"During April-October, electricity generation grew 1.2 per cent. There was a decline in October mainly because of excess rainfall led by a slump in air conditioning requirement. But, to say that this was due to some kind of slowdown in industrial production is nonsensical. There can be nothing further from the truth," Power Minister R K Singh said.
As per the research by Wood Mackenzie, energy demand in the region is expected to grow 15% from 2019 to 6,800 million tons of oil equivalent in 2040. Currently, net fossil fuel imports account for 25% of the region’s demand. Despite ambitious government targets, national oil and gas companies have been struggling to ramp up oil and gas production.
Chandrasekaran said the slowdown is creating a pressure on jobs, and while the cyclical issues ailing the economy get addressed, there are strengths in the structural front, like the demography, and also opportunities presented by technological breakthroughs where India has the edge.
Owing to lower supply in comparison to last year's, there is a dip in the sales of renewable energy certificates to 6.87 lakh units from 7.03 lakh in 2018. Indian Energy Exchange (IEX) and Power Exchange of India (PXIL) are the two power bourses in the country which are engaged in trading of renewable energy certificates (RECs) and electricity.
V.R. Venkatesh, the former CFO, CG Power has denied any sale of property in Nashik in connection to the CG Power fraud he is primarily accused of. In its investor presentation in August, CG Power had listed several alleged discrepancies or fraudulent transactions including two instances of sale of company properties in Nashik and Kanjurmarg.
In the filing, CESC said that in continuation of its intimation dated 12 October 2018, informing shareholders that the scheme was made effective from 1 October 2017, except demerger of the generation undertaking of the company into Haldia Energy Ltd, a wholly-owned CESC subsidiary.
FEDCO is a 100% subsidiary of Feedback Infra, provides electricity to consumers across areas in Odisha and Meghalaya. FEDCO will roll out the pilot phase that will involve implementation of Village Energy platform at distribution transformers (DTR) within a single feeder system.
The company, which is dealing with muted cash flows and huge debt, will monetise assets like head office building ‘CG House’ and is also working with lenders to resolve its debt issues after nine of its fourteen lenders, constituting 88% of total outstanding credit facilities of the company by value, signed an Inter Creditor Agreement (ICA).
In an appeal filed in the high court, the government said it has the right to negotiate power tariffs. It said the single-judge bench erred in ruling that the government being a third party, had no power to issue the July 1order that directed a high-level committee to renegotiate agreements and submit report to the state in 45 days.
CG Power had in August stated that an investigation instituted by its board had found major governance and financial lapses, including some assets being provided as collateral and the money from the loans siphoned off by "identified company personnel, both current and past, including certain non-executive directors."
Singh said that more than 55% of installed power capacity will be renewable by 2030. "India has decided that by 2030, about 40% of its installed capacity will come from renewables. But we will be crossing that," he added. On the Perform Achieve and Trade scheme, he said India saved 8.63 mn tonnes of oil equivalent in the first round of the scheme.
At the meeting of the committee of creditors (CoC) held on October 14, the lenders had decided to go ahead with the resolution plan submitted by the Sajjan Jindal-controlled JSW Group entity a week after Vedanta decided to pull out. On October 6, Vedanta had announced its decision to withdraw its resolution plan.
Government is looking at regulation closely which will help innovation and to ensure that regulations don't encourage monopolies, the official said, adding, "to ensure this we are amending the Electricity Act and we are including a chapter on markets, market mechanism and trading of energy".