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India needs advanced BESS ecosystem to support 500GW of non-fossil energy target by 2032; says experts at IESA SESI 2024

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New Delhi , : In its endeavour to meet the ambitious 500GW of non-fossil energy target, India needs some bold steps and an advanced BESS ecosystem with over 238 GWh of capacity. Experts at the 4th Edition of the International Conference on Stationary Energy Storage India 2024 emphasised on the rising penetration of renewables in the energy mix and addressed various system integration challenges affecting the energy storage capacity expansion. Over 250 industry leaders, government officials, and 10 partner countries including USA, Norway, Germany, Scotland, Australia and Singapore participated and discussed the future roadmap for Renewable, electricity grid, rooftop solar, and decarbonise the C&I sector. India’s leading industry body India Energy Storage Alliance organised this biggest international conference to support India in integrating renewable energy in the power system which is crucial for the country to meet its climate goals. “From capacity expansion to being a global investor-friendly destination in the segment, India has achieved a lot in less than a decade. Our existing 190 GW of non-fossil-based capacity is a testament to this growth story. At one end we are trying to get more and more solar and wind into the grid, but also we are bringing in a lot of other energy mix. The flavour is changing and the flavor now requires much effort from the manufacturing side. And that’s where MNRE’s role is now coming into play. We do need good best practices followed in the manufacturing industry. We do need advanced chemistry cells for stationary storage applications to be manufactured in India.” says Shri Dinesh Jagdale, Joint Secretary, Ministry of New and Renewable Energy. “India is poised for rapid deployment of BESS and pumped hydro to complement the renewable energy deployments as part of the ambitious targets set by Hon’ble Prime Minister Shri Narendra Modi ji. With the Stationary Energy Storage India Council , the India Energy Storage Alliance is all ready to work with a various set of policies. The most exciting part is that now we are entering into the execution part of our plans.” said Dr. Rahul Walawalkar, President, IESA. For close to a decade, IESA has been working with central and state government agencies like CEA, CERC, Grid-India, SECI, and others to accelerate the growth of the energy storage sector in India and to address potential system integration challenges that may arise from the rising penetration of renewables in the energy mix through its Stationary Energy Storage India Council Council. Addressing the need for an integrated policy for storage systems, Shri Rajnath Ram, Adviser , NITI Aayog said, “Today’s storage Infrastructure is capable of storing energy but we need to figure out ways to store more energy as and when the demand and energy generation increases. Let’s imagine that we have about 1800 gigawatt per hour energy demand by 2047, then we need to expand on the energy storage systems as well. We need to have a very integrated policy for building the storage system within the country.” “The rising penetration of renewables in the energy mix also necessitates increasing energy storage capacity to address system integration challenges arising from the variable nature of renewable energy and supply-demand mismatch. It’s high time for us to now look at how can we bring in firmness, flat curves, and that extra energy which can probably be looked at as the tailwind today into the storage space.” said, Debi Prasad Dash, Executive Director, IESA & Secretary, US-India Energy Storage Taskforce secretariat. The Solar Energy Corporation of India Limited has recently commissioned the biggest grid-connected storage yet in the country which is a 100-megawatt SPV solar project with 40 megawatt/120 megawatt-hour battery energy storage system project. The enabled capacity is around 152 megawatt-hours that is in the Rajnandgaon district of Chhattisgarh. “Pricing is a major factor in battery energy storage and we are estimating that the prices would fall for batteries close to 140 dollars per KWH, but the estimations also say that the prices would further reduce to 50 dollars per KWH which is the need of the hour.”, says Prashant Upadhyay, Senior Manager, SECI. “Just like the Solar Energy sector, we are now looking for energy storage through the Integrated RE module and still we are exploring the viability of that. To make this sector more sustainable government, industry, and people need to work together. Since banks today as well, don’t know the economics of this sector, so that’s why a plan that integrates as a whole makes this sector more viable and efficient.”, said Mani Khurana, Senior Energy Specialist, The World Bank. Organized under the esteemed Stationary Energy Storage India Council , key stakeholders from the stationary energy sector from regulators and policymakers to industry leaders and experts discussed and collaborated on advancements in the stationary energy storage. Key participants include MNRE, MoP, MEITY, DST, CEA, SECI, NTPC, GEP, World Economic Forum, Department of science & Technology, World Bank, Good Enough Energy, SMA, Envision Energy, Ampyr Energy, DCM Container, Maestrotech System, GIZ, Government of Australia and others. For more information and registration, please visit conference website – https://indiaesa.info/events/ongoing-upcoming-events/stationary-energy-storage-india-sesi-2024 About India Energy Storage Alliance : India Energy Storage Alliance is a leading industry alliance focused on the development of advanced energy storage, e-mobility, green hydrogen, and emerging technologies in India. Founded in 2012, by Customized Energy Solutions , IESA’s vision is to make India a global hub for R&D, manufacturing, and adoption of advanced energy storage, e-mobility, and green hydrogen technologies. Today IESA is a proud network of 180 member companies, encompassing industry verticals from energy storage, EV manufacturing, EV charging infrastructure, green hydrogen, microgrids, power electronics, renewable energy, research institutes and universities, and cleantech startups. .

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Nikhil Kamath alerts investors on ‘hand-picked stocks’ WhatsApp scam: ‘Use common sense’

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Zerodha co-founder Nikhil Kamath informed investors that he has never had any WhatsApp group where he shares “hand-picked” stocks as advertised by a group. The group claims to assist people in picking the right stocks and Nikhil Kamath said that “this is obviously not from me” as he urged people to use a little “common sense”.

Zerodha co-founder Nikhil Kamath alerted investors about a scam on Whatsapp.
Zerodha co-founder Nikhil Kamath alerted investors about a scam on Whatsapp.

“Scam alert, this is obviously not from me, I have never had or have any WhatsApp groups, nor do I give tips etc. Please report these… Also to all the brands who reach out, I don’t do paid promotions/collaborations/ads/paid speaking engagements of any kind. Please stop spamming, and everyone use a little common sense please,” he said along with an image of the fake advertisement.

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What did the scam advertisement claim?

The scam advertisement showed that the WhatsApp group had details of stocks handpicked by Nikhil Kamath that would rise in April. The ad asked investors to join the WhatsApp group which would share their picks of reliable stocks every day as it said, “First 1,000 members get it for free.”

See Nikhil Kamath’s post here:

Earlier Nikhil Kamath advised fellow entrepreneurs in India to not open franchises of global brands in India but try to take Indian brands to the world.

He said, “To all my entrepreneur buddies, the future may be to take Indian brands global, not franchise global brands in India. The Indian narrative is getting cool globally, we have mystique, royalty, history, artisan, handmade, exotic, and so much more to sell.”

He added, “What was yesterday a garment manufactured in India called John, Peter and Louis something and marketed by western models, could be tom Subko, Hatti Kaapi, 11.11 etc sold in New York with the faces of Indian artisans who spent hours on each product individually.”



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RBI ban on Bank of Baroda World app: Finance ministry’s likely plan on frauds

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Union finance ministry may propose stricter measures to protect citizens from cyber fraud, it was reported. This comes after an increase in incidents of frauds, including the Bank of Baroda World app scam, the Times of India reported citing sources who “mentioned a recent inter-ministerial meeting focused on bolstering cybersecurity and tackling financial fraud”, it noted.

A security official walks past an emblem of the Reserve Bank of India at the RBI headquarters, in Mumbai.
A security official walks past an emblem of the Reserve Bank of India at the RBI headquarters, in Mumbai.

What was RBI’s action on Bank of Baroda World app?

In October 2023, the Reserve Bank of India (RBI) stopped Bank of Baroda from onboarding new customers on its mobile app ‘BoB World’ citing material supervisory concerns. The bank said in response that it had already carried out corrective measures to address the concerns.

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“The Reserve Bank of India has, in exercise of its power, under Section 35A of the Banking Regulation Act, 1949, directed Bank of Baroda to suspend, with immediate effect, any further onboarding of their customers onto the ‘bob World’ mobile application,” RBI said in a statement.

“Any further onboarding of customers of the bank on the ‘bob World’ application will be subject to rectification of the deficiencies observed and strengthening of the related processes by the bank to the satisfaction of RBI,” it added.

What report said on steps Finance Ministry could take?

The report claimed that Finance ministry could be in support of stricter Know Your Customer (KYC) procedures and due diligence by banks and financial institutions while onboarding new merchants. This applies to Business Correspondents (BCs) as they may be more vulnerable to security breaches, as per the report.

Additionally, the ministry’s proposal also stresses on the need for improved data security and data protection practices at the merchant and Business Correspondents level. The report claimed that the RBI may ask banks to review concentration of Business Correspondents in areas with a high incidence of cyber fraud.



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Sakuma Exports shares to trade ex-rights today: Check price, allotment, ratio here

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Sakuma Exports rights issue 2024: The rights issue of Sakuma Exports Ltd will open on April 25 and will close on May 13. The rights issue record date is April 15 and the company will offer 78,984,298 equity shares at a price 25.3 per share. The issue size is 199.83 crores while the entitlement ratio is 33:98 which means 33 rights share for every 98 fully-paid equity shares held on the record date.

Sakuma Exports rights issue 2024: The rights issue record date is April 15 and the company will offer 78,984,298 equity shares at a price <span class=
Sakuma Exports rights issue 2024: The rights issue record date is April 15 and the company will offer 78,984,298 equity shares at a price 25.3 per share.

Sakuma Exports: What is rights issue?

In the rights issue, a company grants existing shareholders the right to buy new shares at a discount to the current trading price. The issue gives existing shareholders securities called rights while companies give shareholders a chance to increase their exposure to the stock at a discount price.

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Sakuma Exports: What to expect?

The Board of Directors of the company declared rights issue of equity shares for the eligible shareholders and said in a stock exchange filing that “the issue of 7,89,84,298 equity shares of face value of Re. 1 each (Equity Shares) to Eligible Equity Shareholders aggregating up to Rs. 19983.03 lakhs in accordance with applicable laws, including the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended (SEBI ICDR Regulations).”

“The Board of Directors, in accordance with Regulations 30 and Regulation 42 of the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended and Regulation 68 of the SEBI ICDR Regulations, at its meeting held today ie., April 8, 2024, has considered and approved April 15, 2024 as the record date for the purpose of determining the Eligible Equity Shareholders who are eligible to apply for the Rights Equity Shares, in the Issue (Record Date),” it added.



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