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Data centers bear part of the blame for rising bills on the PJM Interconnection electric grid that serves more than 65 million people across 13 states. View More

A power substation near the LC1 CloudHQ data center in Ashburn, Virginia, on March 27, 2024.Nathan Howard | Bloomberg | Getty Images Voter anger at surging electricity prices is fueling political backlash against the artificial intelligence industry's data centers, with Democrats accusing the Trump administration of failing to address the issue as they zero in on affordability ahead of next year's mid-term elections.Abigail Spanberger won last week's governor's race in Virginia, home to the largest concentration of data centers in the world, after promising to make the industry "pay their own way and their fair share" of rising electricity costs.New Jersey governor-elect Mikie Sherrill has promised to declare a state of emergency over electric bills on her first day in office and freeze prices in the Garden State. Two Democrats were elected to Georgia's commission that regulates utilities, breaking total Republican control, with one of the candidates arguing that prices are rising in the Peach State in part due to data centers.On the heels of the election victories, Democratic senators in Washington led by Sen. Richard Blumenthal of Connecticut and Sen. Bernie Sanders of Vermont took aim this week at what they described as the White House's "sweetheart deals with Big Tech companies," accusing the administration of failing to protect consumers from "being forced to subsidize the cost of data centers.""As a result, everyday Americans are already being forced into bidding wars with trillion-dollar companies to keep the lights on at home," the senators wrote Monday in a letter demanding solutions from the White House.President Donald Trump promised to cut families' electric bills by 50% in his first year in office. But residential prices in the U.S. increased about an average 6% in August nationwide compared to the same-period in 2024, according to October data from the Energy Information Administration. Prices soared about 21% in New Jersey, 13% in Virginia and about 5% in Georgia in the same period. window.addEventListener("message",function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data["datawrapper-height"][t]+"px";r.style.height=d}}}); The reasons for price hikes vary by state and region, said Abraham Silverman, who served as general counsel for New Jersey's public utility board from 2019 until 2023 under outgoing Democratic Gov. Phil Murphy.But data centers are playing the main role in rising bills on the PJM Interconnection electric grid that serves New Jersey and Virginia, Silverman said. PJM is the largest grid in the U.S., reaching more than 65 million people across 13 states in the Mid-Atlantic and parts of the Midwest and South."We are basically adding a Philadelphia's worth of new electricity users to the grid every year, starting in 2025 and showing no signs of slowing," Silverman said of the national increase in demand. "Where is that load growth coming from? The answer is data centers."Surging pricesThe conditions that led to surging household electricity prices this year, particularly in the PJM region, took root before the second Trump administration entered office, when investment in AI data centers was just starting to ramp up.The amount PJM agreed to pay in late 2022 to secure capacity from power plants, which ensures they are available when electricity use rises, totaled $2.2 billion. In 2024, the bill soared more than 500% to $14.7 billion. This year, it jumped another 9% to $16.1 billion. window.addEventListener("message",function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r,i=0;r=e[i];i++)if(r.contentWindow===a.source){var d=a.data["datawrapper-height"][t]+"px";r.style.height=d}}}); The independent watchdog that monitors PJM found the main culprit for soaring capacity prices: data centers."The current conditions in the capacity market are almost entirely the result of large load additions from data centers, both actual historical and forecast," the watchdog Monitoring Analytics concluded in its independent market monitor report published in June.Those capacity prices are ultimately passed down to household electricity bills, Silverman said. "It is an extremely large component of the affordability crisis we're experiencing right now."New Jersey utility PSE&G, owned by Public Service Enterprise Group, acknowledged the impact of exploding capacity prices in a February letter to consumers warning of a 17% increase in their bills, though it didn't call out data centers."Utilities do not earn a profit on the electric supply; these costs are passed through directly to customers," the company said.The problem could get worse as the data center build out accelerates — at least for now. Power used by data centers in advanced stages of planning in Pennsylvania, for example, jumped more than 40% to 20.5 gigawatts in the third quarter, up from 14.4 gigawatts previously, according to the utility PPL. That's equivalent to the power consumption of about 17 million U.S. homes."I want to be clear that these load additions are real, they are coming fast and furious," PPL CEO Vincent Sorgi said on its latest earnings call. "The bottom line is that we need to start building new generation as soon as possible."It is unlikely that residential utility bills will come down this decade as demand is expected to remain high and supplies tight, said Rob Gramlich, president of Grid Strategies, a power sector consulting firm.Political blame gameThe Democratic senators accused the Trump administration of making the affordability problem worse with its attacks on renewable energy. Trump has tried to halt the expansion of wind power, particularly offshore wind projects, and his signature piece of domestic legislation, the One Big Beautiful Bill, phases out tax credits for renewable energy.Renewables are the most readily available source of generation to meet new demand, with solar, battery storage and wind making up more than 90% of the projects that are waiting to connect to the grid, according to August data from the consulting firm Enverus. Sherrill and Spanberger campaigned on expanding renewable energy in New Jersey and Virginia not to lower carbon emissions, but to help bring down energy costs.The White House blames the Biden administration and its renewable energy policies for driving up electricity prices. Trump "declared an energy emergency to reverse four years of Biden's disastrous policies, accelerate large-scale grid infrastructure projects, and expedite the expansion of coal, natural gas and nuclear power generation," White House spokeswoman Taylor Rogers said in a statement.The AI industry should pay for the new generation and transmission that is needed to support their data centers, Silverman said. "If we do that, then we are really going a long way to insulate mom and pop consumers from the higher costs," he said.The Data Center Coalition, a lobbying group, said in a statement that "the industry is committed to paying its full cost of service for the energy it uses."

Fujiyama Power Systems (UTL Solar) has secured ?247 crore from 15 anchor investors ahead of its IPO, which opens on Thursday. The company, a roof-top solar manufacturer, allocated over 1.08 crore equity shares at ?228 per share. Nippon India Mutual Fund and Tata Mutual Fund were significant participants in the anchor allocation. View More

Roof-top solar manufacturer Fujiyama Power Systems Limited (UTL Solar) on Wednesday raised 247 crore from 15 anchor investors ahead of its initial public offering (IPO) which opens for bidding on Thursday. The allocated over 1.08 crore equity shares at Rs 228 per share to these anchor investors. In this, over 56.66 lakh equity shares i.e., 52.33% of the total allocation were allocated to 2 domestic mutual funds, which have applied through a total of 6 schemes. The largest position of the anchor quota was cornered by two funds by Nippon India Mutual Fund. Nippon Life India Trustee Ltd - A/C Nippon India Small Cap was allocated 30% shares while Nippon Life India Trustee Ltd - A/C Nippon Power & Infra was allotted 10.50% of the anchor quota. Tata Mutual Fund’s four schemes were collectively allocated 11.83% shares available in the anchor portion. Some of the marquee institutions that participated in the anchor bidding included Societe Generale, Citigroup Global Markets Mauritius, Steptrade Revolution Fund, VQ Fastercap Fund II, BNP Paribas Funds Global Climate Solutions, BNP Paribas Funds Energy Transition and Astorne Capital VCC – Arven. Live Events In an advertisement on November 12, in a pre-IPO round, Fujiyama Power Systems had raised Rs 75 crore from VQ FasterCap Fund II and ValueQuest India G.I.F.T. Fund with the promoters selling nearly 1.2% stake in the company. Fujiyama Power Systems IPO GMP: The company was not commanding any premium on Wednesday around 9 pm. Fujiyama Power Systems IPO details The IPO, which will close on Monday, November 17, 2025, is a fresh issue worth Rs 600 crore and an offer-for-sale (OFS) for up to Rs 228 crore. The IPO will fetch Rs 828 crore at the upper end of the price band. Investors can bid for a minimum of 65 equity shares and in multiples of 65 equity shares thereafter. The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not more than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders respectively. About Fujiyama Power Systems The company is a manufacturer of products and solution provider in the roof-top solar industry, including on-grid, off-grid and hybrid solar systems. It is a leading player in solar panel manufacturing, solar inverter manufacturing (covering on-grid, hybrid, and off-grid solutions), and both lead acid and lithium-ion battery production. The company also supports R&D in inverter technology and provides a wide variety of solar SKUs. The company’s brands, UTL Solar, which has a legacy of 29 years, and Fujiyama Solar. The company has four manufacturing facilities and R&D capabilities in India. The Red Herring Prospectus (RHP) states that the company has designed and developed an extensive product portfolio of more than 522 SKUs which includes a full range of solar inverters, solar panels and batteries. As on June 30, 2025, the company served its customers through a pan-India distribution network of 725 distributors, 5,546 dealers and 1,100 exclusive ‘Shoppe’ franchisees. Fujiyama Power Systems financials The company’s revenue from operations was Rs 597.3 crore during the June 2025 quarter, and its net profit was Rs 67.6 crore. Its revenue from operations was Rs 1,540.6 crore during FY25 vis-à-vis Rs 664 crore during FY23. Its net profit was Rs 156.3 crore during FY25 vis-à-vis Rs 24.3 crore during FY23. IPO lead managers Motilal Investment Advisors and SBI Capital Markets are the book-running lead manager and MUFG Intime India Private Limited is the registrar of the offer. (Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.) .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 ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

The move is in line with the company's long-term plan to set up 30 GW of nuclear power capacity by 2047 under the national target of 100 GW  View More

The country’s largest power generator, which is controlled by the government, will account for one-third of India’s ambitious target of setting up 100 gigawatt (GW) of nuclear power by 2047 (Viksit Bharat) View More

The fast-casual chain Sweetgreen's struggles are worsening. View More

In this articleCAVACMGSGFollow your favorite stocksCREATE FREE ACCOUNT Fast-casual salad chain Sweetgreen is struggling as its traffic and sales continue to fall and it reports millions in losses each quarter.Its earnings worsened in its third quarter this year, as same-store sales declined 9.5% due in part to a 11.7% drop in foot traffic.Sweetgreen revolutionized the quick service industry after launching in 2007, proving that healthy food could be accessible and convenient. But the company still hasn't figured out how to turn a profit and investors are turning away; its share price has declined more than 80% this year."I think investors are nervous about everything right now, including Sweetgreen," said Sharon Zackfia, the head of consumer equity research at William Blair. "They've clearly underperformed that general benchmark, though, and it's up to them to turn the ship around and get those same store sales into a place where investors start to pay attention again."Sweetgreen has been focusing on automation after it bought Spyce, a Boston restaurant company that developed robotic kitchen and conveyor belt technology, in 2021. Roughly 10% of Sweetgreen stores are fitted with the automated system, which Sweetgreen calls its "Infinite Kitchens," as of this month, according to Zackfia. It intended to make all its stores fully automated, but has abandoned that vision.  Salads come off the new Infinite Kitchen robotic system at Sweetgreen during a test run in Chicago.Chicago Tribune | Tribune News Service | Getty Images Though Sweetgreen will continue to use the automated technology, it announced as it reported third-quarter earnings that it would sell Spyce for $186.4 million to virtual food hall company Wonder. Sweetgreen co-founder and CEO Jonathan Neman said on an earnings call that the move will allow it to "unlock greater scale, lower operating costs, and strengthen [its] financial foundation for the future."He added that the technology remains "central to Sweetgreen's future," yet the sale represents a big shift in strategy. The chain is still hoping to get to 1,000 locations by 2030 from around 266 now. It has no debt and plenty of cash, in part due to the $100 million it received from Wonder in the Spyce deal. Yet as Neman said during the company's second-quarter earnings, only a third of Sweetgreen locations are "consistently operating at or above standard.""Two-thirds of your units doing that certainly is an issue and a problem," said Joe Pawlak, managing principal at Technomic. "On the flip side, that means there's a lot of opportunity to improve."But whether investors will be willing to wait it out is another question.  Watch this video to learn more.

In October, NTPC had signed a pact with Engineers India Ltd. to develop a coal-to-synthetic natural gas facility. The proposed facility will use high ash coal from NTPC's captive mines, converting it into the cleaner fuel, which may be consumed within as well as be sold. View More

NTPC Ltd plans to set up a 5-10 million-tonnes-per-year coal-to-synthetic natural gas (SNG) facility, according to people familiar with the development. The state-owned power generating company, which is looking to diversify its portfolio, will appoint a technical consultant for drawing up the plan in the ongoing financial year, one of the people cited earlier said, adding that proposals from consultants would be invited soon. The award of the project work may start in the next financial year, the person said. Synthetic natural gas, or syngas, has many uses, including power generation and producing chemicals like methanol, ammonia and fertilisers. In October, NTPC had signed a pact with Engineers India Ltd . to develop a coal-to-synthetic natural gas facility. The proposed facility will use high ash coal from NTPC's captive mines, converting it into the cleaner fuel, which may be consumed within as well as be sold. Live Events The cost of production of the fuel is likely to be $10-12/mmbtu, the person cited earlier said. As for power generating capacity, the company aims to have 149 GW by FY32, including renewable energy. Nuclear ambitions NTPC is in talks with 16 states to identify sites for moving towards its goal of achieving 30 GW of nuclear energy capacity by 2047, a person familiar with the matter said, adding that the process may eventually lead to finalization of four-five such sites. The company is betting big on nuclear power generation, especially for its future role in base power load, as share of coal in the total generation mix will eventually come down. The company plans to deploy larger reactors--700 MW and higher--for the capacity to reach 30 GW by 2047, for which it is open to installing reactors with overseas technology once proposed amendments in legislations to support private sector participation are in place and with required approvals. While India's indigenous pressurised heavy water reactors are of 700 MW capacity, latest overseas technologies of light water reactors are largely 1,000 MW and above. It is also training personnel and preparing its team for its nuclear plans. The company's Power Management Institute is holding training for employees to prepare a nuclear energy-ready workforce. .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)

Two European pioneers of the modern wind power industry have issued a warning over the Trump administration's clean energy cutbacks. View More

US President Donald Trump (L), backdropped by Turbines at the European Offshore Wind Deployment Centre, also known as the Aberdeen Bay Wind Farm, walks on the first fairway after playing off the first tee to officially open the Trump International Golf Links course in Balmedie, Aberdeenshire, north east Scotland on July 29, 2025. Brendan Smialowski | Afp | Getty Images Two European pioneers of the modern wind power industry are sounding the alarm on the Trump administration's clean energy cutbacks, warning Washington's anti-climate agenda is part of a broader energy transition challenge.Denmark's Henrik Stiesdal and Britain's Andrew Garrad, often referred to as the "Godfathers of wind" for their contributions in advancing the design, manufacture and deployment of wind turbines, said Trump's war on wind appears to be a symptom of more widespread climate apathy.Stiesdal is known for framing the early design principles for wind turbines and led the installation of the world's first offshore wind farm in 1991, while Garrad developed computer models to optimize and certify turbine and farm designs."I think Trump's approach is symptomatic of a general shift," Garrad said, in comments echoed by Stiesdal, one that is opposed to the transition from fossil fuels to renewable technologies, such as wind and solar."We are facing right now, a change of mood. We had a very easy beginning, then quite a big struggle, then general acceptance, and now the worm is turning. And that's something which we all have to address," Garrad told CNBC. Read moreCOP30 gets underway in Brazil — and a Trump-shaped hole is hanging over the climate summitFossil fuel leaders herald the energy addition era: 'Music to my ears'Orsted swings to quarterly net loss as Trump's offshore wind battle takes its toll Since returning to office at the start of the year, U.S. President Donald Trump has actively sought to disrupt the development of high-profile wind projects. His push to wipe out the offshore wind industry has included stop-work orders and the removal of green incentives under former President Joe Biden's Inflation Reduction Act."Trump is symptomatic. I mean an extreme symptom of that, but you can see it I think in all Western countries certainly, perhaps not elsewhere. And that's a big issue," Garrad said."This isn't just a wind energy problem," Garrad said. "To do this sort of change is a very dangerous thing. And I think it has shown that this is a political business ... It's a personal decision by a politician, who happens to be a rather powerful one — and it has sent shockwaves around the place." 'Pathetic' and 'expensive' Trump's onslaught against the wind industry has hit the business models of renewable energy giants particularly hard. Denmark's Ortsed, the world's biggest offshore wind farm group, is one notable example.Last week, Orsted reported a net loss of 1.7 billion Danish kroner ($261.8 million) for the July-September period. The result, which was slightly better than analysts feared, was significantly down from profit of 5.17 billion Danish kroner in the same period last year.Shares of the Copenhagen-listed company, which have fallen more than 80% from a 2021 peak, notched a fresh record low in August after the Trump administration ordered the company to halt work on a near complete windfarm. A turbine blade is lifted onto a rack near tower sections at the Revolution Wind project assembly site at State Pier in New London, Connecticut, US, on Friday, Oct. 24, 2025.Bloomberg | Bloomberg | Getty Images Danish wind turbine firm Vestas has also been battling industry uncertainty, in part because of the Trump administration's policies. When asked about some of these challenges, Vestas CEO Henrik Andersen said the company has a "well-established" supply chain in the U.S."For us, we see the U.S., both customers and the buildout in the U.S., as some of our core responsibility to help the U.S. with," Andersen told CNBC's "Squawk Box Europe" on Nov. 5."Then sometimes maybe we have to get a bit of a slap that it is not everyone that likes the nature of a wind turbine. But I think, in general, … energy drives decision making and [the] cost of energy drives decision making," he added. U.S. President Donald Trump speaks during the United Nations General Assembly (UNGA) at the United Nations headquarters on September 23, 2025 in New York City.Michael M. Santiago | Getty Images News | Getty Images Trump has repeatedly criticized the deployment of offshore wind turbines, describing them as "pathetic" and "expensive" in a recent speech at the United Nations General Assembly."I'm telling you that if you don't get away from the green energy scam, your country is going to fail," Trump said on Sept. 23. The U.S. president also said climate change is the "greatest con job ever perpetrated on the world."Scientists have since condemned Trump's characterization of climate change, pointing out that the overwhelming consensus is that climate change is already happening, with record-breaking heatwaves, flood events and hurricanes causing substantial economic damages across the globe. Energy security Stiesdal, who refused to comment specifically on Trump's war on wind, said there appears to be "a fundamental misunderstanding" from those firmly opposed to the energy transition."A lot of people who would be inclined to vote for hard-right parties actually benefit both from the job offerings and the cost of their energy from renewables," Stiesdal said."It's not an easy thing to fight because a lot of it is kind of visceral or fundamental in the thinking about this tribal approach," he continued. "Whenever I am confronted with that, or with discussions about that, I try to emphasize energy security, the job creation, the local beneficial effects of doing renewables and the assurances you get in society." King Charles III (centre) poses for a group photo after presenting the 2024 Queen Elizabeth Prize for Engineering to Andrew Garrad C.B.E. (left) and Henrik Stiesdal for their achievements in advancing the design, manufacture and deployment of modern wind power technology, during a reception for the 2025 Queen Elizabeth Prize for Engineering, at St James' Palace November 5, 2025 in London, England.Getty Images | Getty Images Entertainment | Getty Images Stiesdal and Garrad were speaking to CNBC shortly before being presented with the 2024 Queen Elizabeth Prize for Engineering. The prize was presented by King Charles III during a reception at St. James's Palace in London earlier this month.

Emmvee Photovoltaic Power IPO: At a grey market premium (GMP) of Rs 5, or about 2.3% above the upper price band of Rs 217. This marks a decline from the earlier 9% premium, reflecting weaker investor sentiment toward the issue. At current levels, the stock is expected to list around Rs 222. View More

The Rs 2,900 crore initial public offering (IPO) of Emmvee Photovoltaic Power (EPPL) has entered its second day of subscription on Wednesday. On the opening day, the issue was subscribed 9%, with 67.10 lakh bids received against 7.74 crore shares on offer. The price band has been set at Rs 206–Rs 217 per share, and the IPO will remain open until November 13, 2025. The company’s shares are expected to be listed on both the BSE and NSE later this month. According to market observers, Emmvee’s grey market premium (GMP) has dropped to around 2.3% above the issue price, compared to 9.22% earlier. This decline signals a cooling of investor sentiment toward the issue. The IPO includes a fresh issue of Rs 2,144 crore and an offer for sale (OFS) worth Rs 756 crore by promoters Manjunatha Donthi Venkatarathnaiah and Shubha Manjunatha Donthi, who together plan to offload approximately 3.48 crore shares. Following the issue, the promoters’ stake is expected to decline from 100% to about 80.7%. Emmvee Photovoltaic Power IPO subscription status At the close of Day 1, the Emmvee Photovoltaic Power IPO recorded an overall subscription of 9%. Live Events Retail Individual Investors (RIIs): The retail segment saw comparatively stronger interest, with 32% of the 1.40 crore shares reserved for this category subscribed by the end of the day. Non-Institutional Investors (NIIs): The NII category witnessed 6% subscription of the 2.11 crore shares on offer, indicating moderate participation from high-net-worth individuals and other non-institutional investors. Qualified Institutional Buyers (QIBs): Institutional demand remained muted, with only 2% subscription for the 4.22 crore shares earmarked for QIBs. Emmvee Photovoltaic Power IPO GMP today The grey market premium (GMP) for Emmvee Photovoltaic Power IPO stands at Rs 5, representing a 2.3% premium over the upper end of the price band at Rs 217. The GMP has dropped from the earlier 9% premium, signaling a decline in investor sentiment toward the issue. Based on current trends, Emmvee Photovoltaic Power’s estimated listing price is around Rs 222. Emmvee Photovoltaic Power IPO details The Emmvee Photovoltaic Power IPO is valued at Rs 2,900 crore in total. It consists of a fresh issue of 9.88 crore shares worth Rs 2,143.86 crore and an offer for sale (OFS) of 3.48 crore shares amounting to Rs 756.14 crore. The price band has been set between Rs 206 and Rs 217 per share. The IPO subscription period will open on November 11, 2025, and close on November 13, 2025. The basis of allotment is expected to be finalized on November 14, 2025, while the company’s shares are likely to be listed on the BSE and NSE on November 18, 2025. India’s second-largest integrated solar module manufacturer Emmvee Photovoltaic Power is India’s second-largest integrated solar cell and module manufacturer, with an installed capacity of 7.8 GW for modules and 2.94 GW for solar cells as of June 2025. The company manufactures both bifacial and monofacial solar modules using TOPCon ( Tunnel Oxide Passivated Contact ) technology — one of the most efficient and widely adopted innovations in the global solar industry. Emmvee’s fully integrated manufacturing model spans the entire value chain — from solar cell production to module assembly — reducing dependency on third-party suppliers, improving cost efficiency, and maintaining consistent product quality. The company is also featured on the Approved List of Models and Manufacturers (ALMM) maintained by the Ministry of New and Renewable Energy (MNRE), offering it a strong regulatory edge. From the IPO proceeds, Emmvee plans to utilize Rs 1,621 crore for debt repayment, a step expected to strengthen its balance sheet and enhance profitability. The remaining funds will be directed toward general corporate purposes. Expansion plans in the pipeline The Bengaluru-based Emmvee Photovoltaic Power is on a strong growth trajectory, with significant capacity expansion underway. The company aims to add 2.5 GW of new module capacity by FY26 and establish an additional 6 GW of integrated solar cell and module capacity by the first half of FY28. Upon completion, Emmvee’s total manufacturing capacity will increase to 16.3 GW for solar modules and 8.94 GW for solar cells, positioning it among India’s largest renewable energy manufacturers. As of June 2025, Emmvee reported an order book of 5.36 GW, driven by robust B2B demand. The company supplies its products to leading developers and industrial clients, benefiting from India’s policy thrust on solar energy and domestic manufacturing incentives under the Production Linked Incentive (PLI) scheme. Financials: Strong growth and healthy margins Emmvee has shown impressive financial growth over the past two years. Its revenue rose from Rs 618 crore in FY23 to Rs 2,336 crore in FY25, while profit after tax jumped from Rs 9 crore to Rs 369 crore over the same period. The company’s EBITDA margin expanded significantly to 30.9% in FY25, up from 9.1% in FY23, reflecting gains from cost efficiencies and scaling operations. Return ratios also improved markedly. Return on Equity (RoE) surged to 68.7% in FY25 from 6.4% in FY23, while the debt-to-equity ratio stood at 3.6x in FY25 and is expected to decline post-IPO due to debt repayment. At the upper price band of Rs 217, Emmvee’s valuation translates to a price-to-earnings (P/E) multiple of 40.7x based on FY25 earnings, and 20x on annualized Q1 FY26 earnings. Analysts consider this fairly priced compared with peers like Waaree Energies and Premier Energies. Analyst recommendation: Subscribe for long term SBI Securities, in its IPO note, has recommended investors to "Subscribe for Long-Term", citing Emmvee's strong positioning in India’s renewable energy supply chain, solid growth trajectory, and financial turnaround. "We expect that profitability will continue to improve following the repayment of debt from the issue proceeds. We recommend investors to subscribe to the IPO at the cut-off price for a long-term investment horizon," the brokerage said. However, it cautioned that investor should watch for risks such as client concentration -- with the top 10 customers contributing over 85% of revenues -- and heavy dependence on imported materials, mainly from China. 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The panel on boosting domestic gas use has proposed major reforms—lifting LNG resale limits, creating an independent pipeline operator, real-time booking system, CNG excise removal, pipeline funding, PNG subsidies, and GST inclusion at a lower rate. View More

GAIL chairman Sandeep Gupta has issued a formal dissent note on some of the key recommendations of the expert committee of the Petroleum and Natural Gas Regulatory Board (PNGRB), turning the panel into a battleground between the country's largest gas marketer-transporter and major consumers such as Adani Total, NTPC and Torrent. The committee, set up to recommend ways to expand domestic gas usage and deepen the market, has proposed sweeping reforms, including lifting restrictions on resale and destination in domestic LNG sale agreements; setting up an independent system operator for gas pipelines; a real-time bulletin board for all pipelines to book capacity; removal of excise duty on CNG; viability gap funding for strategically important pipelines; subsidy for piped natural gas connections to homes; and bringing natural gas under goods and services tax in a lower tax bracket. "The recommendations contained herein-numbering over eighty-are not novel inventions," DK Sarraf, the chairman of the committee, wrote in the preface to the report. "The challenge, therefore, is not one of diagnosis, but of delivery... What is now required is the administrative commitment, and institutional courage to act." The committee comprised seven members, including Sarraf-former chief of ONGC and PNGRB-GAIL chairman Sandeep Gupta and the chief executives of NTPC, Adani Total Gas , Torrent Gas and Carmine Energy, along with a PNGRB official. Gupta objected to the panel's recommendation on domestic gas sales contracts. "The recommendation to remove destination restrictions in domestic gas sales agreement (GSA) contracts by natural gas marketers is not practicable and will threaten energy security by discouraging proactive sourcing by such marketers," he said. Live Events "The committee would like to emphasise that imposing both take-or-pay obligations and resale/destination restrictions simultaneously is inherently unfair to consumers," the committee responded. "This dual imposition significantly limits the buyer's ability to optimise gas usage, manage costs, and respond to market dynamics." Gupta also opposed the proposal to cap equity return on pipelines at 14%. "My viewpoint of recommending 15-16% ROE (return on equity) as is the case for power transmission lines instead of inventing proposed 14%, devoid of any basis, has not been agreed to," he said. The panel said PNGRB may implement a transparent, investor-friendly tariff framework based on capital-cost bids and the discounted cash flow methodology, shifting from return on capital employed to equity-based returns. "Key features should include a normative 70:30 debt-equity ratio, equity return capped at 14%, cost of debt linked to the SBI MCLR (marginal cost of funds-based lending rate), and empirically benchmarked opex," it said. Gupta disagreed with the panel on establishing an independent system operator for pipelines. The panel said the ISO was aimed at "enhancing neutrality, transparency, and efficiency in gas transmission management-without altering ownership or marketing rights" of the pipeline companies. .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)