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The expansion drive comes ahead of this week's U.N. climate summit COP28, where France and the United States are expected to clamp down on financing for coal plants, a move that India, dependent on coal for 73% of power generation, plans to oppose. View More

India aims to add 17 gigawatts of coal-based power generation capacity in the next 16 months, its fastest pace in recent years, to avert outages due to a record rise in power demand, according to government officials and documents. The expansion drive comes ahead of this week's U.N. climate summit COP28 , where France and the United States are expected to clamp down on financing for coal plants, a move that India, dependent on coal for 73% of power generation, plans to oppose. The world's fastest growing major economy has added an annual average of 5 gigawatts of coal-based electricity generation capacity over the last five years, but it is also ramping up renewable energy. Yet it will fall short of satisfying power demand if it does not expand the number of its coal plants, said two government officials, who did not want to be named as they are not authorised to speak to media. In the next four months, India plans to add nearly 3 gigawatts of coal-fired generation, while the following fiscal year , starting from April 1, 2025, will see it add 14 gigawatts, or its highest level in eight years, according to internal government documents seen by Reuters. The power ministry did not immediately respond to queries from Reuters. To ensure completion of projects, New Delhi has begun a review of 38 coal generation plants whose construction has been held up for years, moving to resolve issues over equipment and land acquisition delays, the two officials said. The government expects 28 of these projects to become operational in the next 18 months, it told power producers in a presentation at a meeting on Nov. 21. Such projects include state-run power company NTPC 's 660-megawatt unit in the eastern state of Bihar which has been delayed for 13 years, and two in the neighbouring state of Jharkhand held up for five years. At the meeting, Power Minister R. K. Singh told public and private power generators that India would "have to add coal-based thermal capacity," to meet requirements growing at an unprecedented rate, said the two officials, who also attended. He also urged private companies to set up fresh coal-based power generation capacity to meet night-time demand and assured them of financial assistance. Industry officials said such a call was being made for the first time in a decade since most private investments in the coal-fired power sector had stopped around the year 2012, partly because of India's green energy push. While the coal expansion drive aims to meet an expected rise of 10% in demand during peak hours in fiscal year 2024-25, India will still meet a national commitment of half of fuel generation capacity from non-fossil fuels by 2030, the two officials said. Since adding 22 gigawatts of capacity in the fiscal year 2015/16, India cut back on plans to expanding coal-fired plants as the government opted for alternate energy capacity, officials have said. Now India wants coal-fired plants sufficient to meet power demand of 384 gigawatts by the fiscal year 2031/32, revised up 5% from an earlier projection of 366 gigawatts, the government documents showed. The government consequently revised up its estimate of coal-based power requirement by 9%, to 283 gigawatts. "We have now modelled a stressed scenario factoring in a below-normal monsoon and a corresponding demand spike, such as we experienced in Aug-Oct this year," one of the government officials said. That stress accounts for delays in the commissioning of 86 gigawatts of non-fossil capacity by fiscal 2031/32. In the lead-up to Thursday's climate summit in Dubai, the European Union , U.S. and UAE have rallied support for a deal to triple global renewable energy installed by 2030. More than 100 countries have backed this deal, officials told Reuters, but countries including China and India are not yet fully on board.
The demand in the market for metal forgings is driven by the growth of the automotive industry and energy sectors such as oil and gas refineries and thermal power plants. View More

The initial public offering (IPO) of AMIC Forging opened for subscription earlier on Wednesday. The issue closes on December 1. Here are 10 things to know about the offer. 1) Company Overview The company is engaged in the manufacturing of forged components catering to various industries. It makes precision machined components as per customer specifications and international standards catering to the requirements of various industries such as heavy engineering, steel, oil and gas etc. 2) Industry Overview The demand in the market for metal forgings is driven by the growth of the automotive industry and energy sectors such as oil and gas refineries and thermal power plants. 3) Issue Size The IPO is entirely a fresh equity issue of up to 27.62 lakh shares aggregating up to Rs 34.8 crore. 4) Price Band The company is offering its shares at Rs 121-126 apiece, and investors can bid for 1,000 shares in 1 lot. 5) Financial Performance For the three months ended June, the company clocked revenues of Rs 29.79 crore and net profit of Rs 3.59 crore. 6) Objects of the Offer The net proceeds from the public offer will be used for setting up manufacturing facilities, working capital requirements and other general corporate purposes. 7) Lead managers and Registrar Gretex Corporate is acting as the lead manager to the issue and Bigshare Services is the registrar. 8) Issue Structure About 50% of the offer is reserved for qualified institutional investors, 35% for non-institutional investors and the remaining 15% for retail investors. 9) Important Dates The IPO opened on November 29 and will close on December 1. The final allotment will likely be made on December 6. The company's shares will likely get listed on December 11. 10) Listing of shares The company's shares will be listed on the BSE SME platform. (Subscribe to ETMarkets WhatsApp channel ) (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times) Connect with Experts - Wealth creation made easy
The winter peak power demand in Delhi can reach an all-time high this year, according to officials from power distribution companies. Over 2,000 MW of green power, apart from long-term agreements with power plants, will play a significant role in ensuring reliable power supply to BSES consumers during the winter months, the official said. View More

Delhi's winter peak power demand this year may break all previous records, crossing the 5,700-MW mark, officials of power distribution companies said on Wednesday. A BSES official said up to 60 per cent of the maximum winter power demand of over 3,600 MW in its areas will be met by green power. It will also bank on surplus power with other states to meet the increased demand, he said. According to discom officials, the peak power demand of the city this winter can surpass previous peak winter demands. Last year, it had peaked at 5,526 MW, which was the winter record in the national capital, they said. Last winter, the peak winter power demand in BSES's BRPL and BYPL areas reached 2,338 MW and 1,181 MW, respectively. This year, it may go beyond 2,400 MW and 1,200 MW for BRPL and BYPL respectively, a BSES official said. "Ensuring reliable supply in any season is as much the function of proper power arrangements as also accurate demand forecast and robust distribution network. On all these aspects, BSES discoms are fully geared to ensure adequate power availability for its nearly 50 lakh consumers or around two crore residents during the winter months," he said. Apart from long-term agreements with power plants, over 2,000 MW of green power will play a significant role in ensuring reliable power supply to BSES consumers during the winter months, the official said. This clean energy includes 840 MW of solar power, 540 MW of hydropower, 500 MW of wind power, around 40 MW from waste-to-energy conversion and over 150 MW of roof-top solar power facilities installed in south, west, east and central Delhi, he said. In fact, up to 60 per cent of the maximum winter power demand of more than 3,600 MW in BSES areas will be met with green power, the official added.
Stock Market Today- The firm steel demand in the country supported by government Infrastructure spending though is supporting sentiments, Softening of steel prices and higher coal and iron-ore prices still a concern on near term profitability. View More

COP28 will be the biggest accountability moment for climate action in history, according to one global climate expert. View More

In this aerial view water vapour and exhaust rise from the steel mill of Salzgitter AG, one Europe's largest steel producers, on November 22, 2023 in Salzgitter, Germany.Sean Gallup | Getty Images News | Getty Images Policymakers and business leaders from across the globe are set to arrive in Dubai in the United Arab Emirates for the world's biggest and most important annual climate conference.The COP28 summit, which starts on Thursday and is scheduled to run through to Dec. 12, will provide a critical forum for government officials, business leaders and campaign groups to accelerate action to tackle the climate crisis.The pressure to deliver is immense. Global temperatures and greenhouse gas emissions continue to break records, with no continent left untouched by more frequent and intense extreme weather events.Here's a look at what's at stake at COP28. Money Climate finance is always a hotly debated talking point at the U.N. summit and COP28 promises to be no different. It refers to the financing needed to support efforts to both significantly reduce emissions and adjust to the effects of climate change.Talks in Bonn, Germany earlier in the year became gridlocked over this issue of finance and support, with some low-income countries refusing to talk about slashing emissions unless there was an equal focus on how wealthy nations would provide cash to them.It laid the groundwork for what one environmental group expects to be a "huge fight" between high-income and low-income nations at COP28. Climate activists hold a banner outside the InterContinental London Park Lane during the "Oily Money Out" demonstration organised by Fossil Free London on the sidelines of the opening day of the Energy Intelligence Forum 2023 in London on October 17, 2023. (Photo by HENRY NICHOLLS / AFP) (Photo by HENRY NICHOLLS/AFP via Getty Images)Henry Nicholls | Afp | Getty Images Data published by the Organization for Economic Cooperation and Development in mid-November, however, showed that rich countries had finally fulfilled their promise to provide $100 billion a year to low-income countries — albeit two years after the deadline. It is hoped that this could go some way to fostering goodwill at the summit."COP28 has a massive role to play in setting the political direction for a transformational shift in climate ambition. But without finance and economic confidence, countries won't be able to act at the pace and scale needed," said Alex Scott, program lead at E3G, an independent climate think tank. Loss and damage Another major financial issue will be to operationalize the so-called "loss and damage" fund, arguably the main legacy of last year's COP27 summit in Egypt.Rich countries, despite accounting for the bulk of historical greenhouse gas emissions, have long opposed the creation of a fund to compensate low-income countries for the loss and damage they've caused.Advocates argue, however, that it is required to account for climate impacts — including hurricanes, floods and wildfires or slow-onset impacts such as rising sea levels — that countries cannot defend against because the risks are unavoidable, or the countries cannot afford it.The establishment of the loss and damage fund at COP27 was seen as a historic breakthrough and potential turning point in the climate crisis, although many key details were left unresolved — such as who should pay into the fund, how large should it be and who should administer the money. watch nowVIDEO9:0109:01Why poorer countries want rich countries to foot their climate change billSustainable Future Countries reached a consensus on how to approach loss and damage payments during tense discissions that ran into overtime earlier this month. Yet it remains to be seen whether this fragile agreement can hold for countries to successfully operationalize the fund in the UAE."Billions of people, lives and livelihoods who are vulnerable to the effects of climate change depend upon the adoption of this recommended approach at COP28," Sultan al-Jaber, president-designate of COP28, said in a statement on Nov. 5. People carry their belongings while crossing the section of a road collapsing due to flash floods at the Mwingi-Garissa Road near Garissa on November 22, 2023. The Horn of Africa is experiencing torrential rainfall and floods linked to El Nino climate pattern. Several communities are isolated as thousands of homes have been destroyed or damaged by floods that struck at least 33 of Kenya's 47 counties, killing more than 70 people and displacing many across the East African nation. (Photo by LUIS TATO / AFP) (Photo by LUIS TATO/AFP via Getty Images)Luis Tato | Afp | Getty Images Al-Jaber was seen as a controversial choice to lead COP28 discussions in Dubai given that he also works as the head of the state-run Abu Dhabi National Oil Company.Climate activists criticized his appointment saying his position as an oil executive reflects a clear conflict of interest — akin to "putting the fox in charge of the henhouse." His office has said he will play a pivotal role in the intergovernmental discussions to build consensus at the event. Fossil fuels Melanie Robinson, global climate program director at the World Resources Institute, said COP28 will be the biggest accountability moment for climate action in history — and fossil fuels will be at the heart of the talks.She anticipated three main debates around the use of oil, gas and coal — the burning of which is the chief driver of the climate crisis."So, one is this 'phase out' or 'phase down' [of fossil fuels]. Actually, for us at WRI, since neither of those has got a timeline, the most important thing for us is that whatever language they agree to, it needs to send a really strong signal that the world is rapidly shifting away from fossil fuels and it will do so equitably," Robinson told CNBC via telephone."The second, but perhaps slightly linked, issue is whether it is 'abated' or 'unabated.' There's a whole debate about the role of carbon capture technology abating emissions and there are certainly some oil companies and producer countries who would try to have us believe that with CCS [carbon capture and storage] we can continue to burn fossil fuels and still achieve our climate goals," she continued."We think the science suggests that is simply not true. There is no credible scenario where CCS will allow continued use of fossil fuels, let alone expanding oil and gas. So, for us, it is important that COP28 acknowledges the limited role CCS will play." Sultan Al Jaber, chief executive of the UAE's Abu Dhabi National Oil Company (ADNOC) and president of this year's COP28 climate summit gestures during an interview as part of the 7th Ministerial on Climate Action (MoCA) in Brussels on July 13, 2023.Francois Walschaerts | Afp | Getty Images Abated fossil fuels refer to the process in which emissions are captured and stored with carbon capture and storage technologies. The definition of unabated fossil fuels lacks clarity, despite the term cropping up in several climate commitments, but it is said to refer to fossil fuels produced and used without interventions to substantially reduce the amount of emitted greenhouse gases.Robinson said the third talking point on fossil fuels was that there is a risk Dubai "could become a platform celebrating pledges from the oil and gas industry that fail to curb the emissions of their products."She warned that any net zero pledge from the oil and gas industry that doesn't involve so-called Scope 3 emissions would not be significant. Scope 3 emissions refer to the emissions produced from across a company's entire value chain, and often account for the lion's share of a firm's carbon footprint."For us, it's a bit like a cigarette company saying that whatever happens to cigarettes after they leave the factory gate has got nothing to do with them. So, that I think we have to watch," Robinson said. A course correction? One unique component of the Dubai climate talks is the conclusion of the first global stocktake since the landmark Paris Agreement — the 2015 accord that aims to limit global heating to 1.5 degrees Celsius (2.7 degrees Fahrenheit) above pre-industrial levels.The world has already warmed by around 1.1 degrees Celsius, scientists say, after over a century of burning fossil fuels as well as unequal and unsustainable energy and land use. Indeed, it is this temperature increase that is fueling a series of extreme weather events around the world.The stocktake is the main tool through which progress under the Paris Agreement is assessed. According to the U.N. global stocktake synthesis report released in early September, only transformational change will be enough to get the world back on track to meeting its climate goals.
Tata Steel stock price went up today, 29 Nov 2023, by 0.75 %. The stock closed at 125.9 per share. The stock is currently trading at 126.85 per share. Investors should monitor Tata Steel stock price closely in the coming days and weeks to see how it reacts to the news. View More

Tata Steel stock price went up today, 29 Nov 2023, by 0.83 %. The stock closed at 126.85 per share. The stock is currently trading at 127.9 per share. Investors should monitor Tata Steel stock price closely in the coming days and weeks to see how it reacts to the news. View More

Tata Steel stock price went up today, 29 Nov 2023, by 0.83 %. The stock closed at 126.85 per share. The stock is currently trading at 127.9 per share. Investors should monitor Tata Steel stock price closely in the coming days and weeks to see how it reacts to the news. View More

Tata Steel stock price went up today, 29 Nov 2023, by 0.67 %. The stock closed at 126.85 per share. The stock is currently trading at 127.7 per share. Investors should monitor Tata Steel stock price closely in the coming days and weeks to see how it reacts to the news. View More

Tokyo Gas, Japan's largest city gas provider, is in the running to acquire a minority stake in Think Gas Distribution, an Indian natural gas supplier owned by private equity fund I Squared Capital. The potential investment involves Tokyo Gas purchasing about a 30% stake in Think Gas, valuing the company at $1-1.2 billion. Mubadala Investment, the sovereign wealth fund of the UAE, is also a major contender for the minority stake. View More

Japan's largest provider of city gas Tokyo Gas has joined the race to acquire a minority stake in Think Gas Distribution , Indian natural gas supplier owned by private equity fund I Squared Capital, said two people aware of the development. Founded in 1885, Tokyo Gas is the city gas provider in the Tokyo metropolitan area and surrounding Kanto region. Tokyo Gas is doing due diligence at present, said sources. The potential investor will buy about 30% stake in Think Gas, valuing the company at $1-1.2 billion. Investment bank Barclays is advising I Squared for the stake sale. Mubadala Investment, the sovereign wealth fund of the United Arab Emirates , is the other major contender for the minority stake. Mubadala Investment and a couple of Japanese investors, including Sumitomo, are among the contenders to acquire a 30% stake in Think Gas Distribution, ET first reported on May 12. Established by I Squared in 2018, Think Gas operates across 13 districts in India and supplies natural gas to domestic, commercial, industrial and automotive sectors. Headquartered in Delhi NCR, Think Gas has over 80 CNG stations and serves over 30,000 customers daily, according to the company website. As a financial institution backed platform, I Squared's city gas distribution business is the largest in the country. Other major city gas distribution businesses include Adani Total Gas and Torrent Gas in the private sector, and PSU backed players such as Mahanagar Gas and Indraprastha Gas. I Squared Capital operates the city gas distribution business in India through the platforms - Think Gas and AG&P Pratham. I Squared plans to merge the Think and AG&P city gas businesses and the investor will pick up stake in the merged entity through a mix of primary and secondary investment, said sources. Mails sent to I Squared Capital and Tokyo Gas did not elicit any response till press time. AG&P has 12 long-term 25-year exclusive concessions in the five states of Rajasthan, Andhra Pradesh, Karnataka, Kerala and Tamil Nadu, while Think Gas has seven licenses to operate across 13 districts in India, across the states of Punjab, Madhya Pradesh, Bihar, Uttar Pradesh and Himachal Pradesh. Tokyo Gas will spend two trillion yen ($17.5 billion) on cleaner fuels, such as hydrogen, and renewable power with the aim of doubling its profit to 200 billion yen by 2030, said a recent Reuters report. Tokyo Gas and other utilities are stepping up overseas expansion as they face falling demand in Japan, which has an ageing population and a declining birth-rate, while the liberalisation of its energy markets has spurred competition among old-guard utilities, said the report. The $22-billion Tokyo Gas is engaged in diverse businesses spanning electricity generation, energy retailing, engineering solutions, upstream LNG, and real estate development. India's natural gas demand is set to grow at a CAGR of 8% and the Indian government is trying to increase access to gas to about 70% of the population by 2025. Pipeline infrastructure is set to grow four times and CNG stations to increase three times through 2025 as expansion in new geographies picks up pace, said a recent note from the ministry of petroleum & natural gas.

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