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New Delhi, November 07, 2015: Shri Piyush Goyal, Union Minister of State (IC) for Power, Coal and New & Renewable Energy launched the microsite www.iledtheway.in during the Conference of Power, Mines & Renewable Energy Ministers of States/UTs in Kochi , Kerala. Speaking on the occasion, Shri Goyal said that I am proud to launch this microsite today. It is a great initiative for all citizens to come forward, take the pledge to switch to LED bulbs, do their bit to protect the environment and make the country more energy efficient, he added. Shri Goyal said that switching to LED bulbs will not only bring down our carbon footprint, but ensure savings, which is nothing but more money in the consumers’ hands. The Minister also became the first citizen to take the pledge on the site.

In today’s era of Digital India, the microsite will attempt to reach out to all citizens in the country and spread awareness about the nation-wide movement of #iLEDtheway. Through this microsite, consumers can take a pledge of switching to LED bulbs, which are safer, brighter and consume less energy. The Microsite visitors can join the movement by simply clicking “Take a Pledge” tab which is prominently displayed on the homepage. Consumers who do not have access to the LED bulb distribution under the DELP scheme in their city/state, can pre-register for the scheme by sharing their contact details. It will also give exciting information on the reduction in CO2 emissions, energy saved, avoided peak demand and is filled with pictures, videos, distribution centre details in each state and more.

Under the DELP scheme, EESL has distributed over 2.4 crore LED bulbs to consumers. Similarly, under SLNP, EESL has replaced over 4.22 lakh street lights resulting in an estimated energy savings of about 38 Million Units.The government aims to replace 77 crore conventional bulbs and CFLs with the LEDs under DELP and 3.5 crore street lights over 3-year period, making it the largest LED based lighting programme in the world. EESL’s initiatives of distributing LED bulbs save upto 85 lakh KWh every day and have helped in reduction of close to 15,000 tonnes of CO2 per day.

 
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New Delhi, November 11, 2015: Union Minister of State ( IC) for Power, Coal and Renewable energy, Shri Piyush Goyal has expressed hope that the newly approved Discom restructuring package will find “pan India” acceptance. The Union Cabinet approved the Ujjwal Discom Assurance Yojana, UDAY in its meeting last week.

UDAY provides for the financial turnaround and revival of Power Distribution companies (DISCOMs).

Speaking at an Investors Interaction meeting in Mumbai today, Shri Goyal said "the weakest link in the power value chain is distribution, wherein DISCOMs in the country have accumulated losses of approximately 3.8 lakh crore over the past few years". He said Discoms were trapped in a vicious cycle with operational losses being funded by debt.

The Minister said many Discoms are not charging fair tariff for the electricity consumed and thus financially stressed DISCOMs are not able to supply adequate power at affordable rates. and development.

Salient Features of UDAY:

The new scheme UDAY lays thrust on four initiatives for financial turnaround of Discoms. (i) Improving operational efficiencies of DISCOMs; (ii) Reduction of cost of power; (iii) Reduction in interest cost of DISCOMs; (iv) Enforcing financial discipline on DISCOMs through alignment with State finances.

Operational efficiency

• Operational efficiency improvements like compulsory smart metering, upgradation of transformers, meters etc., energy efficiency measures like efficient LED bulbs, agricultural pumps, fans & air-conditioners etc. will reduce the average AT&C loss from around 22% to 15% and eliminate the gap between Average Revenue Realized (ARR) & Average Cost of Supply (ACS) by 2018-19.

Cost of Power

• Reduction in cost of power would be achieved through measures such as increased supply of cheaper domestic coal, coal linkage rationalization, liberal coal swaps from inefficient to efficient plants, coal price rationalization based on GCV (Gross Calorific Value),

Financial turnaround

• States shall take over 75% of DISCOM debt as on 30 September 2015 over two years -50% of DISCOM debt shall be taken over in 2015-16 and 25% in 2016-17. Government of India will not include the debt taken over by the States as per the above scheme in the calculation of fiscal deficit of respective States in the financial years 2015-16 and 2016-17.

• DISCOM debt not taken over by the State shall be converted by the Banks / FIs into loans or bonds with interest rate not more than the bank’s base rate plus 0.1%. Alternately, this debt may be fully or partly issued by the DISCOM as State guaranteed DISCOM bonds at the prevailing market rates which shall be equal to or less than bank base rate plus 0.1%.

• States shall take over the future losses of DISCOMs in a graded manner.

State DISCOMs will comply with the Renewable Purchase Obligation (RPO) outstanding since 1st April, 2012, within a period to be decided in consultation with Ministry of Power.

• States accepting UDAY and performing as per operational milestones will be given additional / priority funding through Deendayal Upadhyaya Gram Jyoti Yojana (DDUGJY),Integrated Power Development Scheme (IPDS), Power Sector Development Fund (PSDF) or other such schemes of Ministry of Power and Ministry of New and Renewable Energy.

• States are encouraged to take the benefit at the earliest as benefits are dependent on the performance. It empowers DISCOMs with the opportunity to break even in the next 2-3 years.

Today's Investors Interaction Meeting in Mumbai this evening is being attended by FIIs, Mutual Funds, Private Equity funds, sovereign wealth funds, insurance experts and heads of power sector PSUs.

 
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Consolidated Net Profit at INR 20.72 Cr EBITDA at INR 89.67 Cr

Q2 FY16 Consolidated Earnings Highlights 

· Turnover reported at INR 1023.10 crore, up 43% YoY

· PAT of INR 20.72 crore, YoY growth of 32%

· Cash Profit of INR 37.82 crore, YoY growth of 49%

· Diluted EPS reported at INR 0.47 per equity share 

Total income on a consolidated basis rose to INR 1023.10 crore, from INR 713.42 crore in Q2 FY15, recording a 43% growth. EBIDTA grew 41% and stands at INR 89.67 crore.Hyderabad, November 20, 2015: BS Limited, a leading and listed integrated services provider for Power Transmission and Distribution, announced on Thursday, its unaudited results for the quarter ended September 30, 2015 (Q2 FY16).

On a half-yearly basis, the consolidated total turnover of the Company is INR 1993.43 crore, a near 64% growth over the past year. Consolidated net profit jumped to INR 44.37 crore, a rise of 28%.

On a standalone basis, total revenues came in at INR 606.18 crore against INR 470.61 crore in Q2 FY15. Standalone net profit is recorded at INR 16.09 crore in Q2 FY16, up 18% from the previous year’s first quarter.

Mr. Rajesh Agarwal, Chairman, said, “The opportunity in the power transmission sector over the next three-four years is a humongous INR 3 Lakh Crore domestically and the global opportunity is about $1 trillion. BS Limited, with its proficiency in EPC and aided by our strengthening foothold in the international markets, is best placed to tap growth and create value for all its stakeholders. We have generated 41% of Q2 FY16 Net Sales from the Subsidiaries and Joint Ventures against 34% in Q2 FY15.”

Corporate Comm India(CCI Newswire) 

 
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Bengaluru, November 27, 2015: On the start of winter session of Parliament, new ASSOCHAM President Mr. Sunil Kanoria today said it is time lawmakers across parties passed the Constitutional Amendment Bill on GST without further delay. This would send a strong signal to investors that India’s economy can overcome serious global and domestic challenges with political will.

He said GST can be a “Braham Astra” for the Indian economy against a very difficult global economic scenario, affected by demand slowdown, uncertain geo-political situation after the Paris terror attacks, and an unprecedented crash in vital commodities.

“GST will harmonise indirect taxes by doing away with multiplicity of taxes. It will also reduce cost of production, which will be then passed on consumers, thus lowering inflation. More striking would be the display of a political unity and the will to rise up to national cause. That will be a great positive for revival of investment, both domestic and international, something most needed at this point of difficult international times,” Mr Kanoria said in his maiden media interaction. Mr. Kanoria is the Vice Chairman and Managing Director of Srei Infrastructure Finance.

Mr. Kanoria added: Our GDP growth can rise by 1 to 1.5 percent by GST alone, going up to 9 percent from the present estimated 7.3 percent.

He urged the principal Opposition Congress Party to rise up to the national call and support the Goods and Services Bill in the Rajya Sabha. The newly elected ASSOCHAM President requested upon the Government as well to reach out to all the political parties for a common cause.

“If the Congress Party or any other national or regional party has some specific concerns, the government should look into the same and address it as far as possible. There can always be a middle ground. Besides, the passage of the Bill would not mean casting it in stone; as the nation starts implementing the new taxation regime, some important lessons can be learnt and incorporated by subsequent changes in the law. But, if there is one thing that our nation needs from its political leadership, it is the GST,” Mr Kanoria said.

On the present state of the economy, the ASSOCHAM President said one of the main worrying aspects is lack of appetite for fresh investment which is further discouraged by lack of demand as is evident from the latest IIP numbers showing the slowest growth industrial output in four months (3.6 pc) during September.

Mr. Kanoria said that the critical challenge was to generate jobs for the one million Indians joining the workforce every month. The only way out was “Employment promotion through entrepreneurship”. This would be the theme of his ASSOCHAM presidency. He felt that the challenge was to become a nation of job creators rather than jobseekers. For that, improving the ease of doing business was a critical first step. So was better infrastructure, and more affordable access to finance and information, especially in small towns and villages.

Mr. Kanoria cautioned poor rural demand thanks to two successive failures of Monsoon is clearly affecting the economic growth across different sectors—agriculture, industry, and services. Besides, there is a real threat of food inflation widening its scale well beyond pulses and onion. “Recent spurt in pulses (53 percent) and onion prices (85 percent) even on a wholesale price index, spells out an urgent need for a holistic approach on food production and management and how the entire rural economy should be well integrated with the rest of the economy”.

On another serious issue of bank NPAs, he said “we cannot afford to delay the full recapitalization of the banks while concerted efforts should continue to address the structural problems of the sector like steel, power, roads, highways where the maximum level of stress assets is locked up. In this regard, the Bankruptcy law should be passed urgently and implemented so that assets locked in bad loans are released and given to new promoters”. One suggestion was to have an empowered infrastructure dispute resolution mechanism, which would quickly solve the many problems that existing projects had got into, which was also deterring fresh investment.

On global economic head winds, Mr Kanoria stress upon the need to remain vigilant with regard unfolding geo-political situation after the Paris terror attack and continuous problems in China. Japan has again gone into recession while the Federal Reserve has queered the pitch of raising or not raising the interest rates. “We need to give a lot of credit to RBI for ensuring stability in the foreign exchange rates even as most of the currencies of the emerging economies have seen a sharp erosion. But a constant vigil needs to be kept”.

Corporate Comm India(CCI Newswire)

 
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New Delhi, November 28, 2015:There is a need to increase retail marketing of LED bulbs at affordable rates for consumers, Power, Coal and New & Renewable Energy Minister Piyush Goyal advised manufacturerson Wednesday.

Speaking at a ceremony to mark 3 crore bulbs being distributed by Energy Efficiency Services Ltd (EESL) under the Domestic Efficient Lighting Programme, Goyal said, “I hope the industry has ideas to increase retail marketing of LED bulbs; otherwise, EESL will have to do it and it will become your competitor.”

DELP scheme
Goyal also acknowledged that it is time retail level prices of LED bulbs come down as those sold under the DELP scheme are now available at around ₹72.

Under the DELP, EESL is procuring bulbs from manufacturers across the industry at rates lower than that in the retail market. Such bulbs are then distributed to customers with a valid electricity connection. When asked by the Minister on why retail prices are not coming down, the industry pointed to distribution and marketing issues.

“Retail is the next frontier. There are one million retail outlets selling lighting solutions but only 20,000 sell LED lamps. Manufacturing cost of LED bulbs is now almost equal to CFL bulbs. But now, the issue of distribution needs to be addressed,” said Harsh Chitale, Chief Executive Officer, Philips Lighting Solutions.- BusinessLine


 
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Bengaluru, November 28, 2015: Respected Dr. Arvind Panagariya, Vice-Chairman, NITI Aayog;

Dr. Fatih Birol, Executive Director, International Energy Agency;

Distinguished persons in the audience, members of the press, ladies & gentlemen.

It gives me immense pleasure to be present here today at the launch of “India Energy Outlook” by the International Energy Agency (IEA).

Over the years, the World Energy Outlook reports brought out by IEA have provided pointers towards the emerging global energy landscape besides providing vital statistical information on the oil and gas sector. I am sure that the World Energy Outlook for 2015, which was launched in London earlier this month, would be equally insightful for oil & gas industry leaders, companies and policymakers everywhere.

It is a matter of immense satisfaction and pride for us that this year’s World Energy Outlook report has an in-depth country focus on India, which is being launched today as India section of the World Energy Outlook.

Needless to add, India’s rapidly rising energy stature globally is well-deserved. With a large economy, growing population with low per capita energy consumption, an expanding middle-class and increasing urbanization, there is only one way for India’s energy demands to go : that is up.

I went through the Executive Summary of the World Energy Outlook 2015, and came across some very interesting observations and trends.

1. By 2040, India’s energy demand will be close to that of the United States, even though demand per capita will still remain 40% below the world average.

2. The estimated investment which will be required in India’s energy sector till 2040 is of the order of US$ 2.8 trillion.

3. The report projects that India’s oil import dependence will increase above 90% by 2040.

4. The oil market is expected to rebalance at US$ 80/barrel by 2020, and likely to further increase thereafter.

5. Developing Asian countries, including China and India, account for almost 50% of rise in global gas demand & 75% of the increase in LNG imports. Yet, gas will face competition from coal and renewables.

6. The world is moving rapidly towards efficient energy production and consumption; at the same time, low-carbon energy options are becoming progressively more cost-competitive.

As a policymaker looking after India’s petroleum sector, I found these nuggets of information very thought-provoking.

The govt is determined to provide universal access to reliable and affordable energy to all sections of our people. In line with the vision of Hon’ble Prime Minister, we want to cut down India’s import dependence for domestic energy needs by 10% in the next 6-7 years. We are keen to make India’s oil & gas sector fair, transparent and attractive for domestic and foreign investors through appropriate policy, regulatory and fiscal interventions.

In the crucial LPG sector, the Government is making all out efforts to extend the LPG coverage to 75% of the households in the next 4 years. We have launched a highly successful Direct Benefit Transfer Scheme, or the PAHAL Scheme, to streamline LPG subsidies. This has been declared as the world’s largest cash transfer scheme by the Guinness Book. We have also asked the well-off sections of the country to voluntarily surrender LPG subsidy under the “GiveItUp” campaign; so far more than 5 million people have given up their LPG subsidy. Besides, we have also provided 2.6 million LPG connections to poor households under “Give Back” initiative.

We are pursuing several petroleum sector-specific measures under “Clean India” initiative. In line with the vision laid down by Hon’ble Prime Minister, we want to realize a Clean and Green fuel-based economy in the country. To this end, we are actively promoting City Gas Distribution networks and connecting major cities with “Green Highways”, which will have vehicles running on CNG and LNG with adequate re-fuelling stations. The Government’s Bio-Fuel program has resulted in mandatory 5% Ethanol blending in petrol while 5% Bio-diesel blending in diesel has already started in 18 cities.

In a major push towards sustainable development, we have increased targets for renewable energy capacity addition to 175 Gigawatts by 2021-22 which will result in reduction of over 326 million tons of carbon dioxide equivalent per year.

I am pleased to share that NITI Aayog has been given the mandate of developing a long-term “Integrated Energy Policy” for India. This is the vision of Hon’ble Prime Minister which is being co-ordinated under the able guidance of Dr. Arvind Panagariya. Various stakeholders, including my Ministry, are actively involved in this exercise; we are hopeful that IEA’s India-specific report will provide valuable inputs for this policy making exercise. Going forward, we would like to have IEA’s co-operation on this and similar energy-related policy matters.

In another 3 days from now, the 2015 UN Climate Change Conference, or COP21, will convene in Paris. Our Prime Minister has already given a call for “Climate Justice” to protect the poor and vulnerable from adverse impacts of climate change. India has declared its Intended Nationally Determined Contributions (INDCs) which aim to reduce the Emissions Intensity of its GDP by 33 to 35 per cent by 2030 from 2005 level.

Before concluding, my compliments once again to International Energy Agency for bringing out this India Energy Outlook.

Corporate Comm India(CCI Newswire) 

 

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