With a view to accelerate the deployment of rooftop solar power in India, the Ministry of New and Renewable Energy (MNRE) has prepared a concept note on "Sustainable Rooftop Implementation for Solar Transfiguration of India (SRISTI)". The Government has set a target of reaching 100 GW of solar power installed capacity in the country by 2022, of which 40 GW is targeted through solar rooftop.
In terms of its Framework Agreement, with ratification by Guinea as the 15th country on 6 November 2017, the International Solar Alliance (ISA) will become a treaty-based international intergovernmental organization on 6 December 2017. The ISA, headquartered in India, has its Secretariat located in the campus of National Institute of Solar Energy, Gwalpahari, Gurgaon, Haryana.
The ISA is an Indian initiative, jointly launched by the Prime Minister of India and the President of France on 30 November 2015 in Paris, on the sidelines of COP-21, the UN Climate Conference. It aims at addressing obstacles to deployment at scale of solar energy through better harmonization and aggregation of demand from solar rich countries lying fully or partially between the Tropic of Cancer and Tropic of Capricorn.
The overseas arm of Oil and Natural Gas Corporation, ONGC Videsh will acquire 15 percent stake in offshore Namibia block from Tullow Oil. OVL executed the deal through its subsidiary ONGC Videsh Vankorneft Pte Ltd. ONGC Videsh (OVL) has signed definitive binding agreements with Tullow Namibia Ltd (Tullow), a wholly owned subsidiary of Tullow Oil plc, for acquiring 15 percent participating interest in Namibia Petroleum Exploration License 0030 for Block 2012A and related agreements (License) from Tullow’s existing participating interest of 25% in the License.
The Biaras Small Hydro Power Project (SHP) of 1.5 MW capacity, in Biaras Drass, Kargil, Jammu & Kashmir, was commissioned on 4th November 2017. The total cost of the project, fully funded by the Ministry of New & Renewable Energy, is Rs. 17 crores. This is the first project to be commissioned under the Prime Minister's Ladakh Renewable Energy Initiative (LREI).
TPREL, Tata Power’s 100% owned renewable energy subsidiary, has commissioned a 30 MW solar plant, spread over 140 acres in Palaswade village in Maan Taluka, in Satara district located 350 km south of Aurangabad city in Maharashtra.
PowerGrid has successfully completed and charged 220 kV S/c Leh - Khalsti Line section of 220 KV S/c Alusteng (Srinagar) - Leh Transmission line, along with 220/66 kV GIS sub-stations at Leh and Khalsti on 31st October, 2017. This is the first time in the country that any 220 kV voltage level substation is built at such a high altitude of over 11500 ft.
The Cabinet Committee on Economic Affairs has approved the revision in the price of ethanol under Ethanol Blended Petrol (EBP) Programme for supply to the Public Sector Oil Marketing Companies. The revised price of ethanol would be fixed at Rs.40.85/- per litre under EBP and will be applicable for the forthcoming sugar season 2017-18.
The Global Environment Facility (GEF) has partnered with Energy Efficiency Services Limited (EESL), under Ministry of Power, for the project ‘Creating and Sustaining Markets for Energy Efficiency’. The project will receive a composite funding of $454 million comprised of the GEF grant of $20 million and co-financing of $434 million in the form of loans and equity, including a $200 million loan from the Asian Development Bank (ADB).
The State Bank of India (SBI) has signed an agreement with seven companies for funding solar power energy following a line of credit from World Bank. The seven companies include Adani Group, JSW Energy, Hinduja Renewables, Tata Renewables Energy, Azure Power. Cleantech Solar and Hero Solar Energy.
The Government is likely to raise Rs. 750 crore through disinvestment of 5% of paid-up equity shares of NLC India Limited (NLCIL) through Offer for Sale (OFS) mechanism. The Government approved disinvestment of 3% equity shares of NLCIL as base offer, with an option to retain over subscription up to additional 2% equity shares.
The oil and gas PSUs have setup venture capital funds to encourage start-ups based on innovative ideas in the energy sector. Start-ups in the oil and gas sector are not short-term investments, but a long-term commitment. There are a wide variety of opportunities that present a wide spectrum of options for launching start-up initiatives. The government is committed to provide clean energy to every household of the country.
The Supreme Court has banned the use of petroleum coke, a dirtier alternative to coal, in New Delhi in a bid to clean the air in one of the world’s most polluted cities. The Supreme Court, which recently banned the sale of firecrackers in the New Delhi area, also ordered a ban on the sale and use of furnace oil, another dirty refinery by-product, in and around the capital and ordered implementation of strict emission norms.
In July 2017, India opened 2.8 million sq km of sedimentary basins for oil and gas exploration in a bid to raise domestic production and cut excessive dependence on imports. 51 proposals seeking about 60,000 square kilometre of area for exploration of oil and gas have been bid for in India’s maiden auction under open acreage licensing regime. The Open Acreage Licensing (OAL) allows companies to select blocks or areas after studying seismic data to explore and produce oil and gas.
Energy Efficiency Services Limited (EESL) has achieved a further price reduction in the procurement of 50 lakh smart meters, basis a reverse auction of the tender conducted. ITI Limited has emerged as the L1 bidder with the lowest quote of Rs. 2503 per unit for 50 lakh smart meters, followed by Genus Power and KEONICS. 8% lower price per unit is achieved than previous tender. The total procurement cost of 50 lakh smart meters has been reduced by Rs.132 crores due to reverse auction.