Week In India: MoP Declares Power Sector as Critical sector, CERC Extends Deadline for Inputs on Tariff Determination, India’s PFC Appoints Parminder Chopra As Finance Director, Rajnath Singh Launches NOC Issuance Portal for Power Projects And More

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MoP Declares Power Sector as Critical sector; Issues Order For Testing Parts

The Ministry of Power (MoP) today issued an order on testing of all equipment, components, and parts used in the power supply system. The ministry stated that the Power Supply System is a sensitive and critical infrastructure that supports not only our national defense, vital emergency services including health, disaster response, critical national infrastructure including classified data & communication services, defense installations, and manufacturing establishments, logistics services but also the entire economy and the day-to-day life of the citizens of the country. Any danger or threat to the Power Supply system can have catastrophic effects and has the potential to cripple the entire country, it added. The order states that the vulnerabilities in the Power Supply System & Network mainly arise out of the possibilities of cyber-attacks through malware / Trojans etc. embedded in imported equipment. To protect the security, integrity, and reliability of the strategically important and critical Power Supply System & Network in the country MoP issued various directions.

CERC Extends Deadline for Inputs on Tariff Determination Till 15th July

Central Electricity Regulatory Commission (CERC) has recently passed a notice regarding the extension of the comments/suggestions date on Draft Central Electricity Regulations For Tariff determination, 2020. The notice stated that various stakeholders have requested for extension of time on account of extension of restrictions on account of the outbreak of Covid-19 and the requirement of adequate study to formulate their response on proposed draft regulations being introduced the first time. The commission hence considered the request and decided to extend the date of submission of comments/ suggestions/objections by two weeks i.e. till 15th July 2020.  Previously the last date for submission of the comments was 30th June 2020. The date of the public hearing will be decided separately.

IEX’s Real-Time Market Trades 515.46 MU Volume in The First Month

The Indian Energy Exchange, India’s energy trading platform recently declared that its Real-Time Electricity Market has accomplished a volume of 515.46 MU in the first month of June 2020. To help the market commence on a great start, the Exchange over the last few months, engaged with distribution utilities, power generators as well as commercial and industrial consumers and assisted the stakeholders through capacity building sessions as well as provided technology applications and tools. A total of 237 customers participated in the new market segment during the first month. Another key highlight of the newly commenced market segment was the single-day highest volume of 36.09 MU on June 30, 2020, when 110 customers participated in the various auction sessions held over a day. The new market segment was operationalized on the IEX platform at 10:45 PM on May 31, 2020, for delivery at 12:00 AM on June 01, 2020.

India’s PFC Appoints Parminder Chopra As Finance Director

Government-owned Power Finance Corporation (PFC), India’s leading NBFC, announced the appointment of Parminder Chopra as Director (Finance) of the company. She succeeds N.B. Gupta, who superannuated on June 30, 2020. Chopra was working as Executive Director (Finance) at Power Finance Corporation (PFC) before assuming charge as Director (Finance), PFC. With over 32 years of rich and varied experience, she specializes in handling crucial and core finance functions such as fund mobilization, corporate accounts, banking & treasury, asset-liability management, stressed asset resolution, etc. She also serves as Director on the Board of Coastal Tamil Nadu Power Limited and Cheyyur Infra Limited.

MNRE Issues Clarification On Time Extension for RE Projects

The Ministry of New and Renewable Energy (MNRE), nodal Ministry of the Government of India has recently passed an order on Time-Extension for Renewable Energy (RE) Projects considering disruption due to COVID-19 Lockdown. On order dated 17.04.2020 MNRE had directed all RE implementing agencies of the MNRE to treat lockdown due to COVID-19, like Force Majeure and that they may grant an extension of time for RE projects equivalent to the period of lockdown and additional 30 days for normalization after the end of such lockdown. States and UTs were also requested to treat Lockdown as Force Majeure and to consider granting appropriate time extension on account of such lockdown. MNRE clarifies that In line with the Ministry of Home Affairs on orders dated 15th April, 17th May, and 30th May 2020, the period of lockdown is to be treated from 25th March 2020 to 31st May 2020. 

Rajnath Singh Launches NOC Issuance Portal for Power Projects

Ministry of Defence (MoD), Rajnath Singh in the presence of  Y Naik launched a new web portal for the issue of No Objection Certificate (NOC) for power projects and Research Survey Exploration Exploitation (RSEE) activities in the Indian Territorial Waters (TW) and Exclusive Economic Zone (EEZ). To ensure ease of business and transparency in issuing NOC for such projects, the Ministry has developed the online application portal with the assistance of the National e-Governance Division (NeGD), Bhaskaracharya Institute for Space Applications and Geo-informatics (BISAG) and National Informatics Centre (NIC). The address for the new online portal is https://ncog.gov.in/modnoc/home.html.The newly developed MoD web portal will facilitate the applicants in submitting their proposals online for seeking MoD Security Clearance for undertaking Power Projects/RSEE activities. 

NTPC Adds 8260 MW In FY20; Profit Before Tax Up By 14.15%

National Thermal Power Corporation Limited, a central PSU under the Indian Ministry of Power and the Country’s largest power generator with a group installed capacity of 62110 MW, declared the financial results for FY20 along with the unaudited financial results for Q4 FY20 on 27 June 2020. In FY20, NTPC recorded the highest ever commercial capacity addition of 8260 MW which includes the acquisition of 2970 MW capacity of THDC and NEEPCO. The gross generation of NTPC Group for FY20 was 290.19 Billion units as against 305.90 Billion units during the previous year.  In addition, the gross generation of THDC & NEEPCO was 10.91 Billion Units. On a Standalone basis, the gross generation of NTPC for FY20 was 259.62 Billion units as against 274.45 Billion units in the previous year. Coal stations achieved a Plant Load Factor of 68.20% as against the National Average of 55.89% with an availability factor of 89.67%. Profit before tax was ₹ 14,465.92 crore in FY20 as against ₹ 12,672.52 crores in FY19 registering an increase of 14.15%.  For Q4 FY20, PBT was ₹ 4,383.77 crore, as against ₹ 3,537.17 crores in Q4 FY19 registering an increase of 23.93%.

Sterling and Wilson Solar Announces INR 5575cr Revenue In FY20; Up by 12.8%

Sterling and Wilson Solar Limited (SWSL), global solar engineering, procurement, and construction (EPC) solutions provider. announced its maiden audited results for the financial year ended 31st March 2020. The Company’s revenue from operations for FY20 is Rs. 5,575 crores, EBITDA (Earnings Before Interest, Taxes, Depreciation, And Amortization) which excludes interest income, stood at Rs. 383 crores, and PAT ( Profit After Tax) stood at Rs. 304 crores. The revenue for the quarter stood at Rs. 2,061 crores, whereas EBITDA and PAT stood at Rs. 146 crores and Rs. 129 crores respectively. Inter-Company Deposit amounting to Rs 1,512 crores has been repaid from the date of listing till 31st March 2020 which has been utilized for repayment of external term debt. Inter-Company Deposit (net) balance as at 31st March 2020 is Rs. 1,217 crores. The order inflows for FY20 increased by 15% y-o-y to Rs 9,048 crores despite the challenging fourth quarter of the financial year. The Company’s focus and efforts in Australia over the last couple of years helped win three orders aggregating to 804 MWp.

Tata Power to Raise Rs 2,600 Cr, Set up InvIT for Renewables Business

The Board of Directors of Tata Power has approved the issuance of 49,05,66,037 Equity shares on a preferential basis to Tata Sons Private Limited for an aggregate consideration of Rs. 2,600 crore. The issue price for the Equity shares has been fixed at Rs. 53 per Equity share representing a 15% premium to yesterday’s closing price. Tata Sons’ shareholding will increase from 35.27% to 45.21% on the allotment of Equity shares pursuant to the preferential issue. Consequently, Tata Group’s shareholding will increase from 37.22% to 46.86%. The Annual General Meeting of the shareholders will be held on 30th July 2020 wherein the Company will seek shareholders’ approval for the preferential issue.

AsiaOne Recognizes Waaree as “India’s Greatest Brand” in the Solar Industry

Waaree Energies, India’s largest solar module manufacturer and a leader in the EPC segment, has emerged as India’s Greatest Brand by AsiaOne Magazine & URS Media International in the fifth edition of their awards. The process advisor for these awards and listing was Deloitte Touche Tohmatsu  India. Waaree is now the first Indian solar company to be recognized as India’s Greatest Brand the winners are judged on the basis of research across 16 industries, 1,200 brands and 62 sub-categories from multiple sectors. The company was chosen on the basis of excellence in customer service and quality maintained over the years. The success story is slated to be covered by CNBC on 4th July. it has already supplied nearly 3 GW of solar panels till date globally and commissioned over 600 MW of solar EPC projects in India. Waaree solar modules have been shipped to 6 continents, across 68 countries. 

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