre for Energy and Materials and Member of the Executive Committee, World Economic Forum, Davos, while adding that there is a chance of a revival of the use of nuclear energy in many countries.

Speaking with CNBC-TV18 Managing Editor Shereen Bhan, Bocca said, “I always say the energy transition will happen or not; it happened in India and in China. So, I think India will play a really critical role here in developing its own technology, and also deploying on a massive scale, as there are plans to do so.”

On nuclear energy, he said, “In multiple countries, I think there is a chance of a nuclear revival. A big investment can go to nuclear energy.”

“In multiple countries? Yes. In Europe, I see the debate is happening. Of course, some countries have been touched more recently by difficult situations like Japan, and so the debate will be even stronger if you like, but in principle, I see a lot of investment going into the nuclear space, which is a signal of interest as well,” he said.

On the development of hydrogen as an alternative fuel, Bocca said that while it is not the solution for everything, it will play an important part and have to be combined with renewables.

On whether developed markets have hit the upper end of the demand curve for electric vehicles (EVs), Bocca said that we are seeing a demand lag as early adopters of EVs have shifted to technology, and now what we need is that the masses also adopt it. And here, both India and China will play a crucial role in terms of transition. But it will take decades for it to happen.

Bocca also stressed the focus on enhancing energy efficiency and aiming to reduce waste when it comes to energy consumption.

Watch the accompanying interview for the full report

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

PM Modi discusses energy security, economy with Egyptian CEO, oil strategist

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Prime Minister Narendra Modi held discussions on the economy, infrastructure development and energy security with an Egyptian CEO and oil strategist during the visit to the Mediterranean nation. Modi met Hassan Allam, CEO of Hassan Allam Holding Company, and Egyptian author and petroleum strategist Tarek Heggy in Cairo on the first day of his two-day visit to Egypt on Saturday, the Ministry of External Affairs said in a statement.

In a tweet, the Prime Minister’s Office (PMO) said Modi “had a productive meeting with Mr. Hassan Allam, the CEO of Hassan Allam Holding Company. They discussed subjects pertaining to economy and forging closer cooperation in sectors like infrastructure and construction”. According to the MEA, Hassan Allam is one of the largest Egyptian companies operating in the Middle East and North Africa region. “They discussed possibilities of forging closer cooperation with Indian companies in renewable energy, green hydrogen, infrastructure and construction sectors.” Hassan Allam Holding is a leading private construction group focused on large-scale turnkey industrial and infrastructure projects, with a presence in Egypt, Saudi Arabia and Algeria. It owns subsidiaries and affiliates in a range of complementary businesses, including steel fabrication, ready mix concrete, building technologies and electromechanical work, a concrete pipes factory and concrete roads joint-venture with Cemex.

The Prime Minister separately met Heggy. “They had an enriching conversation on a wide range of subjects relating to global affairs,” the PMO tweeted. “Discussions between the two covered issues related to global geopolitics, energy security, radicalism and gender equality,” an MEA press statement on the meeting with Heggy said.

Author of 30 books in Arabic, English, Italian and French, Heggy is co-founder of the chair of Coptic Studies at American University in Cairo and Tarek Heggy’s Scholarship in Jewish-Muslim Studies at the University of Toronto.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Envision Energy bags 350-MW wind energy project from Serentica Renewables

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Renewable energy solutions provider Envision Energy on Monday said it has bagged a 350-MW wind energy project from Serentica Renewables. However, the company did not disclose the value of the order.

“Envision will supply a total of 106 nos. EN156/3.3 MW Wind Turbine Generators (WTGs) to Serentica’s wind park. Once commissioned, it will produce 1.25 billion units of clean energy and avoid the emission of 1.06 million ton of CO2 annually,” said a company statement. The project, to be set up in Maharashtra, is scheduled for commissioning by December 2024.

RPV Prasad, CEO, Envision Wind Power Technologies India, said in the statement, “We are delighted to partner with Serentica Renewables in building this prestigious wind power in Maharashtra. Nacelles and hubs for the wind turbines will be assembled at Pune, blades at the plants located at Trichy or Bengaluru and towers sourced from manufacturers based in Maharashtra.”

Akshay Hiranandani, CEO, Serentica Renewables, said, “This project is a critical step in fast-tracking our industrial decarbonisation efforts and a major investment in the future of our planet and our economy.”

Envision Energy is a world-leading company, which designs, manufacture and operates smart wind turbines and energy storage systems, and also provides green hydrogen solutions. Established in 2022, Serentica Renewables (India) is a decarbonisation platform that looks to provide round-the-clock clean energy solutions enabling the transition of large-scale, energy-intensive industries to clean energy.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Centre approves agricultural credit societies to convert wholesale petrol pumps into retail outlets v

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In a major step to strengthen cooperatives, the government on Wednesday said existing Primary Agricultural Credit Societies (PACS) having wholesale petrol and diesel dealership licence will be given a one-time option to convert their bulk consumer pumps into retail outlets.

“In order to strengthen the PACS, the Ministry of Petroleum & Natural Gas has given its consent for conversion of existing wholesale petrol/diesel dealership licensed PACS (PACS) into retail outlets…The existing PACS will be given a one-time option to convert their wholesale consumer pumps into retail outlets, provided they fulfill all the requirements for setting up retail outlets in rural areas, including statutory approvals and other permissions,” the Ministry of Cooperation said in a statement.

PACS will also be given priority in allotment of new petrol/diesel dealerships to strengthen the cooperative movement in the country. PACS will also be able to get LPG distributorship and their eligibility has been approved,” the statement added.

Also Read: About 1.5 lakh farmers practising natural farming in Himachal to be certified under PK3Y in FY24

These decision were taken in a meeting held by Cooperation Minister Amit Shah with Petroleum and Natural Gas Minister Hardeep Singh Puri in New Delhi. During the meeting, it was also decided that sugar cooperative mills will be given priority to sell ethanol under the ethanol blending programme, and even PACS will be allowed to operate retail outlets on their own.

“The petroleum ministry will ensure that cooperative sugar mills tie up with other private companies for ethanol purchase. Priority should be given accordingly,” the ministry said.

The petroleum ministry will also change the rules to make PACS eligible for LPG distributorship and PACS will be placed under Combined Category 2 (CC 2) category with freedom fighters and sports quota in allotment of new petrol/diesel dealerships, it added.

Highlighting other steps taken to strengthen PACS, the ministry said a model bylaw has been prepared for PACS, through which about 1 lakh PACS across the country will become the basis of rural economic development and will prove to be helpful in increasing the income of more than 13 crore farmers of the country through more than 25 different activities.

Apart from this, to strengthen the hands of PACS, a centrally sponsored scheme for computerisation of PACS is being implemented. Under this, PACS will be able to connect with NABARD through a common national software.

Along with this, the cooperation ministry has also entered into an agreement with the Ministry of Electronics and Information Technology, NABARD and CSC e-Governance Services India Limited, under which more than 300 e-services of CSCs will be made available to the general public in rural areas through PACS.

The ministry has also set a target of setting up 2 lakh multipurpose PACS and primary dairy/fisheries cooperative societies in all panchayats/villages in the next five years. Besides this, cooperatives have been included as buyers on GeM portal and various central government schemes are also being decentralised at the level of PACS.

The ministry said that these steps will strengthen the PACS as well as pave a way for them to convert into multipurpose economic units, which will provide regular sources of income to crores of farmers of the country.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Canada’s Couch-Tard to acquire retails assets worth €3.1 billion of TotalEnergies

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Canada-based Alimentation Couche-Tard Inc. on Thursday announced to acquire some of retails assets of French energy company TotalEnergies for 3.1 billion euros to be paid in cash.

“The purchase price for this proposed transaction, to be paid in cash, is approximately €3.1 billion on a cash-free, debt-free basis, subject to customary closing adjustments,” the Canadian company said in a statement.

The proposed acquisition would comprise 100 percent of TotalEnergies retail assets in Germany and the Netherlands as well as a 60 percent controlling interest in the Belgium and Luxembourg entities. “The proposed acquisition will be submitted to the relevant employee representative bodies and remains subject to customary regulatory approvals,” the statement added.

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Brian Hannasch, President and Chief Executive Officer of Alimentation Couche-Tard said, “We are excited to welcome the TotalEnergies employees and stores into the Couche-Tard family.  As we learned more about their business, it became clear that we share the same customer-centric approach, values, and focus on an engaged workforce. We have deep respect for its operations, management, and people as well as great confidence that by joining forces together, we will build a winning global retail operation in the region.”

“We see this as a strong geographical fit with our existing European network, which will allow us to grow together in some of Europe’s strongest economies and move forward in our vision to become the world’s preferred destination for convenience and mobility,” Hannasch added.

The company said that it plans to fund the deal with available cash along with existing and credit facilities and new debt. The proposed transaction is expected to be completed before the end of calendar year 2023.

Patrick Pouyanné, Chairman and CEO of TotalEnergies, said, “In Europe, the transformation of mobility is changing the way customers use service stations. This deep trend means that new services and new activities need to be developed, notably in the stores. Service stations must expand from just selling fuel to become full-fledged service hubs. For this reason, TotalEnergies has decided to partner with Couche-Tard and tap into its recognized expertise in operating convenience stores in service stations. We are delighted that Couche-Tard will apply all of its know-how in these 2,200 service stations in Western Europe and join forces with us in Belgium and Luxembourg, where we are the market leader. I am certain that this win-win forward-looking move will be a great success.”

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Aditya Birla Group to sell up to 49% stake in renewable energy business to raise money

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In order to bolster its position in India’s rapidly growing clean energy sector, Kumar Mangalam Birla-owned Aditya Birla Group has hired Standard Chartered to sell up to 49 percent stake in the group’s renewable energy business, the Mint reported citing people aware of the development. With this, the Birla Group aims to raise around $400 million with an aim to concretise its position in the clean energy sector.

“The renewable energy business is a potential growth engine for the Aditya Birla Group, and the plan is to grow it considerably,” one of the two people told Mint.

Aditya Birla Renewables aims to establish 4.5GW of installed renewable energy capacity by FY2026 through utility and commercial and industrial (C&I) projects, building upon its current project portfolio of 2GW, that comprises of existing and upcoming projects, the report said.

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In October 2015, Aditya Birla Group agreed to partner with Abraaj Group to build a large-scale renewable energy platform in India. However, the plan was shelved due to the Abraaj Group’s collapse.

In October 2015, the Aditya Birla Group, and the Abraaj Group, a Dubai-based private equity firm, agreed to form a joint venture to build a large-scale renewable energy platform in India. The joint venture was expected to focus on developing utility-scale solar and wind power projects across India.

However, in 2018, the Abraaj Group collapsed amid allegations of financial mismanagement and fraud. The joint venture with the Aditya Birla Group was shelved, and the two companies went their separate ways.

In 2019, Aditya Birla Group announced plans to invest around $2 billion over the next few years to build renewable energy capacity in India. The company aims to achieve a total renewable energy capacity of 5 GW by 2025, which would make it one of the largest renewable energy players in the country.

Last month, Kumar Mangalam Birla, chairman of Aditya Birla Group, said in a blog post that his group companies are making investments in green energy, circular economy and sustainable materials.

“As a nation, we aim to generate 50 percent of our power requirements from renewable energy sources or put another way, have 500 GW of non-fossil fuel-based capacity by 2030. India is walking the talk as is evident from its pioneering leadership of the International Solar Alliance,” Birla wrote.

India is the third largest energy-consuming country in the world, holding the same rank in the renewable energy country attractive index in 2021. Its green economy remains an attractive investment for global investors, despite the prevailing global economic headwinds. Amazon.com Inc. is one of the latest entrant in this space, procuring renewable energy to build a portfolio for sale on Indian electricity exchanges.

India has attracted $78.1 billion in investments for its renewable sector, with the world’s fourth-largest installed renewable energy capacity at 166GW.

Central Electricity Authority, India’s top power sector planning body, expects over half of the country’s 817GW power requirement by 2030 to be met through clean energy sources.

Surging demand for power and the Union government’s stance has further boosted Investor interest in India’s clean energy sector. During her budget speech, on February 1,  Finance minister Nirmala Sitharaman said, “India is moving forward firmly for the ‘panchamrit’ and net-zero carbon emission by 2070 to usher in green industrial and economic transition. This Budget builds on our focus on green growth.”

India has set an ambitious target of achieving net-zero carbon emissions by 2070 while also reducing carbon intensity by 45 percent from 2005 levels. “We are implementing many programmes for green fuel, green energy, green farming, green mobility, green buildings, and green equipment, and policies for efficient use of energy across various economic sectors. These green growth efforts help in reducing the carbon intensity of the economy and provide for large-scale green job opportunities,” Sitharaman said.

Also Read: Aditya Birla Group to build premium restaurant chains as it enters organised food services market

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Commodity Champions | 2022 was a year of uncertainty — 2023 is no less, says Vandana Hari

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The three-day India Energy Week was the first major event under India’s G20 presidency. The aim was to create strategies to deliver a multi-faceted energy system and making energy accessible among others.

According to Vandana Hari of Vanda Insights, the past year has been filled with uncertainty and unpredictability in the oil market — 2022 was a rollercoaster of ups and downs in terms of oil prices, and it seems that 2023 is no less uncertain.

Hari believes that oil prices will continue to react to the global market sentiment. The events and news that shape the global economy will continue to impact the oil market, causing prices to fluctuate.

OPEC+ and the oil markets are in a wait and watch mode with respect to China. The impact that China has on the global economy is significant, and its decisions will continue to affect the oil market. As a result, the oil markets are keeping a close eye on China’s actions.

Despite the uncertainty in the market, Hari doesn’t expect crude prices to reach $100 per barrel. She believes that the market will remain relatively stable, with fluctuations in prices based on global events and news.

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Finally, Hari warns that we may see a drop in demand from global economies. The global economy is still recovering from the pandemic, and there is a chance that we may see a decrease in demand for oil in the coming months.

In conclusion, the oil market continues to be uncertain and unpredictable, with prices continuing to react to global market sentiment. The impact of China and the state of the global economy will continue to shape the market, and it’s important for players in the industry to stay vigilant.

Sandeep Kashyap, COO of the ACME Group, sees green hydrogen and ammonia receiving higher investments. He also believes India has the capability to run green plants on a 24X7 basis.

Abhishek Kar, Sr Programme Lead, CEEW; Saurabh Singh, APAC and India Head – Energy, Kearney; and S Ravi Shankar, Director and CEO, Shapoorji Pallonji Energy, also shared their thoughts.

For more details, watch the accompanying video

Also Read | Budget 2023 | Bring down commodities exchange transaction cost, say experts

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India Energy Week: From hydrogen-run truck to uniform made of bottles — Top announcements on Day 1

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Prime Minister Narendra launched the India Energy week in Karnataka on Monday, with a focus on adoption of renewable energy resources, promoting the use of green hydrogen and natural gas consumption. He laid emphasis on the country’s achievement in the green energy sector and announced some projects that could help India achieve net zero emissions goal by 2070. The three-day event is themed around ‘Growth, Collaboration, Transition’.

Top announcement by PM Modi and highlights of Day 1 of the India Energy Week:

> The two-day deliberations of the first G20 Energy Transitions Working Group concluded successfully in Bengaluru today with shared views and consensus on priority areas. Participants came to an understanding that energy transition pathway would be different for each country and that fossil fuels would continue to be used more or less in in the coming 15 to 20 years as per their requirements and share of energy production.

> India has signed a Memorandum of Understanding (MoU) with Indonesia-Malaysia-Thailand Growth Triangle Joint Business Council (IMT-GT JBC), Malaysia to further promote the adoption of energy efficiency and sustainable practices in the region. Energy Efficiency Services Limited (EESL), a Public Sector Undertakings under the Ministry of Power, signed the  (MoU) with the IMT-GT JBC Malaysia coinciding with the India Energy Week celebrations.

> Billionaire Mukesh Ambani’s Reliance Industries showcased a truck that runs on hydrogen, the cleanest known fuel whose tail emissions are only water and oxygen. A display near the truck said this was “India’s 1st H2ICE technology truck on road.”

The truck has “near-zero emissions” when it uses hydrogen as fuel in place of conventional diesel or even recently introduced liquefied natural gas (LNG). H2 is the formula for hydrogen and ICE stands for internal combustion engine.

> Twin-cooktop model of the solar cooking system, developed by Indian Oil, was unvield. “Solar cooktops launched today will give a new dimension to cooking in India,” PM Modi said.

> PM Modi launched the uniforms under the ‘Unbottled’ initiative of the Indian Oil Corporation. The company will recycle 100 million PET (PolyEthylene Terephthalate, is used to package carbonated soft drinks, fruit juices, bottled water, etc) bottles annually to make staff uniform in the largest initiative in the world to recycle and reuse pet bottles.

> E20 fuel at 84 retail outlets of Oil Marketing Companies in 11 States/UTs along the lines of the ethanol blending roadmap.

> Green Mobility Rally was also flagged off in Bengaluru.

>  India’s gas pipeline network will expand to 35,000 km in the next four-five years from 22,000 km presently

> The government has reduced the no-go area for oil and gas exploration to 10 lakh square kilometres, which will unlock investment opportunities

> On 20 per cent ethanol blending with petrol, PM Modi said India is moving towards achieving the target.

> India is working on expanding its refining capacity from 250 MMTPA to 450 MMPTA, PM Modi said.

> India is working on mission mode to increase Natural Gas Consumption in our Energy Mix by 2030, said PM Modi.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Shell considers exiting UK, German, Dutch energy retail businesses

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shell is considering exiting its home energy retail businesses in Britain, the Netherlands and Germany in the wake of “tough market conditions”, it said on Thursday.

European energy suppliers have struggled over the past year with soaring wholesale prices and efforts by governments to shield consumers from rising bills.

Shell said it had launched a strategic review of the three businesses which is likely to take a few months, but that no decision had been taken yet on their future.

Shell injected nearly $1.5 billion in cash and credit into its British energy retail business in 2022 to help it weather huge volatility in power prices that caused the collapse of several rival UK utilities.

Shell Energy Retail, its UK business, has 1.4 million customers, while its German business has 110,000 and the Dutch business 15,000.

Shell said its wholesale and business-to-business (B2B) energy supply businesses were not part of the strategic review, and neither were its home energy supply businesses in the United States and Australia.

Although the retail businesses have struggled, Shell is set to post a record annual profit of over $30 billion in 2022 when it reports results on February 7 thanks to soaring oil and gas prices.

Also Read: Explained: The Electricity (Amendment) Bill, 2022 — its aims and objections to it

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow