Daily News Wrap-Up: SJVN to Trade I-RECs from 1.5 GW Hydropower Project

Shakti pumps to supply 50,000 solar pumps in Maharashtra

October 20, 2023


SJVN has issued a letter of award to EKI Energy Services, a carbon credits developer and supplier, for registering, issuing, purchasing, and trading the International Renewable Energy Certificate (I-RECs) for the 1,500 MW Nathpa Jhakri Hydro Power Station. The large-scale Nathpa Jhakri Hydroelectric Station is estimated to generate 5.75 million MWh annually and 5.75 million I-RECs. The net selling price after the deduction of all expenses is $0.20/IREC, and the revenue from the project is expected to be ₹100 million (~$1.2 million) per annum.

Shakti Pumps, a company in the field of water pumping systems, secured a Letter of Empanelment from the Maharashtra State Electricity Distribution Company Limited to provide 50,000 off-grid solar photovoltaic water pumping systems across Maharashtra. The order comes under Component-B of the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan program Phase-III. The project is valued at ₹16.03 billion (~$192.4 million), which includes GST, and is slated for completion within 24 months.

The U.S. Department of Energy earmarked $3.46 billion for 58 projects spanning 44 states aimed at fortifying the resilience and reliability of the nation’s electric grid. The initiatives, underpinned by the Bipartisan Infrastructure Law, will leverage a total investment of over $8 billion from both federal and private sources. The overarching goal is to provide affordable, clean electricity to all Americans and ensure that communities nationwide have a dependable grid capable of withstanding extreme weather events, increasingly exacerbated by the climate crisis. The projects will collectively facilitate the introduction of more than 35 GW of new renewable energy capacity and the establishing of 400 microgrids.

U.S.-based electric vehicle maker Tesla reported a net income of $2.3 billion in the third quarter of the financial year 2023, a 36% year-over-year decline. The decrease is primarily attributed to deliberate price reductions of electric vehicles aimed at stimulating sales, which, although successful in boosting sales volumes, also eroded the company’s profit margins. Additionally, elevated operating expenses, driven by projects such as the Cybertruck, advancements in artificial intelligence, and various other research and development initiatives, further contributed to the decline in net income.

Solar cell and module manufacturer Qcells announced the completion of its expansion at its solar panel manufacturing facility in Dalton, Georgia, adding 2 GW of new capacity and bringing the factory’s total output to over 5.1 GW. The company said the Dalton facility is now the largest solar manufacturing plant in the Western Hemisphere and the first solar panel factory to be built since the passage of the Inflation Reduction Act. This expansion increases production capacity and introduces two new solar products: the Q.TRON G2 residential solar panel and a bifacial panel tailored for the commercial and utility sectors.

The European Council agreed upon a proposal to amend the European Union’s electricity market design, aiming to make electricity prices less dependent on volatile fossil fuel prices and accelerate the deployment of renewable energies. By boosting the market for power purchase agreements and generalizing two-way contracts for difference (CfDs), this reform will steady the steady long-term electricity markets. Two-way CfDs would apply to investments in new power-generating facilities based on wind, solar, geothermal, hydropower without reservoir, and nuclear energy. This would provide predictability and certainty.