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Larsen & Toubro's Power Transmission & Distribution division has won new orders in the Middle East. The company will build extra-high voltage substations. These projects will ensure reliable power supply to major areas. They will also help decongest existing power grids. The orders are for turnkey projects with strict delivery schedules. View More
Larsen & Toubro Limited (L&T) on Wednesday announced that the company's Power Transmission & Distribution vertical has secured 'significant' EPC orders from unnamed clients in the Middle East for setting up extra-high voltage substations . The order comprises of constructing one 380 kV substation and two 132 kV substations in the region that would ensure the availability of reliable power to large load centres and decongest grids. Also read: Larsen & Toubro to divest entire stake in L&T Metro Rail (Hyderabad) for Rs 1,461.47 crore L&T share price: Shares of Larsen & Toubro Limited were trading at Rs 3921.65 per scrip on Wednesday at around 13:08 hours, with a rise of Rs 65.05 (+1.69%) after the key announcement. As per L&T, an order ranging between Rs 1,000 crore to Rs 2,500 crore is classified as 'significant'. Live Events The orders have been awarded to L&T on a turnkey basis and are to be delivered against stringent timelines, the company said in a regulatory filing. The power transmission and distribution (PT&D) business vertical of L&T is a major engineering, procurement, and construction (EPC) player, providing technology-driven, end-to-end solutions for enabling access to clean and reliable electricity. It offers integrated EPC services and related digital energy solutions, spanning from the establishment of smart and efficient transmission and distribution (T&D) networks to last-mile electrification. Also read: L&T wins largest domestic metals order from JSW Steel for major expansion The business serves utilities, renewable energy developers, and industrial and infrastructure customers across 30 countries in the SAARC, ASEAN, Middle East, Africa, North America and CIS regions. Larsen & Toubro is a $32 billion Indian multinational engaged in EPC projects, hi-tech Manufacturing, products and services, operating across diverse domains and multiple geographies. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
Governments globally are implementing diverse strategies to mitigate soaring energy costs stemming from the U.S.-Israeli war on Iran. Measures include fuel tax adjustments, reserve releases, external financing, subsidies, tax cuts, and energy conservation efforts. Countries are also exploring increased use of domestic resources and alternative energy sources. View More
Governments worldwide are trying to shield consumers from soaring energy costs resulting from the U.S.-Israeli war on Iran. Here's how different countries are responding: ARGENTINA Argentina's government partially increased fuel taxes while postponing further increases until June, according to a decree. AUSTRALIA Australia is releasing petrol/gasoline and diesel from domestic reserves to ease shortages affecting rural supply chains, mining and agriculture. Its prime minister has encouraged citizens to use public transport. Live Events BANGLADESH Bangladesh is seeking billions in external financing to secure fuel and liquefied natural gas imports. BRAZIL The Brazilian government announced measures, including subsidies for diesel and liquefied petroleum gas, as well as lower taxes on jet fuel and biodiesel. Brazil's government is looking at ways to accelerate testing of higher biodiesel blends in diesel. CHINA China's top leadership pledged to strengthen the country's energy security while pursuing rapid technological development and greater self-sufficiency. In mid-March, Beijing tightened restrictions on exports of most fertiliser products to protect its farmers. EGYPT Egypt will slow down large state projects that involve high fuel and diesel consumption for at least two months, while fuel allocations for all government vehicles will be cut by 30%. Egypt has capped the price of unsubsidised bread sold in private bakeries. ETHIOPIA Ethiopia has increased fuel subsidies. EUROPEAN UNION The European Union will let governments spend more on subsidising companies affected by soaring fuel and fertiliser prices. The European Union is considering requiring countries to hold stockpiles of jet fuel and potentially redistribute it based on regional needs and shortages. The European Commission set out plans to cut electricity taxes and coordinate the summer refill of countries' gas storage. GREECE Greece will offer subsidies for fuel and fertilisers and ferry ticket discounts worth a total 300 million euros ($346 million) in April and May to shield consumers and farmers, the prime minister said. Athens has announced 500 million euros ($588 million) in extra aid to households and farmers struggling with the impact of the Iran war after a higher primary budget surplus for 2025 offered headroom for fresh support. JAPAN Japan said it will relax rules for the fiscal year that began in April to increase the use of coal-fired power plants. The country has also opened up its oil stockpiles, rolled out gasoline subsidies and is seeking energy supplies beyond the Middle East. The country plans to increase imports of intermediate chemical products such as plastics, as it faces tighter naphtha supplies due to the conflict. INDIA Indian Prime Minister Narendra Modi urged citizens and businesses to conserve fuel and revive work-from-home practices to cut petrol and diesel consumption. India further raised a windfall tax on exports of diesel and aviation turbine fuel to ensure adequate domestic supply. The country has barred consumers with piped natural gas from retaining or refilling LPG cylinders and has invoked emergency powers directing refiners to maximise LPG production, widely used for cooking. INDONESIA Indonesia announced a slew of measures intended to counter soaring energy prices, including limiting fuel sales and implementing a "work from home" policy for civil servants. President Prabowo Subianto wants to increase the country's coal production, and the government is considering a windfall tax on exports. Indonesia will start implementing the B50 biodiesel programme on July 1. B50 — a blend of 50% palm oil-based biodiesel and 50% conventional diesel — is part of a government programme to mitigate Iran war risks. ITALY Italy extended a cut in excise duties on fuels, with the extension focusing more on diesel than on petrol. MALAYSIA Malaysia's treasury has ordered all federal ministries, departments and agencies to cut their operating budgets for 2026 due to Iran war costs. Malaysia will raise spending on petrol subsidies to 2 billion ringgit ($510 million) from 700 million ringgit to maintain the fixed price of the fuel. The government said it is applying measures to shore up fertiliser supply amid a domestic supply crunch. MAURITIUS Mauritius said it would introduce energy-saving measures. Restrictions announced include curbs on grid power for non-essential uses such as decorative lighting, swimming pool heating and fountains, the government said. NAMIBIA Namibia's government will temporarily reduce fuel levies by 50% for at least three months until the end of June. THE NETHERLANDS The Dutch government announced temporary tax breaks to compensate for rising fuel prices and said it would prepare further measures in case the energy crisis worsens. NIGERIA Nigeria's Dangote refinery, the largest in Africa, has increased exports of gasoline and the widely used chemical urea to African countries hit by supply disruptions caused by the war. PHILIPPINES The energy market regulator said it had suspended the wholesale electricity spot market across its three grids until further notice due to fuel supply risks and price volatility. It plans to curb power bills by boosting coal-fired power generation and regulating electricity tariffs. The Philippines is working with Washington to secure waivers so it can obtain oil from U.S.-sanctioned countries and guarantee supplies. The energy ministry said it was activating a 20 billion peso ($333 million) emergency fund to strengthen fuel security amid oil price volatility. POLAND Measures introduced by Poland to keep fuel prices under control due to the war in the Middle East may still be in place after May 15 if the situation requires this, Polish Finance Minister Andrzej Domanski said. ROMANIA The government said it will reduce excise tax on diesel by 0.30 lei ($0.0679) per litre. SERBIA Serbia will cut excise duties on crude oil by a cumulative 60% and has extended a ban on crude oil and fuel product exports. SINGAPORE Singapore will deliver a support package worth almost S$1 billion ($780 million), including cash handouts and fuel vouchers, to offset the economic impact of the conflict. SLOVENIA Slovenia temporarily limited fuel purchases to tackle shortages at the pump caused in part by cross-border fuelling and stockpiling. SOUTH KOREA South Korea is easing limits on coal-fired power generation capacity and raising nuclear plant utilisation to as high as 80%. It has begun enforcing a ban on naphtha exports to boost domestic supplies. SPAIN Spain's government proposed measures worth 5 billion euros ($5.8 billion) to counter the economic impact of the Middle East conflict on local energy prices. SRI LANKA Sri Lanka is relying on $1.73 billion in funding from international agencies and India to help it manage the financial impact of the soaring price of energy imports. It introduced fuel rationing and declared Wednesdays a public holiday. SWEDEN Sweden warned of a potential shortage of jet fuel, with the country's energy minister telling travellers they needed to build some flexibility into their plans where possible. Sweden's government will cut fuel taxes and hike electricity subsidies in its spring mini-budget. THAILAND Thailand's Commerce Ministry tightened crude palm oil exports and controlled bottled palm oil prices . The government is planning a borrowing guarantee for an oil subsidy fund, along with other support measures, to mitigate the impact of high oil prices. The Thai Planning Agency said the government will freeze prices of some goods and provide support for farmers. UK Britain plans to weaken the link between electricity costs and volatile gas prices, saying it would push older wind and solar generators onto fixed contracts to reduce energy bills. VIETNAM Vietnam will switch fully to ethanol-blended gasoline earlier than planned to help curb fossil fuel use, a government document showed. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! 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India faces a significant "live balance of payments stress test" due to the West Asian crisis, impacting inflation and currency, Chief Economic Advisor V Anantha Nageswaran stated. He emphasized that managing the current account and preventing currency depreciation are key macroeconomic goals for FY27. View More
Currently, the world is “geopolitically contested and dotted with active conflicts”, Nageswaran said View More
Companies like Jinko Solar, Chery Automobile, and BYD are seeing surging demand for EVs, batteries, and solar panels in markets seeking alternatives to costly fuel imports. View More
China’s clean technology titans, hungry for export markets to boost flagging profits, aren’t letting a crisis go to waste. Manufacturers of electric vehicles , batteries, and solar panels have been wooing nations looking to wean themselves off costly fuel imports since the Iran war triggered a global energy shock. One of the country’s largest solar manufacturers Jinko Solar Co. inked two deals at the end of April with partners in Nigeria — in a region where diesel prices have soared 40% since the start of the crisis — while auto manufacturers are hunting avenues to extend sales into locations including Europe, and energy storage firms are lifting overseas shipments. “Chinese manufacturers are catching an export tailwind from this worldwide rush, which is helping to support their prices in overseas markets,” said Chia Chen, an analyst at Bloomberg Intelligence. Exports of lithium-ion batteries jumped in March from the previous year while shipments of solar panels doubled on the previous month to reach a record, according to calculations by UK-based think tank Ember. Along with rising fuel prices, overseas shipments were propelled by the looming expiration of an export tax rebate for solar at the start of April, and a reduction for batteries. A total of 50 countries had record solar imports from China in March, with Nigeria recording a 519% surge from February and notable spikes in Malaysia, Ethiopia, and Kenya. Live Events “Nigerian end users can now reduce their reliance on diesel generators and access reliable, clean, and affordable self-generated power,” Jinko said in a statement, after striking a deal with Fouani Nigeria to supply 500 megawatts of equipment for use across shopping malls, factories, and homes. Canada, among global markets hit by higher fuel prices, is ripe for new EV sales, according to Chery Automobile Co., one of China’s largest automakers. The company flew nearly two dozen Canadian car dealers to the Beijing auto show which concluded earlier this month. “Since the crisis, oil prices have risen in many places, some are experiencing supply shortages. So everyone’s perception of electrified vehicles is changing,” Chery’s chairman Yin Tongyue said in an interview. “There’s been a rise in orders and also some Western manufacturers are urgently looking for ways to partner with Chinese EV makers.” A sales manager for another Chinese EV producer, who requested anonymity because they were not authorized to speak to the media, said the company is scouting for partners in southern and eastern Europe where customers are sensitive to gasoline price hikes. Dongfeng Liuzhou Motor Co. is also sizing up new opportunities in Vietnam, where the government has responded to the Iran war by pushing for an expansion of EV charging infrastructure. “Now our customers have started talking to us about whether they can import our new energy vehicle products,” said Zhang Enming, a general manager in the company’s Southeast Asia region, in an interview. China Passenger Car Association data for April showed exports of EVs soared 112% from the previous year. Official customs data for April has not yet been released, but in March EV exports grew 53% from the year before. Sizable EV markets that saw Chinese imports rise in March include Australia — up 67% from February, Belgium — up 63%, and Germany at 34%. Early indicators from April follow that trend. China’s top EV exporter BYD saw overseas sales jump more than 71% from the previous year. Chinese battery exports rose just over a third in March from the previous year, and shipments from major supplier Sungrow Power Supply Co. are likely to exceed forecasts as the war stokes demand, according to BI’s Chen. Gotion High-Tech Co. Ltd. is aiming to double overseas shipments this year, the company said last month. Even wind turbine producers, whose projects can take years to come to fruition, are using the energy crisis to drum up new opportunities. In Europe, there is an “urgent need” for renewable energy sources and offshore wind power, Zhang Chuanwei, chairman of manufacturer Ming Yang Smart Energy Group said in an interview following a visit to the region. The equipment supplier is aiming to set up production in Europe after the United Kingdom rejected a plan to locate a plant in Scotland. However, disruption to markets in the Middle East is seen weighing on some exports, even if the broader trend is positive. “I think overall the overseas sales will increase but in some regions we need to make practical plans to accommodate the changes,” Victor Yang, senior vice president of Geely Automobile Holdings Ltd., told reporters at the Beijing auto show last month. The Iran conflict is “a challenge for everybody,” he said. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now!
The Supreme Court will review the Indian Energy Exchange's challenge to a regulatory order. This order mandates market coupling for power trading. The court refused to halt the implementation of this process. The Indian Energy Exchange argues the order is arbitrary and will harm its market share. The Central Electricity Regulatory Commission is now required to respond to the appeal. View More
New Delhi: The Supreme Court on Monday agreed to examine the Indian Energy Exchange 's (IEX) appeal against the Central Electricity Regulatory Commission 's order to implement market coupling for the day-ahead market and amend the regulations accordingly. A bench of Justices P.S. Narasimha and Alok Aradhe refused to stay the Appellate Tribunal for Electricity 's (APTEL) February 13 order that allowed the electricity regulator to proceed with the implementation of market coupling -a process designed to merge buy/sell orders from all power exchanges to improve price discovery. However, the apex court sought response from the CERC on the IEX's appeal alleging that the Commission's July 2025 market coupling order would hurt its market share, and was "arbitrary" and "violated principles of natural justice." Senior counsel Mukul Rohatgi, appearing for Indian Energy, claimed that the CERC's coupling order would only lead to its loss of market share without any conceivable benefit. "The company has a freedom of enterprise. Can you merge NSE and BSE together? If you pool all of them together, I will lose edge" Rohatgi contended, while claiming that IEX holds more than 95% market share. CERC had in 2024 decided to implement a Shadow Pilot on Power System and Cost Optimization through Market Coupling, and had directed the Grid Controller of India to implement it where IEX, Power Exchange India and Hindustan Power Exchange would take turns acting as the market coupling operator. From January 2026, the Grid Controller of India was to aggregate energy prices across all power trading platforms and publish a single price. Live Events .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)
Highlighting operational concerns in the renewable energy sector, the MNRE Secretary said that curtailment challenges could be addressed through enhanced grid infrastructure and improved planning mechanisms, which would help unlock the full potential of renewable energy assets View More
This order marks the second from the NTPC Group, bringing Bondada’s total order inflow from the group to about ?1,207 crore and its combined capacity from NTPC projects to nearly 1 GW View More
NTPC is preparing to submit a feasibility report to the Centre for its first nuclear energy plant, aiming to contribute to India's goal of 100 GW atomic power capacity by 2047. The company has identified land in Bihar and plans to set up 30 GW of nuclear capacity across 14 states by 2047, with initial units of 700 MW each. View More
