Week In India: IREDA Signs MoU With MNRE, Tamilnadu Issues APPC Rate For FY 2020-21, NTPC Releases Unaudited Results For Q2/H1 FY21 And More

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IREDA Signs MoU With MNRE, Sets key Targets For 2020-21

Indian Renewable Energy Development Agency Ltd. (IREDA) signed a Memorandum of Understanding (MoU) with the Ministry of New and Renewable Energy (MNRE), Government of India setting key targets for the year 2020-21. The MOU was signed by Indu Shekhar Chaturvedi, Secretary, MNRE and Pradip Kumar Das, Chairman & Managing Director, IREDA in the presence of senior officials from MNRE & IREDA.Government of India has set a revenue target of Rs. 2,406 crore under ‘Excellent’ rating along with various performance-related parameters such as Operating Profit as percentage of Revenue from Operation, PAT as a percentage of Average Net worth, Loan disbursement, Overdue loan etc.

RERC Passes Final Order On Regulations Of Tariff Determination from RE Sources

Rajasthan Electricity Regulatory Commission (RERC) recently In the matter of Memo on Statement of objects & reasons and consideration of Comments/ Suggestions, received from various stakeholder for Tariff Determination from Renewable Energy Sources Regulations, 2020.The Commission accepts the suggestions from the stakeholders that clarity is required about the method applicable for determination of Average Annual Demand. Therefore, the Commission has decided to revisit the proposed definition of Average Annual Demand from these Regulations.

Tamilnadu Issues APPC Rate For FY 2020-21

Tamilnadu Electricity regulatory commission (TNERC) recently passed a notification that the average power purchase cost (APPC) for the financial year 2020-21 as INR 4.37/unit. TNERC has also passed an order  that the power purchase cost payable by TANGEDCO to NCES generators is INR 4.37/unit or 75% of the preferential tariff fixed by the Commission to that category / sub category of NCES generators. TNERC has increased the APPC cost by INR 0.3/unit for FY 2020-21 as compared to INR 4.097/kWh in FY 2019-20. 

Ahead of 45th Years of Completion, NTPC Says Fully Geared to Steer Transformation in India’s Power Sector

NTPC Ltd, the PSU under Ministry of Power, has reiterated its commitment to nation building and energizing India ahead of its Raising Day. India’s largest power producer, which commenced its purposeful journey on November 7, 1975 and has made a stellar contribution in lighting every nook and corner of the country, is fully geared to steer the next phase of growth and transformation in India’s power sector that offers immense opportunities.NTPC has been the flag bearer for the power sector in the country in the last 45 years. From its current power producing capacity of 62 GW, NTPC plans to become a 130 GW company by the year 2032.

IEX Electricity Market trades 6743 MU volume in October’20; Registers 76% YoY Growth

The Indian Energy Exchange traded electricity volume of 6743 MU in October’20 witnessing a significant 76% YoY increase. The national peak demand in the same period saw a 6% YoY increase and the energy consumption recorded a 12% YoY increase, according to the data published by the POSOCO. This trend indeed reinforces IEX positioning as the most preferred platform for the distribution utilities and the open access consumers for meeting their power requirements in the most competitive and efficient manner. The day-ahead market volume at 5501 MU during the month saw a 62% YoY growth. Though the buy bids at 6163 MU saw a 57% YoY increase in volume during the month, the market continued to witness high sell side liquidity with the total sell bids at 9804 MU being 1.8 times of the cleared volume.

Suresh Prabhu Emphasises India’s Ambitious Renewable Generation Target At The Ongoing India Energy Storage Week

India is on the path to become the largest market for advanced energy storage technologies within the next 5 years. With a vision to further accelerate the growth in the energy and e-mobility sector, India Energy Storage Alliance (IESA), India’s leading alliance on energy storage & e-mobility is currently hosting its annual virtual conference and exhibition – India Energy Storage Week (IESW) which was held from 3rd – 6th November along with Pre – Conference Workshops held on November 02, 2020. Speaking at the event today, Keynote speaker Suresh Prabhu, India’s Sherpa to G20 & G7, Member of Parliament, highlighting India’s vision to emerge as global energy leader stated  “Energy storage is an important aspect of the electricity mix in the country, bringing new dynamics in the energy spectrum. India has an ambitious renewable generation, making it carbon-neutral in the upcoming time. India has embarked upon an ambitious target of 100000 MWH Solar and 75000 MWH Wind. However, challenges are there, and it can be met with efficient energy storage technology. Storage is going to be a new thrust area.”

NTPC Releases Unaudited Results For Q2/H1 FY21

The Country’s largest power generator- NTPC Ltd. with a group installed capacity of 62910 MW, declared the unaudited financial results for the second quarter and half-year ended 30 September, 2020 on 2 November, 2020. On a standalone basis, in Q2 FY21, total income was ₹ 26,023.33 crore as against ₹ 23,658.23 crore in Q2 FY20, registering an increase of 10%. On a half-yearly basis, the total income was ₹ 50,044.33 crore as against ₹ 48,177.04 crore in H1 FY20, registering an increase of 3.88%. Profit after tax (PAT) for Q2 FY21 was ₹ 3,504.80 crore, as against ₹ 3,262.44 crore in the corresponding quarter of the previous year registering an increase of 7.43%.

MERC Rejects Tata Power Appeal To Change Entity of 225 MW Wind-Solar Hybrid Power Projects

Maharashtra Electricity Regulatory Commission (MERC) recently passed an order on Tata Power Company Limited  seeking approval for change in the execution entity of 225 MW grid connected Wind-Solar Hybrid Power Projects from M/s Tata Power Green Energy Limited (TPGEL) a 100% subsidiary of The Tata Power Company Limited (TPCL) to M/s TP Saurya Limited (TPSL)  another 100% subsidiary of The Tata Power Company Limited. Commission orders that modification to RfS is only possible before bid submissions and under such circumstances and it added that sufficient time needs to be given to prospective bidders to study such change.The Commission concluded by not approving the change in executing the entity of 225 MW grid connected Wind-Solar Hybrid Power Projects from TPGEL to TPSL.

MSEDCL Seeks Approval To Float Open Tenders

Maharashtra Electricity Regulatory Commission recently passed an order in case of Maharashtra State Electricity Distribution Company Limited seeking approval to float Open tenders and taking land on lease by paying rent under Mukhyamantri Saur Krishi Vahini Yojana (MSKVY) Scheme.  The Commission directs MSEDCL to make changes in the RfS document to address issues and submit fresh Petition for approval of the Commission. It added that MSEDCL must also submit operational details of already commissioned projects under MSKVY and whether they have faced or facing any operational difficulty, if any.  The Commission highlighted that such review of commissioned projects would only assist in modifying the RfS document so as to attract more bidders in future bid processes. 

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