by admin | May 25, 2021 | Corporate, Corporate finance
Subhash C Garg, Secretary Department of Economic Affairs, Ministry of Finance & Piyush Goyal, Union Minister for Railways, Coal, Finance & Corporate Affairs, addressing Press Conference during the 3rd Annual Meeting of AIIB in Mumbai.
India is a sweet spot where the rule of law prevails to attract investments
Mumbai: India is looking forward to investments in 9 more projects from Asian Infrastructure Investment Bank after having picked up almost 28% of the bank’s total lending so far of US$1.4 billion for 7 projects, said Union Minister for Finance, Shri. Piyush Goyal addressing a press conference today during the Third Annual Meeting of the AIIB
Welcoming delegates from 86 countries, Shri Goyal pointed out that in just three short years, India has hosted three major events for international multilateral banks; the New Development Bank (NDB), African Development Bank (ADB) and now the Asian Infrastructure Investment Bank (AIIB) in quick succession.
Lauding AIIB for its robust processes, Shri Goyal said, ‘It is a matter of great pride that a concept that was floated in 2014 was able to mature in 6-7 months, and by 2015 we had a Multilateral Development Bank in place with India being the second largest stakeholder with over 8% stake.’
AIIB has focused its investment in India on lending to rural infrastructure, energy and power, environmental protection, transportation and telecommunication, water supply and sanitation and urban development and logistics and it is a matter of great pride that India is the largest recipient of the $4.2 billion funds disbursed by it, Shri Goyal said.
Attributing robust framework and easy to navigate policies being the key reasons for the investment flow into infrastructure in the country, Union Finance Minister said,” India is a sweet spot where the rule of law prevails to attract investments.”
Earlier participating in the panel discussion on ‘Mobilizing Finance for Infrastructure’, the Minister pointed out that integrity of people and process would decide the investment discourse.
The Minister mentioned that Mumbai as a city has improved its ranking in Swachhta Index significantly during the last few years and is engaging with international global efforts for better quality of life.
By 2022, the government as part of Prime Minister’s plan will ensure every citizen to have shelter on his head, 24×7 electricity, good toilet, clean drinking water, access by road to his house and internet connectivity, he said.
Industries Department, Government of Maharashtra is the nodal Department, Maharashtra Industrial Development Corporation (MIDC), Government of Maharashtra is the nodal agency, Confederation of Indian Industry (CII) is the Professional Conference Organiser (PCO), Research and Information Systems for Developing Countries (RIS) is the knowledge partner, for the third Annual Meeting of AIIB.
by admin | May 25, 2021 | Business, Commodities, Commodities News, Commodity Market, Investing, Large Enterprise
New Delhi : In a step towards a cleaner environment, the number of coal-based fired power plants under development have seen a steep decline, especially in India and China, a report said on Thursday.
The report, however, warns that despite a global coal phase-out trend in new coal plants, emissions from operational plants will still keep the 2015 Paris climate agreement goals at bay.
The landmark Paris climate agreement aims at reducing global warming by 1.5 degrees Celsius.
In India, the economic pressure and retreat from coal financing by private capital are hailed as reasons that about 16 GW of India’s operating coal plants currently lack a power purchase agreement, the report said.
“At 17 sites, the coal plant construction in India is frozen primarily due to a lack of financing,” said the report “Boom and Bust 2018: Tracking The Global Coal Plant Pipeline”, released on Thursday by Greenpeace, the Sierra Club and CoalSwarm.
For China, the world’s second largest emitter, the report credits tightening restrictions on new coal plant projects by Chinese central authorities as the reason for the continued decline in coal expansion.
Currently, India has an installed power capacity of 334.44 GW, of which 214.91 GW is from coal, 62.8 GW from renewable (solar, wind and small hydro), 44 GW from major hydro projects and 25 GW from gas-based power plants. However, the power generation is much less than the installed capacity.
In 2017, India’s peak power demand was 167 GW.
According to the report, as on January 2018, India has about 87.73 GW of coal-fired power plants under planning and about 43.62 GW under construction. Of this, about 82.35 GW has been stalled.
Referring to the report, senior Greenpeace India campaigner Sunil Dahiya advocates the replacement of expensive and polluting coal-fired power plants in India with cheaper renewable energy.
“It’s now widely accepted that the new coal power plants are not financially competitive with new renewables in India. Our analysis shows that significant cost savings can accrue to the country and cash-strapped discoms through a planned phase-out of the most expensive coal power plants already in operation and their replacement with cheaper renewable energy,” said Dahiya.
In 2017, only seven countries initiated new coal power construction at more than one location, of which India is one.
“From a climate and health perspective, the trend towards a declining coal power fleet is encouraging, but not happening fast enough,” said Ted Nace, Director of CoalSwarm.
In 2017, the Ministry of Power reported that 89 per cent of the existing coal plant capacity, or 166 GW, was not following sulphur dioxide emission norms. Over 300 coal plants nationwide have missed their December 7, 2017, deadline to install pollution controls.
India’s ambition to achieve 275 GW of total renewable energy by 2027, the report points out, shows that prospects for future coal power are also dimming, with no coal plants needed beyond those under construction.
Speaking of phasing-out coal-power, the report named the UK, the USA and China.
In the UK, the electricity provided by coal dropped from 45 per cent of overall generation in 2012 to just 2 per cent in 2017, the report pointed out.
—IANS
by admin | May 25, 2021 | Corporate, Corporate Governance
New Delhi : On the eve of Diwali, the Union Power Ministry announced that a detailed plan has been put into action from Wednesday to ensure sufficient supply of coal to power plants.
An official statement here following a joint review of the fuel supply situation by Power Minister R.K. Singh and Railways and Coal Minister Piyush Goyal said the ministers had also spoken to states, which had requested for more supply of coal.
“A detailed plan has been agreed which would be implemented from October 18, 2017 (Wednesday) and would ensure sufficient supply of coal to power plants,” a Power Ministry statement said.
The ministers also noted that supply to states like Maharashtra had improved and efforts would be made to improve the coal supply at all the power stations with low stocks, the statement said.
The review follows complaints by some power producers about facing low coal stocks at their plants.
According to a Central Electricity Authority (CEA) daily report, as many as 22 plants had coal for less than four days, while four had stocks for less then a week, as on October 16.
The ministers also agreed that the issues with some Damodar Valley Corporation power plants, arising from closure of the Dhanbad-Chandrapura railway line, would be resolved expeditiously.
The statement said that press reports had highlighted the rise in price of power on the power exchange on October 16, to Rs 10.8 per unit.
It said that power prices on the Indian Energy Exchange on that day on an average was Rs 5.45 per unit, and maximum price were Rs 10.80 only for half an hour from 6.30 pm to 7.00 pm.
The prices on Wednesday dropped to average for the day of Rs 4.33 per unit, the statement added.
—IANS
by admin | May 25, 2021 | Economy, News
courtesy : financial express
Kolkata : (IANS) State-run Coal India Limited (CIL) will conduct a special forward e-auction for power producers, including captive producers, on March 30 and 31, the company said in a notice.
“The special forward e-auction phase V will be conducted as per the terms and conditions followed for special forward e-auction phase IV,” company’s notice said.
The dates for the auction have been set at March 30 and 31.
According to the notice, the reserve price for power sector consumers will remain at 10 percent over the notified price of coal for power sector and for captive power plants, it will remain 10 percent over the notified price for non power sector. This is however applicable for G6 and below grades of coal.
Subsidiary coal companies will notify the source and grade wise reserve price of coal on their respective websites, the notice said.
The notice also said: “Biomass-based power plants already commissioned shall be eligible to participate in the auction…bidders who have already registered for participating in the earlier phase of special forward e auction and special e auction and special e auction conducted earlier shall be eligible to participate.”
On March 3, Coal and Power minister Piyush Goyal said that to facilitate liquidation of pit head coal stock Coal India has offered 10 million tonnes and four million tonnes of coal under special e-auction to power sector and non-power sector consumers respectively, in line with directions of government.
Subsidiaries of CIL have also been advised to make all out efforts to enhance dispatches through all modes to consumers as per commitment, the minister added.
by admin | May 25, 2021 | Business, News
The Minister of State (Independent Charge) for Power, Coal and New and Renewable Energy, Shri Piyush Goyal speaking in an interactive Session of Coal Consumers Association of India, in Kolkata on July 03, 2015.
New Delhi: The Government is committed to provide power to all households in the country from urban to rural by 2019 and making all out efforts to accomplish it. Stating this in an interactive session organized by Coal Consumers’ Association of India (CCAI) in Kolkata today, the Minister of State for Power, Coal and New & Renewable Energy, Shri Piyush Goyal emphasized on generating more and more clean and green energy from sources like Solar, Wind, Tidal and Bio-mass that is eco-friendly and said his ministry is effortlessly encouraging it by providing subsidy and other promotional activities.
The Minister said, coal production in the country by Coal India Limited (CIL) has increased by 12% by February 2015 since the new government came to power and the target is to increase it by 29 million tonnes in the next 10 months. He said, the government is adopting a policy of clear transparency and giving priority to accountability, responsibility and integrity in the Coal Sector. The Minister hoped that the coal sector will have 11 to 12 % growth with an additional production of 550 million tonnes in the current financial year.
