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India To Bring Down Energy Intensity Of Economy By 35%: R K Singh
Recently R.K.Singh, the Union Minister of State (IC), Power and New & Renewable Energy & Minister of State, Skill Development, and Entrepreneurship released a report on “Impact of energy efficiency measures for the year 2018-19” through a Video conference. While unveiling the e-book Singh said, “We have pledged in COP-21 that we will bring down the energy intensity of the economy by 33 to 35% compared to 2005 levels by 2030. Now, with our energy efficiency initiatives, we have already reduced the energy intensity of our economy by 20% compared to 2005 levels which is a very good performance indeed.”The total energy savings achieved in 2018-19 is 23.73 Mtoe (million Tonne of Oil Equivalent), which is 2.69% of the total primary energy supply (estimated to be 879.23 Mtoe in India) during 2018-19. This includes both the Supply Side and Demand Side sectors of the economy. Overall, this study has estimated that various energy efficiency measures have translated into savings worth INR 89,122 crores (approximately)against last year’s (2017-18) savings of INR 53,627 crore.
Draft Amendments Proposed In India Electricity Act To Strengthen Power Supply Agreement Contracts
The Ministry of Power (MoP), Government of India, has proposed amendments to the Electricity Act, 2003 in the form of draft Electricity (Amendment) Bill, 2020 notified on April 17, 2020, to address the issues plaguing the power sector and impeding its investment prospects. As per ICRA, an independent investment information and credit rating agency, the introduction of an entity like Electricity Contract Enforcement Authority (ECEA) with the authority to adjudicate upon matters regarding the performance of obligations under a contract related to sale, purchase or transmission of electricity, is likely to uphold the sanctity of the power supply contracts. According to ICRA, Draft Amendments proposed in Electricity Act, 2003 is expected to strengthen the sanctity of power supply contracts, to bring reforms in the distribution segment, Uniformity in appointments of regulators and implementation of direct transfer for the subsidy, Focus on renewables via National Renewable Energy Policy, deemed approval for bid tariffs and stricter penalties for the shortfall in meeting renewable purchase targets.
India Builds 10 GW Wind-Solar Hybrid Energy Project Pipeline
Solar Energy Corporation of India (SECI) in the year 2020 has launched, floated, or processed tenders In total approximately capacity of 10GW through integrated solutions with Renewables, Storage, and Coal.The distribution of 10GW is as follows: 1.2GW for the 1st SECI Peak Power Tender which is closed.400MW for the SECI Round-the-Clock tender, the bid submission has been closed and bidders are waiting for results. 1.2GW for the third SECI Wind+Solar Hybrid auction which is currently under process. 5GW tender for Coal coupled with Renewables which is also under process.1.2GW for the second SECI Peak Hour Tender the results are being announced.SECI might float a fourth Wind+Solar Hybrid auction which will be announced by the end of 2020.
SolarEdge Announces First Quarter 2020 Financial Results
SolarEdge Technologies, Inc., a global leader in smart energy announced its financial results for the first quarter ended March 31, 2020. The Company reported record revenues of $431.2 million, up 3% from $418.2 million in the prior quarter and up 59% from $271.9 million in the same quarter last year. Record revenues related to the solar business were $407.6 million, up 5% from $389.0 million in the prior quarter, and up 61% from $253.1 million in the same quarter last year.GAAP gross margin was 32.5%, down from 34.3% in the prior quarter and up from 31.7% year over year. Non-GAAP gross margin was 33.6%, down from 35.5% in the prior quarter and up from 32.8% year over year.GAAP gross margin for the solar business was 34.6%, down from 37.3% in the prior quarter and up from 33.8% year over year. Non-GAAP gross margin for the solar business was 35.0%, down from 37.8% in the prior quarter and up from 34.3% year over year.GAAP operating expenses were $72.2 million, down 22% from $92.7 million in the prior quarter and up 24% from $58.1 million in the same quarter last year. Non-GAAP operating expenses were $66.3 million, up 5% from $63.1 million in the prior quarter and up 38% from $48.0 million in the same quarter last year.
ADB Provides $346 Million Loan for Rural Electricity in Maharashtra
The Asian Development Bank (ADB) has approved a $346 million loan to India to help provide an efficient and reliable power connection to rural agriculture customers in the state of Maharashtra. The loan will be under ADB’s results-based lending (RBL) modality, where fund disbursements are linked to the achievement of agreed program results rather than to upfront expenditures, as is the case with traditional investment lending. This first ADB-financed RBL program in South Asia’s energy sector will help in the early construction and installation of metered HVDS through the installation of about 46,800 kilometers of 11 kilovolts (kV) grid extension lines, construction and upgrading of 121 33/11 kV distribution substations. The program will also build institutional capacity in the Maharashtra State Electricity Distribution Company Limited (MSEDCL) on HVDS.
SolarSquare Energy builds One of the Largest Industrial Solar Rooftop in India
SolarSquare is known to have worked with the most marquee businesses in the country. The founders of the company are ex-IITians and have an experienced engineering team working for them. To date, SolarSquare is known to have completed about 53 Mwp with an approximate of 75 projects. SolarSquare engineered projects have yielded a few % higher generation over conventional projects. Recently, the company completed one of their largest projects near India’s commercial capital Mumbai, built for a leading home furnishing brand. This 6,500 KWp plant produces over 8 Million units of electricity and saves close to a million dollars per year in electricity bills for their client! In addition to it, this project was acquired as a CAPEX project. Moreover, SolarSquare Energy will also be providing long-term O&M services to this project.
Solar91 Cleantech commissioned 3 MW Captive Solar PV Power Plant
Solar91 Cleantech Pvt Ltd, EPC company in Rajasthan has completed construction and commissioned the 3 MW captive solar photovoltaic power project under the captive mechanism at Modern Insulators Limited, Abu road Rajasthan. A total of 8340 Nos of 355-365 Wp Solar photovoltaic modules were installed with 24 Nos of 125 KVA Delta inverters. The modules which we have used in this plant are supplied by Canadian Solar with half-cut Poly Perc Technology which is the latest technology in the Indian Solar market said Prateek Agrawal, Co-Founder at Solar91 Cleantech Pvt Ltd.
IEEFA report: Is India’s PFC financing a herd of white elephants?
Power Finance Corporation (PFC) and Rural Electric Corporation Ltd (REC), big state-owned institutions charged with financing a large part of India’s growing need for electricity generation, may instead be funding a herd of white elephants — obsolete and economically unviable coal-fired power plants that could soon become stranded assets.India’s Power Finance Corporation continues to fund non-performing coal assets, report from the Institute for Energy Economics and Financial Analysis (IEEFA) says.India’s government-owned PFC acquired the REC, it formed the country’s largest non-banking finance company, and a critically important lender for India’s power sector, with a total asset book approaching US$100bn as of last December says Kashish Shah, report author energy finance analyst.PFC and REC have lent extensively to coal-fired power projects, with Rs343,746 crore (US$49bn), or 54% of their total loan book, exposed to thermal power.
72% of the organisations stated that the covid-19 impact will be felt much beyond six months, EY survey
While the COVID-19 impact can be felt by organisations across sectors, 72% of the organisations stated that its impact will be felt beyond six months, according to an EY survey titled ‘HR resilience planning – COVID-19 impact and preparedness’. Around 70% of the organisations believe that the single biggest concern for continued remote working is fall in productivity. The crisis is also forcing organisations to re-look at the HR processes and operations through a digital lens. More than 70% of the organizations are now moving to virtual methods of recruitment, and emerging technologies like Artificial Intelligence, Robotic Process Automation and Machine Learning are leading this change.Around 87% of the respondents currently have travel restrictions in place in addition to the mandated ones. At this time of crisis, organizations must adopt to the changing ways of working, and invest in the right IT infrastructure and build in structured mechanisms to institutionalize remote working.
BLP Industry AI and Google Cloud announce a strategic partnership to provide digital transformation
BLP Industry.AI, a leading provider of enterprise AI and IoT applications for industry, today announced a strategic partnership with Google Cloud to assist companies improve operational efficiencies through digital transformation.BLP Industry.AI (Industry.AI) will use Google Cloud, as it’s preferred cloud platform. With this partnership, Industry.AI and Google Cloud will work with enterprises to optimize and automate operational, manufacturing, and business processes, as well as product solutions.“With this partnership, we are joining forces to drive industrial productivity across organizations,” said Tejpreet Singh Chopra, CEO, BLP Industry.AI. “Leveraging the deep technology of Google Cloud, we have built AI-based applications that will accelerate the adoption of AI and IoT across industries.”