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The White House is backing a plan by House of Representatives Democrats to let renewable energy firms form tax-advantaged partnerships that the oil and gas industry has used for decades to build out the U.S. pipeline and storage infrastructure, according to three people familiar with the matter.
Billionaire businessman Gautam Adani on Tuesday announced that his conglomerate will be investing $20 billion during the course of the next 10 years in the renewable energy segment and will also produce the world's cheapest green electron. Mr Adani, who was addressing an investor summit, said that the investment will be made in renewable energy generation, component manufacturing as well as transmission and distribution. The Adani Group has been active in the renewable sector segment for many years now and interestingly the announcement about investing such a quantum of money in the sector has come just weeks after Reliance Industries Limited chairman Mukesh Ambani had said in June that he would be investing ₹ 75,000 crore over the next three years in clean energy and hydrogen fuel.
Soaring wholesale gas prices have left the UK in an energy crisis, with fears for vulnerable households as bills rise and a wave of energy firms folding. In the 1990s, the UK made a “dash for gas”. In recent years, it has leaned on the fuel to ease the phase out of an even more polluting fossil fuel, coal. That makes the UK heavily reliant on gas for energy, with 86 per cent of homes using it for heating and more than a third of electricity supplies coming from gas power plants. The main reason for the current crisis is a shortage of gas supplies, due in part to outages in production in Norway and elsewhere, and demand from Asia. It is also, to a much lesser degree, due to low output from wind power and a fire last week leaving a UK-France power link offline. Prices and carbon emissions are up, with ageing coal and mothballed gas power stations firing up again. Wholesale gas prices are up 176 per cent since the start of the year, and power prices in the past month are up 266 per cent on the average this year.
African Energy Week (AEW) 2021 in Cape Town is committed to providing a real conversation on the issues facing African people and African businesses, offering attainable solutions through which the oil and gas industry can help drive. With global stakeholders pledging net-zero emissions by 2050, and the move to renewable energy holding significant financial challenges for African countries, the role of the oil and gas industry has been brought to light, with the idea of an African carbon market both deliberated and debated among key industry leaders and global stakeholders. With a panel discussion taking place at the Ninth Conference on Climate Change and Development in Africa (CCDA-IX) under the theme, ‘Can carbon markets work for Africa?’ key insights were provided into whether or not a carbon market could work in Africa, with speakers introducing current national strategies to address carbon emissions.
In a boost to investment in Maharashtra during the pandemic, the state government’s Industry Department on Tuesday signed two MoUs under the Magnetic Maharashtra 2.0 initiative with JSW, worth Rs 35,500 crore in the renewable energy sector. As per the MoUs, the company plans to invest Rs 35,500 crore in the state by setting up a hydro-based power project of 1,500 MW power generation in villages like Jammde, Kalbhonde and Kothale near Igatpuri in Nashik district, and wind power projects of 5,000 MW power generation across 1,870 hectares in Kolhapur, Solapur, Satara and Osmanabad. The project, which will take 18 months to start, will supply cheap and green renewable power round-the-clock and help Maharashtra decrease its reliance on non-renewable energy.
Saudi Arabia is on a tight deadline. The kingdom has set itself some of the most ambitious economic and social targets in the region, with an aim to revamp its economy completely. Underpinning this drive for change is its youth population, now better equipped than ever to contribute productively. Not only does the kingdom want to retain its place as the largest economy in the Middle-east, but do much better than that, to ensure it becomes a magnet for non-oil sectors worldwide. At an average age of just 32, Saudi Arabia has a strong cohort of the young, that has acquired quality qualifications in the recent past, thanks to high investments in building up education and health infrastructure.
One of the world’s largest mining and steel manufacturing companies — ArcelorMittal — has announced grand plans to develop renewable energy assets in India. According to media reports, ArcelorMittal has expressed interest in developing renewable energy projects in the Indian states of Rajasthan and Gujarat. The company is believed to have proposed a 4.5-gigawatt solar park in Rajasthan with an estimated investment value of $2.6 billion. The news reports, however, did not mention the timeline for development of this project. In the recent past, Rajasthan has attracted investment in solar power park development from many private companies in India. These include Adani and IL&FS. These ventures have been highly successful with associated project auctions yielding some of the lowest tariff bids in India.
Union Power and New & Renewable Energy Minister R K Singh on Thursday met his Danish counterpart Dan Jrgensen where both agreed on further engagement in renewable energy, especially offshore wind and green hydrogen. "Union Minister for Power and New and Renewable Energy R K Singh met with Dan Jrgensen, Danish Minister for Climate, Energy and Utilities, here today (Thursday)," the Ministry of New and Renewable Energy said in a statement.
NTPC Ltd, India’s largest power generator, plans to partner with National Investment and Infrastructure Fund (NIIF), the country’s quasi-sovereign wealth fund, and Oil and Natural Gas Corporation (ONGC) to acquire and develop green energy assets, including offshore wind projects. The plans were contained in a letter to shareholders by NTPC chairman and managing director Gurdeep Singh in the company’s annual report for FY21. “Further, efforts are on for partnering with NIIF and ONGC for exploring opportunities in acquisitions and development of renewable assets, including offshore wind," Singh said in his letter.
In a letter to managing director of the National Transmission & Despatch Company (NTDC), managing director of the Private Power & Infrastructure Board (PPIB) and chief executive officer of the Alternative Energy Development Board (ARDB), the regulator recalled that last year it had asked for inclusion of “hydropower in the scope and definition of renewable energy in various energy policies, rules and regulations”. “Furthermore, it was desired to make necessary amendments in all relevant documents and include hydropower in the scope of upcoming ARE (Alternate and Renewable Energy) Policy 2019,” said the letter. It said Nepra Chairman Tauseef H. Farooqi raised the issue at various forums and, therefore, a report on the latest status regarding regulator’s advisory issued in June 2020 be submitted at the earliest.
With the UK announcing a $1.2 billion package of public and private investment in green projects and renewable energy in India to tackle climate change. The climate advocates said that the partnership is a trendsetter for countries that how the public and private sectors can work together to speed the clean energy transition. This global partnership will boost private finance to support India's ambitious commitment to deploy 450 GW of renewable energy by 2030.
India and the UK on Thursday agreed on a USD 1.2 billion investment in green projects and renewable energy to boost India’s green growth ambitions at the 11th India-UK Economic and Financial Dialogue between Finance Minister Nirmala Sitharaman and her British counterpart Rishi Sunak, driving forward the bilateral agenda of an Enhanced Trade Partnership. Sitharaman and Sunak, who met virtually for the annual summit, signed off the USD 1.2-billion package of public and private investment in green projects and renewable energy in India.This includes a USD 1 billion investment from CDC, the UK’s development finance institution in green projects in India, joint investments by both governments to support companies working on innovative green tech solutions, and a new USD 200 million private and multilateral investment into the joint Green Growth Equity Fund which invests in Indian renewable energy.
Kevala, the startup that collects and analyzes energy grid infrastructure data for utility companies, renewable energy providers, EV charging companies, regulators and other energy industry stakeholders, has raised $21 million in a Series A round. The company says it will use the funds to grow its team from 60 employees to around 100 by the end of 2021 and increase the deployment of its grid analytics tools. Kevala’s Assessor Platform, its interactive cloud-based grid analytics toolbox, allows a range of energy industry stakeholders to leverage massive quantities of data the company has collected from public sources, as well as from its clients.
Verizon has now allocated nearly $2 billion in green bonds, making it the only U.S. telecom operator to fully issue and allocate two green bonds. Green bonds are a way for enterprises to earmark funds for projects that positively impact the environment. The carrier issued its first green bond for $1 billion in 2019. Those funds were fully allocated in 2020 for renewable energy, green buildings, biodiversity, and conservation efforts. Verizon’s second green bond was issued last September, and its $994 million in net proceeds has been fully allocated toward virtual power purchase agreements (VPPAs) for renewable energy projects. In total, these projects are capable of generating a gigawatt (GW) of renewable energy across seven U.S. states — Illinois, Indiana, Iowa, Maryland, North Carolina, Ohio, and Pennsylvania. Solar energy will make up 83% of the renewable energy generating capacity, and wind energy will account for the remaining 17%.
The country’s renewable sector is poised to add about 65 gigawatts capacity over the next four to five years supported by strong project pipeline and government’s policy backing. The renewable energy (RE) sector is likely to see an investment of about ₹2.5 lakh crore to ₹3 lakh crore over the next few years, according to ICRA assessment. Impacted by two Covid waves, the renewable sector is likely to see installation of about 11 GW this fiscal. The economics of battery storage has become a key monitorable for the sector. The key challenges constraining the growth remain on the execution front, mainly associated with land and transmission infrastructure as well as the slow but improving progress in signing of power purchase agreements and power sale agreements by intermediate procurers with State distribution utilities.
Tata Power arm Tata Power Renewable Energy Limited (TPREL) has commissioned a 150 MW Solar Power project in Rajasthan’s Loharki village. With the latest installation in Rajasthan, the total renewables installed capacity of Tata Power will be 2,947 MW (2,015 MW of solar and 932 MW of wind). Tata Power also has 1,084 MW of renewable projects under implementation. This project, spread across 756 acres of land, is expected to generate over 350 million units per annum. This installation is likely to reduce 3.34 lakh tons of carbon emission every year. Around 6.5 lakh modules, 48 inverters, 720 km of DC cable and 550 manpower have been utilised to ensure smooth processing of this installation, as per the official release.
The Indian government has proposed a new set of rules “Draft Electricity (promoting renewable energy through Green Energy Open Access) Rules, 2021” for purchase and consumption of green energy, including the energy from waste-to-energy plants.The proposed rules aim to push for faster adoption of renewable power by addressing various concerns related to the green energy sector. The union power ministry has put the rules online on August 16 and sought comments from all stakeholders within 30 days.
As part of a push to embrace cleaner forms of energy, GAIL will be laying pipeline infrastructure to connect consumption centres to gas sources while also augmenting its renewable energy portfolio, GAIL Chairman and Managing Director Manoj Jain said. India's top gas company GAIL will foray into hydrogen generation and take the acquisition route to scale up its renewable energy portfolio as it pivots business beyond natural gas to align with energy transition being witnessed across the globe. As part of a push to embrace cleaner forms of energy, GAIL will be laying pipeline infrastructure to connect consumption centres to gas sources while also augmenting its renewable energy portfolio, GAIL Chairman and Managing Director Manoj Jain said.