Daily News Wrap-Up: GUVNL Declares Winners of 500 MW Wind Auction
Solar accounted for 16% of the total installed power capacity in Q1 2023
May 8, 2023
Juniper Green Energy, Evergreen Renewables, SJVN Green Energy, and Solarcraft Power India (Blupine Energy) emerged winners in Gujarat Urja Vikas Nigam’s auction to supply power from 500 MW of grid-connected wind projects (Phase V). Juniper Green Energy won 70 MW by quoting ₹3.11 (~$0.038)/kWh. Evergreen Renewables bagged 30 MW by quoting ₹3.17 (~$0.039)/kWh, and SJVN Green Energy 100 MW at ₹3.17 (~$0.039)/kWh. SJVN won 100 MW under the bucket-filling method by quoting ₹3.17 (~$0.039)/kWh.
Solar power accounted for 16% of the total installed power capacity and 38% of the total installed renewable capacity in the first quarter (Q1) of the financial year 2023, up from 13.2% and 34% year-on-year, respectively. India’s installed renewable energy capacity, including large hydro projects, stood at 170.32 GW, accounting for a 41% share of the overall power capacity mix at the end of Q1 of the calendar year 2023.
The Central Electricity Authority (CEA) has estimated that India’s solar capacity at 292.6 GW will surpass the thermal generation capacity of 276.5 GW (251.7 GW of coal and 24.8 GW of gas) by the financial year (FY) 2029-30. The Authority released the estimates in a report on the optimal generation capacity mix for the country. It said that thermal installed capacity is expected to decrease to 35.5% of the total installed capacity by FY30 from 59% now. Meanwhile, renewable energy installed capacity is projected to increase to 62.4% of the total installed capacity, up from 41%.
The Haryana Electricity Regulatory Commission ruled that distribution companies will not be allowed to impose reliability charges on green open access consumers as there is no defined clause in the Green Energy Open Access Regulations, 2023. Distributed Solar Power Association, Merino Industries, and Garg Spinning Mills had filed a petition seeking amendment in the Renewable Energy Regulations 2021 to ensure it is consistent with the Ministry of Power’s Green Energy Open Access Regulations 2022.
Tata Power’s profit after tax rose 48% YoY to ₹9.39 billion (~$115 million) for Q4 of FY 23, mainly driven by higher sales across DISCOMs and higher renewable capacity addition. The company posted a growth of 6% YoY in revenue, which came in at ₹128 billion (~$1.5 billion) during the quarter. The company’s earnings before interest, tax, depreciation, and amortization increased by 38% YoY to ₹31 billion (~$380 million).
BluSmart Mobility, an electric vehicle ride-hailing service and charging infrastructure operator, has secured $42 million in its most recent funding round held last month. The company has witnessed 3x growth in its monthly revenue over the last three quarters, and it plans to use the latest funding to scale its operations further and penetrate deeper into mega-cities.
China-based solar module manufacturing company LONGi Green Energy Technology has reported a net profit of RMB3.64 billion (~$526.79 million) in Q1 FY23, an increase of nearly 37% YoY. The growth in net profit was based on increased wafer, cell, and module shipments. The cell and module shipments increased by 78% YoY to 12.6 GW at the end of the January to March period. The wafer shipments jumped nearly 30% YoY to 23.8 GW.
The Central Electricity Regulatory Commission has approved the introduction of the Tertiary Reserve Ancillary Services (TRAS) market segment on all three power exchanges. TRAS are frequency control ancillary service capacities that keep the grid frequency in the designated range. It comprises qualified power plants, energy storage systems, and interruptible loads readily available for dispatch to restore the secondary reserve and cover variations of renewable energy generations.
India must establish a comprehensive carbon pricing mechanism in line with current international standards and implement a carbon tax to accelerate the growth of green finance to achieve the climate objectives, a report by the Department of Economic and Policy Research said. The ‘Report on Currency and Finance 2022-23’ said that a carbon tax might require supplementary redistributive policies due to its potentially disproportionate impact on vulnerable populations.
The Massachusetts administration has proposed to procure up to 3.6 GW of offshore wind power in its fourth auction. The state’s Department of Energy Resources and electric distribution companies have jointly submitted a request to approve the draft request for proposals to the Department of Public Utilities. If approved, the draft RfP will invite submittals for offshore wind generation to procure up to 3,600 MW, representing a quarter of the state’s annual electricity demand.
Azure Power, a renewable energy company, appointed a new Chief Executive Officer (CEO) and Group Chief Financial Officer. The new appointments come on the heels of significant changes in the company’s top management in the past year. Sunil Gupta will take over as the new CEO and Managing Director of Azure Power India, effective July 10, 2023. Gupta will replace Rupesh Agrawal, who is leaving to pursue other opportunities.
Pharmaceutical and biotechnology company Bayer and independent power producer Cat Creek Energy have inked a long-term renewable energy credit purchase agreement to fulfill Bayer’s renewable electricity needs. The pact involves Cat Creek Energy building multiple renewable energy resources and storage facilities in Idaho, United States, to generate 1.4 TWh of clean electricity annually. Bayer aims to become climate neutral in its operations in 2030.
Smart energy storage company, Stem’s revenue increased 63% YoY to $67 million in Q1 of FY 2023, driven by higher hardware revenue from Front-of-the-Meter and Behind-the-Meter partnership agreements. However, the company’s net loss doubled to $45 million in January-March, compared to the loss of $22 million YoY, mainly due to the deferred tax liability on the acquired intangibles of AlsoEnergy.