Category: oil-&-gas
India considering bailout for indebted power distribution utilities, document says
India is exploring financial support for debt-laden state-run power distribution utilities to stabilize the sector amid rising demand, according to a Ministry of Power document reviewed by Reuters. A ministerial group will identify financially stressed states, develop a fiscal discipline plan to prevent a debt crisis, and propose measures to attract private investment.
Power Minister nudges discoms to boost financial health
The power ministry urged distribution companies to enhance their financial viability and adopt cost-reflective tariffs to attract investment. Adani Electricity Mumbai Ltd ranked top in integrated ratings of distribution utilities for FY24. Slow progress under RDSS and concerns about public sector utilities’ financial health were also highlighted.
Power sector will need Rs 6.4 lakh crore investment until FY35: Moody’s
India’s power sector will need ₹4.5-6.4 lakh crore of investment until FY35, as per Moody’s Ratings. This investment will largely support renewable energy projects, with solar and wind power dominating capacity additions. Conventional bank lending, non-bank financial institutions, and long-term foreign capital will be essential to meet these funding requirements.
Fuel demand growth slows to 3.5% in Apr-Jan
India’s petroleum demand growth slowed to 3.5% this fiscal, down from 5.1% last year, mainly due to reduced diesel consumption and declining bitumen sales. Diesel sales rose 4.2% in January due to increased holiday demand and freight movement. Petrol sales remained strong, growing at 7.9% in April-January. Bitumen consumption declined by 4.9%, indicating slower road…
ONGC plans foray into ethane carrier business, seeks partner
India’s ONGC is seeking joint venture partners to build very large ethane carriers for transporting feedstock to its petrochemical plant. The partnership will involve companies with experience in managing large gas and LNG carriers. The VLECs will be locally and globally funded, with the last date for submitting interest on March 27.
India needs massive investment to meet 2070 net-zero target: Moody’s
India needs substantial investments in its power sector to meet the 2070 net-zero commitment, requiring 2% of GDP annually over the next decade. Despite a boost in renewable energy capacity, coal-based power will still see a significant expansion to cater to rising power demand.
JSW Energy to await CCI clearances before acquiring KSK Mahanadi Power following SC ruling
JSW Energy is awaiting clearances, including CCI approval, before proceeding with its acquisition of KSK Mahanadi Power. The Supreme Court’s recent ruling on regulatory compliance highlights the need for CCI clearance prior to Committee of Creditors approval, potentially delaying resolution timelines.
Peak power demand touches a high of 238 GW in February
An unusually warm February caused peak power demand to reach 238 GW during solar hours, surpassing the expected 234 GW. Electricity consumption increased by 6% from last year. Coal stocks at power plants rose by 30% to 50.8 million tonnes. Peak power demand in March is expected to further increase to 240 GW during solar…
Transformers and Rectifiers (India) gets Rs 166-crore transformer supply order
Transformers and Rectifiers (India) Ltd has secured a new order worth Rs 166.45 crore from Hyosung T&D India Pvt Ltd. The contract involves the manufacturing and supply of single-phase coupling transformers for TBCB (tariff-based competitive bidding) projects, to be completed by the next financial year. The company also clarified that its promoters and group companies…
US emerges as 5th top oil seller to India in January, Russia at No.1
India’s oil imports from the U.S. surged in January, reaching 218,400 barrels per day (bpd), up from 70,600 bpd in December, making the U.S. India’s fifth-largest oil supplier. New Delhi aims to increase energy imports from Washington to $25 billion from $15 billion last year.
