8OCTOBER, 2024Tata Power has announced plans to invest Rs 1.2 lakh crore in Rajasthan's power sector over the next decade, with a focus on renewable energy and modernizing the state's energy infrastructure. The company signed a Memorandum of Understanding (MoU) with the Rajasthan government during the Rising Rajasthan Investor Meet in New Delhi. This investment will span the entire power value chain, including generation, transmission, and distribution, with a strong emphasis on renewable energy projects such as solar, wind, hybrid systems, and battery energy storage systems (BESS). The initiative aligns with the state's goals of achieving a 24/7 clean, affordable, and reliable power supply and transforming Rajasthan into a power surplus state.As part of this ambitious plan, Tata Power will develop 10,000 MW of renewable energy capacity, including 6,000 MW of solar power and 4,000 MW of hybrid energy, across Bikaner, Jaisalmer, Barmer, and Jodhpur. Additionally, the company will establish a 2,000 MW solar module manufacturing facility in Jodhpur with an investment of Rs 2,000 crore. To further modernize Rajasthan's energy infrastructure, Tata Power will invest Rs 20,000 crore in the state's transmission and distribution networks, aimed at reducing energy losses, improving power quality, and ensuring a stable and reliable energy supply. An additional Rs 10,000 crore will be directed toward upgrading transmission systems across the state.In addition to renewable energy and infrastructure investments, Tata Power is exploring the possibility of developing nuclear power plants in Rajasthan and has proposed a Rs 1,000 crore investment to install 1 lakh EV charging points throughout the state. The company also plans to support the PM Surya Ghar Yojana by providing rooftop solar power for 10 lakh households, contributing to the nation's clean energy goals. India's oil marketing companies (OMCs) will raise the nation's crude oil refining capacity by 35-40 million tonnes (MT) by fiscal 2030, as per Crisil Ratings. By 2030, the rating agency forecasts that the country's total installed crude refining capacity will reach 295 MT.The growth in domestic oil consumption in India will drive this expansion, as the current refining capacity is already operating at 100-103 per cent utilization levels.As per the rating agency, most of the expansion's capital expenditure will fall between Rs 1.9-2.2 lakh crore, with a focus on brownfield expansions for capacity additions. It also stated that these investments are predicted to have minimal project risk, and consistent profits from the refining industry will enhance the credit ratings of OMCs.In the last ten years, India's capacity has grown by 42 million tons, reaching 257 million tons in the fiscal year 2024. This was mainly due to the increasing need within the country, as exports stayed constant at 60-65 million tons annually throughout this time. Over the last ten years, there was a 4 percent compound annual growth rate (CAGR) in the use of petroleum products within the country.Anuj Sethi, Senior Director, CRISIL Ratings, said, "We expect overall petroleum product consumption to slightly moderate and register 3 percent CAGR over the next six years, primarily due to slower growth of 2-3 percent in transport fuel consumption. This will be caused by improving fuel economy, rising share of vehicle sales with alternative cleaner fuels, and 20 percent ethanol blending target proposed by the Government of India." TOP STORIESTATA POWER OUTLINES PLANS FOR RAJASTHAN'S ENERGY INFRASTRUCTUREINDIA TO PROMOTE CRUDE OIL REFINING CAPACITY BY 35-40 MT BY FISCAL 2030
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