Cabinet Approves National Green Hydrogen Mission with Initial Outlay of Rs 19,744 Crore
The Union Cabinet, chaired by the Hon’ble Prime Minister Shri Narendra Modi, has approved National Green Hydrogen Mission. The initial outlay for the Mission will be Rs.19,744 crore, including an outlay of Rs.17,490 crore for the Strategic Interventions for Green Hydrogen Transition Programme (SIGHT) programme, Rs.1,466 crore for pilot projects, Rs.400 crore for R&D, and Rs. 388 crore towards other Mission components. MNRE will formulate the scheme guidelines for implementation of the respective components.
Govt of India To Issue Its Novel Sovereign Green Bonds for Aggregate Amt of Rs. 16,000 Crore
The Government of India would be issuing its novel sovereign green bonds for an aggregate amount of 16,000 crore, the Reserve Bank of India (RBI) said in its half yearly review report on government finances. The funds will be used for the developement of green infrastructure in the country. Green bonds issued by the sovereign (i.e., these bonds carry guarantees related to repayment of principal and payment of interest by the sovereign or the government) are termed sovereign green bonds (SGBs). The SGBs are similar to dated government securities except for the green clause.
MAHAPREIT Invites Consultants To Develop 10 MW Of Distributed Solar Projects
Under the Mukhyamantri Saur Krishi Vahini Yojana, Mahatma Phule Renewable Energy and Infrastructure Technology (MAHAPREIT) has issued an invitation for bids to appoint consultants to install distributed solar power projects totaling 10 MW. Within 15 days following the letter of award, the winning bidder must sign an empanelment agreement with the MAHAPREIT, which will be in effect for two years. The deadline for submitting online bids is January 24, 2023, which is also the bid revealing date.
MoP Amends Electricity Rules, Provides Clarity on Open Access Surcharge and ESS
The notification states that the surcharge open access consumers will have to pay, should not exceed 20% of average power supply cost. These new rules will curb DISCOMs tendency to impose stiff open access surcharges on C&I consumers. They will also allow for competition between suppliers and private generating firms for consumers’ benefit. It further stated that the appropriate commission must, within 90 days after publication of these rules specify a price adjustment formula to recover the costs due to variation in fuel prices or power purchase cost. The consumer tariff should reflect the monthly impact of such variations on cost. The amendment stated that The Energy Storage System may be developed, leased, owned or operated by a generator company, a transmission licencee, a distributor licensee, or a system operator, or an independent energy storage provider. An Energy Storage System that is co-located or owned by a generating station, transmission licensee, or distribution licensee will have the same legal status.
MoP To Introduce Uniform Renewable Tariff For Central Pool Of Projects
In order to implement the unvarying renewable energy tariff for the central pool of projects connected to the interstate transmission system (ISTS), the Ministry of Power (MoP) modified the Electricity Rules. By dividing the total amount due under the power supply agreement for a particular month by the total amount of electricity delivered, the uniform renewable energy tariff will be calculated. Due to observed tariffs being higher or lower than prior PPAs, DISCOMs sometimes postpone joining PPAs or require developers to renegotiate pricing. Thus, after the introduction of a consistent renewable energy tariff, Distribution companies (DISCOM) are anticipated to sign power purchase agreements (PPAs) and further the growth of the renewable energy industry.
TEDA Floats Tender For Installing 20 MW Rooftop Solar Systems Across The State
The installation and commissioning of 20 MW of grid-connected rooftop solar systems on state-owned buildings, industrial facilities, and educational institutions have been put out to bid by the Tamil Nadu Energy Development Agency (TEDA). The deadline for proposal submissions is February 15, 2023, which will be opened on the same day. The project is expected to cost Rs. 1.2 billion, and the capital expenditure model will guide the development of the projects.
