India's power sector News

The American firm noted that the power intensity will be essential to sustain the economy's growth, as the GDP is expanding at a rapid pace.

Union Cabinet on Wednesday approved a proposal to extend timeline for joining UDAY scheme meant for revival of debt-laden discoms and issue bonds for paying their outstandings during this fiscal.

India is expected to spend a whopping USD 1 trillion (about Rs 65 lakh crore) by 2030 on ramping up its power infrastructure as one of the world's largest energy consumers aims to provide 24/7 electricity to its citizens.

The government has transformed the country's coal scenario in a short span and not a single thermal power plant is now facing shortage of the fuel, Union Minister Piyush Goyal said on Saturday.

The Centre on Wednesday unveiled a new power tariff policy which allows 100 percent expansion by existing power plants, passing on levies to consumers and purchase of 100 percent electricity produced from waste.  

The government will retain a 70 percent stake and NTPC remains of strategic importance.

Jaitley said India is generating more power than it needs. "First time in history, we have surplus resource. The generation companies are in difficulty because there are no takers of power."

Respective states will get nearly Rs l lakh crore, including royalty, over the next 30 years from 16 coal blocks sold so far through the ongoing auction, a top government official said on Friday.

The government on Thursday kickstarted the auction process for cancelled coal mines with the launch of a portal for electronic bidding for 24 coal blocks in the first tranche.

The e-auction process, for which the guidelines were approved by the Union Cabinet along with the ordinance, would start with 24 coal mines.

The e-auction process, for which the guidelines were approved by the Union Cabinet yesterday along with the ordinance, would start with 24 coal mines on Thursday.

Rating agency Fitch Friday retained its stable outlook on India's power sector in 2015 but warned producers and grid operators will continue to face challenges by way of high capex levels and fuel shortages leading to negative free cash-flow in the medium-term.

Eight crore households in the country, home to more than 40 crore people, have no access to electricity, Power Minister Piyush Goyal admitted in Lok Sabha on Thursday.

For commercial consumers, DERC hiked the power rates by up to 11 per cent.

In a bid to restore investor confidence in electricity generation sector, Power Minister Piyush Goyal will meet bankers on Monday to discuss the financing bottlenecks affecting the industry and the way forward.

India's power sector will continue to be a source of asset quality risk for banks if the poor financial profiles of state electricity board distribution companies (discoms) do not improve through further structural reforms, Moody's Investors Service said.