Daily News Wrap-Up: CERC Allows High-Price Contracts at HPX

Suzlon’s net profit slides to ₹1 billion in Q1 FY24

July 27, 2023


The Central Electricity Regulatory Commission has allowed Hindustan Power Exchange (HPX) to introduce High Price contracts in the High Price Day Ahead Market, High Price Term Ahead Market, and High Price Contingency Contracts (HP-Contingency) segments. The Commission, however, rejected the proposal for introducing HP-Day Ahead Contingency and HP-Intraday Contracts for hydropower generators.

Wind turbine manufacturer Suzlon Energy posted a net profit of ₹1.01 billion (~$12.3 million) during the first quarter (Q1) of the financial year (FY) 2024, a decrease of 96% year-on-year (YoY). The drop in net profit can be attributed to the exceptionally high net profit recorded in Q1 23, primarily due to exceptional gains from converting financial instruments as part of the company’s refinancing efforts.

The Chhattisgarh State Electricity Regulatory Commission has issued amendments to the Grid-Interactive Distributed Renewable Energy Sources Regulations, 2019. As per the amendments, the first 500 MW of open access solar projects will be exempted from transmission charges, cross-subsidy surcharge, wheeling charges, and state load despatch center charges for the entire life of the project. The amendment would apply to the first 500 MW capacity that achieved or would achieve commercial operation by December 27, 2023.

The Jodhpur Vidyut Vitran Nigam has invited bids to install and commission 29 grid-connected solar projects with a total capacity of 74.8 MW under Component C of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan program for feeder level solarisation. The projects will be located in Sri Ganganagar, Kesrisungpura, Lalgarh, Sri Ganganagar (Rural), and Sadulsahar subdivisions of Sri Ganganagr Circle in Jodhpur and developed under the renewable energy service company model.

GreenH Electrolysis, a joint venture between H2B2 Electrolysis Technologies of Spain and GR Group of India, is setting up a 1 GW Proton Exchange Membrane electrolyzer manufacturing facility in India. This facility will be located at the Reliance MET Industrial Park in Jhajjar District, Haryana, with its first phase currently underway, and operations are expected to commence in October this year. The joint venture brings together the technical expertise of H2B2 Electrolysis Technologies and the project development and EPC experience of GR Group.

The European Investment Bank has approved a €575 million (~$636.7 million) loan to support global energy company Repsol‘s renewable projects in Spain. The approved loan’s first tranche of €400 million (~$442.9 million) aligns with Repsol’s goal of achieving zero net emissions by 2050. The projects are expected to bolster the REPowerEU objective of reducing the European Union’s dependency on fossil fuel imports and increasing energy security.

U.S.-based energy company NextEra Energy reported a net income of $2.79 billion for the second quarter (Q2) of 2023, an increase of over 102% year-over-year (YoY), driven by the successful execution of growth initiatives by the company’s clean energy generation vertical. The company posted earnings of $1.7 billion for the quarter, an increase of 11% YoY. NextEra Energy Resources reported a net income of $1.46 billion in Q2 2023, a substantial YoY increase of 1,000%.