BUSINESS
Nitish Kumar demands ‘One Nation, One Tariff’ to power Bihar. Can Modi 3.0 do it?
Bihar Chief Minister Nitish Kumar, an important ally of the BJP, has been vocal about the higher power tariff in his state and the differences in power tariffs across India. With pole position in the likely coalition government, he may push for it with an eye on the state elections.
BUSINESS
Power sector investments to be driven by renewable energy, transmission projects: Moody’s
The report said for India’s target of 500GW renewable energy capacity by 2030, the country would require $190 billion to $215 billion of investment over the next seven years.
BUSINESS
India’s oil imports from Russia, Saudi slump slightly in May, increase from other suppliers
In May, India imported 1.72 million barrels per day (bpd) of crude oil from Russia, a slight decline from 1.78 million bpd in the previous month. From Saudi, India bought 606,000 bpd of crude oil in May, as against 672,000 bpd in April.
BUSINESS
Petrol, diesel prices may be unchanged as OMCs seek higher margins amid oil price drop
Healthier margins would be required to cut pump prices by the oil marketing companies in the country, said energy experts.
LOK-SABHA-ELECTION
State participation, consumer awareness key to rooftop solar scheme's success, say experts
The PM Surya Ghar: Muft Bijli Yojana aims to install rooftop solar panels on 1 crore houses in India. The government has announced an investment of over Rs 75,000 crore for the scheme, which would provide up to 300 units of free electricity a month to a household.
BUSINESS
Cairn Oil & Gas fast-tracks net-zero emissions target to 2030: Deputy CEO
The private oil and gas exploration and production company had earlier pledged to achieve net-zero targets by 2050.
BUSINESS
What to expect from the June 2 OPEC+ meet on output policy
The oil cartel was earlier set to meet in Vienna on June 1 to decide on supply cuts for second half of 2024, but OPEC pushed it back by a day and the meeting will now be held online.
BUSINESS
Power demand hits record of 250 GW amid soaring temperature
On May 30, the northern region achieved record demand met, reaching an all-time high of 86.7 GW while the western region also touched its maximum demand met of 74.8 GW
BUSINESS
NTPC net profit jumps 33% amid increased power demand. Here are key highlights
The power utility major revenue from operations also rose above 7 percent in the March quarter. The company’s power generation and coal production also increased in the period.
EXPLAINERS
OMCs were hit by inventory losses in Q4, but what exactly does that mean?
Indian Oil reported 49 percent drop in profit in the March quarter from a year earlier. Rivals BPCL and HPCL posted 30 percent and 25 percent declines in profits, respectively.
BUSINESS
Indian refiners' request for discounted crude term-deal is a welcome move: Oil Minister Puri
Hardeep Singh Puri said despite of the supply cuts announced by the OPEC+, oil prices 'are holding' as the equilibrium between demand and supply is being met
BUSINESS
IREDA considering FPO in the second half of this fiscal to raise funds
To meet company’s capital requirements, the NBFC plans to launch the FPO either in the second half of the current year or in the beginning of FY26, Pradip Kumar Das said without disclosing the FPO amount
BUSINESS
ONGC net profit soars 78%, revenue rises marginally: Key points from Q4 financials
ONGC crude oil production declined 1.6 percent in FY24 from last year despite government’s call for boosting domestic production to reduce reliance on imports.
BUSINESS
India’s net oil and gas import bill balloons to $12 billion in Apr as imports soar
India’s oil imports jumped by seven percent in the month from last year while the average Indian basket crude price also rose in April, according to the monthly report by Petroleum Planning & Analysis Cell (PPAC).
BUSINESS
Mahanagar Gas plans 20% increase in capex at Rs 1,000 crore for FY25: MD
Ashu Shinghal added that the 20 percent drop in net profit it reported for the fourth quarter was primarily due to lower availability of APM gas and CNG price reduction announced by the company.
POWER
Higher power demand to aid load factor of thermal power plants reach 70% in FY25: Ind-Ra
Ind-Ra attributed healthy PLFs of thermal power plants to continued higher power demand, a ramp up in domestic coal production, slower capacity additions and continued dependence on coal-based generation till the sufficient storage capacity is build up for energy transition towards renewables.
BUSINESS
Coal share in India’s electricity mix drops below 50% for first time since 1966: Report
The decline mirrors a global trend, with demand for coal in G7 countries plumbing record lows in 2023, levels not seen since 1900, said IEEFA, JMK Research & Analytics and Ember, an energy think tank, in a joint press release.
BUSINESS
OPEC keeps global oil demand forecast unchanged, expects growth of 2.2M bpd for 2024
OPEC anticipates total world oil demand to reach 104.5 million bpd for 2024, supported by strong air travel demand and healthy road mobility, including trucking, as well as industrial, construction and agricultural activities in non-OECD countries.
BUSINESS
Indian Oil sets Rs 31,000-cr capex for FY25 to expand business, achieve net-zero status
The oil marketing company spent Rs 38,660 crore in FY24, much higher than its planned capex of Rs 30,395 crore for the year.
BUSINESS
State-run OMCs combined profits tumbled in Q4 amid weak GRMs and elevated crude prices
Oil refiners posted combined net profit of Rs 12,986.9 crore in the fourth quarter of the financial year 2023-24, a significant drop from Rs 21,320.02 crore in the same period last year.
BUSINESS
BPCL expects Russian crude to play ‘significant role’ in current year; procured 39% oil from Moscow in FY24
BPCL expects discounts on Russian crude in the range of $3-$6 per barrel, compared to $8- $10 per barrel last year amidst moderation in supply of Russian oil.
BUSINESS
BPCL Q4 net profit falls 30% amid weak margins: Here are 10 key points
The company’s revenue from operations declined marginally to Rs 1.32 lakh crore in the quarter ended March 31, compared to Rs 1.33 lakh crore last year.
BUSINESS
Investment in clean technology manufacturing increases 70% to $200 billion in 2023: IEA
The IEA report noted that solar PV and battery manufacturing accounted for more than 90 percent of the total investments in both 2023 and 2022. Investment in solar PV manufacturing more than doubled to around $80 billion in 2023, while investment in battery manufacturing grew by around 60 percent to $110 billion.
BUSINESS
LNG spot prices have fallen. What does it mean for India?
Spot gas prices are trading around $10 per million metric British thermal unit (mmBtu) currently, compared to highs of $23 per mmBtu in early 2023. Gas prices have, however, risen since mid-April due to the geopolitical crisis in the Middle-East.
