MERC approves power tariff hike by MSEDCL
Maharashtra power regulator MERC has approved an overall increase of 16.485 in average tariff charged by state-owned utility MSEDCL, according to reports.
Reports stated that the revised tariff by the Maharashtra State Electricity Distribution Co that has come into effect retrospectively from August 1, would affect over 2 crore power consumers in the state.
The increase in tariff is primarily on account of rise in power purchase expenses, which have gone up primarily due to rise in fuel prices," MERC reportedly said.
For domestic consumers under the category 0-100 units and 100-300 units, the tariff has been revised to Rs. 3.36 per unit from Rs. 2.82 and from Rs. 5 to Rs. 6.05, respectively, says report.
Reliance Power plans to have 5,000 MW by Dec 2012: reports
Reliance Power is planning to have a capacity of 5,000 mw by the end of 2012,according to reports.
Reports stated that this includes the 2,400 mw Samalkot plant, the first 660 mw unit of its Sasan project, the 600 mw Butibori plant and a 140 mw solar plant.
The company is planning to set up additional 2,100 mw of hydropower capacity, involving three projects, by 2015, says report.
BHEL plans to invest Rs10bn: reports
Engineering major BHEL is planning to undertake capital expenditure of Rs10bnthis year for internal modernisation and expansion of different sectors, according to reports.
Reports stated that with many projects in the pipeline, BHEL was optimistic of adding 7,000-8,000 MW order before end of this fiscal.
B P Rao, Chairman and Managing Director, Bharat Heavy Electricals Ltd reportedly said that the 14 per cent duty on imported power gear recommended by the Arun Maira committee does not offer adequate protection to the domestic manufacturers.
The issue of imposing a duty on foreign made power boilers and turbines and the components is a much debated one in India, says report.
In Focus Stories
L&T to construct residential project ‘New Cuffe Parade’ for Lodha Developers
L&T Construction, India’s leading and most respected construction company is set to construct Mumbai’s most transformational residential project ‘New Cuffe Parade’ for Lodha Developers - Mumbai's premiere real estate developer.
Spread across an area of 23 acres, New Cuffe Parade will entail a whopping investment to the tune of `10,000 crore from Lodha over the next 5 to 7 years, making it one of the largest private investments in the Mumbai Metropolitan Region. In its first phase, New Cuffe Parade will comprise of four 63-storey towers, and with over 15 acres dedicated to lush green landscapes it is all set to become Mumbai’s greenest development ever.
New Cuffe Parade is a world-class high-rise that combines eco-sensitive design and materials with contemporary styling and luxury, with due attention accorded to natural topography and the environment. Designed by WOHA, the world’s foremost ‘green’ architects for high-rise buildings, with landscape consultancy from Sitetectonix, Singapore, the project is founded on the principles of ‘responsible luxury’.
L&T Construction’s Buildings and Infrastructure IC (B&F IC) has been offering pioneering solutions in residential buildings that cover design and construction of large townships and high-rise apartments
Tata Power plans to expand business in overseas: reports
Tata Power is planning to expand business in overseas in transmission business, according to reports.
Reports stated that Tata Power forayed into the transmission sector by picking up a 51 % stake in a 1,200-circuit km (high voltage 220 kv and 110 kv) Tala Transmission project.
The company has shortlisted geographies, including Africa, Southeast Asia region, the Middle East, the Far East starting from Indonesia, Vietnam, etc., for setting up power projects and is also looking at overseas for fuel resources, says report.
L&T Construction bags order worth Rs20.08bn
L&T Construction has won new orders valued over Rs20.08bn across various business segments in July & Aug 2012.
The Power Transmission & Distribution IC has secured new orders worth Rs607 crores in both domestic and international markets.
On the domestic front,a new order has been bagged fromChamundeshwari Electricity Supply Corporation Limited(CESC) for linking of Nirantara Jyoti Yojana feeders to rural DTC's of Villages for providing continuous power supply to Domestic/Commercial/Power Installations at Hassan, HN Pura and CR Patna Divisions.
Adani Power ready to pay Rs.1bn penalty, says advocate Salve
The Supreme Court has admitted Adani Power’s petition challenging the Gujarat Electricity Regulatory Commission’s order to supply power at agreed price of Rs.2.35 per unit for 25 yrs as per power purchase agreement.
However, Adani had canceled power purchase agreement with Gujarat Urja Vikas Nigam saying it would not be possible to supply power at earlier agreed tariff of 2.35 rupees/unit because of high coal prices.
Adani’s advocate Harish Salve said that a penalty clause was part of the power supply agreement and that the company was ready to pay a penalty of Rs.1bn to the Gujarat government to exit the accord.
Reliance Power shares fall after CAG report
Shares of Reliance Power fell 5% after the CAG reportedly said the company unduly benefited from a government decision allowing the power producer to use surplus coal from its captive block for another project it was not meant for.
Reports stated that the company is developing a 4000 MW project at Sasan in Madhya Pradesh and was allotted captive blocks to fuel this project.
GMR Infra to exit stake in Homeland Energy Group: reports
GMR Infrastructure has initiated a process to exit its 55% stake in Canada-based publicly held Homeland Energy Group, for $100 mn, according to reports.
Reports stated that the company had acquired majority stake in Homeland Energy during 2008.
The company has coal reserves of 350 mn tonnes in South Africa and is a significant shareholder in Homeland Uranium Inc,says report.
There are reports that GMR has 830 Mw of operational assets and is on track to operationalise 1,500 Mw during 2012-13.
Fitch withdraws Technofab Engineering's ratings
ARSS Infrastructure bags order worth Rs1.05bn
Valecha Engineering bags projects worth Rs. 3.63bn
Tecpro Systems receives Rs. 2.09bn order from Bukit Asam of Indonesia
Gammon Infrastructure ties up with Simplex Infrastructure
Tata Power plans to raise Rs15bn
Welspun bags orders worth Rs 100mn
Supreme Infra adds new orders worth Rs. 1237.04cr
Suzlon Energy Q1 net loss at Rs8.49bn
Suzlon Energy Ltd has posted a net (loss) after Share in Associate's profit and minority interest of Rs. (8489.70) mn for the quarter ended June 30, 2012 as compared to net profit after Share in Associate's profit and minority interest of Rs. 601.20 mn for the quarter ended June 30, 2011.
Total Income has increased from Rs. 44118.90 mn for the quarter ended June 30, 2011 to Rs. 48479.60 mn for the quarter ended June 30, 2012.
Reliance Infra Q1 cons net profit at Rs4119.70 mn
Reliance Infrastructure Ltd has posted a Profit after Tax, Share in Associates and Minority Interest of Rs. 4119.70 mn for the quarter ended June 30, 2012 as compared to Rs. 4053.90 mn for the quarter ended June 30, 2012.
Total Income has increased from Rs. 53498.30 mn for the quarter ended June 30, 2011 to Rs. 56419.30 mn for the quarter ended June 30, 2012.
Reliance Power Q1 cons net profit at Rs2.39bn
Pratibha Industries Q1 net profit up 22%
Unity Infraprojects Q1 operational income up 5%
Ashoka Buildcon Q1 cons net profit up 27%
Lanco Infratech Q1 cons net loss at Rs4067.40mn
Gayatri Projects Q1 net profit at Rs80mn
Vascon Engineers Q1 net profit jumps 128%
Atlanta Q1 net profit at Rs26.4mn
Shriram EPC Q1 net profit at Rs10mn
Moody's assigns first-time ratings to China Three Gorges Corp
Moody's Investors Service has assigned an A1 issuer rating to China Three Gorges Corporation ("CTG").
The outlook for the ratings is stable.
This is the first time Moody's has assigned a rating to CTG.
CTG's A1 rating reflects its baseline credit assessment ("BCA") of 10, equivalent to a Baa3 level on Moody's global rating scale, and a five-notch uplift after consideration of expected very high support from the Chinese government (Aa3, positive), under Moody's joint default analysis approach for government-related issuers.
This expectation of very high support is based on: 1) CTG's 100%-government ownership; 2) its strategic importance to China's social and economic development, including the development of clean energy; and 3) the government's strong history of support.
ADB helps China plan carbon capture, storage road map
The Asian Development Bank (ADB) is assisting the People’s Republic of China (PRC) in the development of a road map for carbon capture and storage (CCS) to help achieve the country’s carbon dioxide (CO2) emissions reduction goals.
“There is an urgent need to fast-track the demonstration and deployment of carbon capture and storage in the People’s Republic of China to cut CO2 emissions from the energy and industrial sectors and achieve the country’s long-term climate change mitigation goals,” said Annika Seiler, Finance Specialist for Energy at ADB’s East Asia Department.
View infographic in higher resolution. ADB will assist the PRC in developing a detailed plan for a staged demonstration and deployment of CCS, which is an essential set of technologies to prevent climate change. CCS involves the separation and capture of CO2 and compression, transportation, and injection of the captured CO2 in a suitable underground storage.
CCS application can prevent up to 90% of CO2 emission from large emission sources like fossil fuel-based power plants.
FJS Energy signs multi-billion dollar sale deal with Abhijeet Group