Showing posts with label Business News. Show all posts
Showing posts with label Business News. Show all posts

Thursday, December 10, 2009

India ranks fourth in world in wind energy generation

NEW DELHI: Dotted across miles of hills and villages in western India, hundreds of windmills stand tall, generating more than 1000 mega watts of electricity.

Located in an obscure little-known town named Dhule in India's western state of Maharashtra, is Asia's largest wind mills project.

In 2006, India overtook Denmark to become the fourth largest producer of wind energy in the world.

Indian company Suzlon ranks among the world's top manufacturers of wind turbines. A few year's ago, it was modest textiles firm.

And today, it is setting up massive wind mill projects in countries like China and Australia.

On the Indian home front, the federal government is zealously promoting the tapping of wind energy.

A friendly tax regime has made wind mills project as an ideal and safe investment opportunity for the entrepreneurs.

Bajaj Auto Limited, one of India's automobile giants, happens to be among the earliest investors in wind energy.

Today it gets 90 percent of its power from the wind. Now many other corporate houses have followed suit.

India is tapping wind energy to generate over 8,000 mega watts electricity, and this is just the beginning. Just three percent of India's total power mix now comes from renewable sources of energy.

Similar to the windmills 'farm' of Dhule, there is another project at Chalkewadi in Satara district of Maharashtra state and this boasts of more than 1000 windmills.

"The Chalkewadi wind farm in Satara district is located 3500 feet above sea level. There are more than 100 windmills, which produce a large amount of electricity in the region," said Sandeep Shorotri, an expert on wind energy.

India has already attracted about $5 billion worth of investment in renewable energy over the past two years -- leading to 4,000 megawatts of green power, mostly from wind -- but the high initial investment cost of green power has deterred many investors.


Experts say maximum energy should be generated through non-conventional energy source.

"For reducing global warming, there should be a minimum use of energy, and we should try that maximum energy should be produced from non-conventional source. In non-conventional energy the best is solar energy, second is wind energy and third is energy produced by sea waves as well as energy generated from hot water springs. All these are non-conventional source of energy, which can help in reducing global warming," noted Sandeep Shorotri.

India hopes to attract about $21 billion worth of investments in renewable energy during the 2007-2012 Five-Year Plan period.

The wind energy has a number of advantages vis-à-vis other sources.

"Second benefit is that the cost of maintenance of wind mill is the least. Of course, initial cost is higher but that can be managed through some promotions and sponsorships. Third benefit is that its source is infinite. It is not that like if coal finishes work stops… There are no adverse effects. You have seen recently in Kaiga, where around 100 people were affected. In Russia a population of about twenty to thirty thousand was affected due to nuclear radiation. Fourth is that we can use the natural source of windmills as an eternal supplementary source of power," added Sandeep Shorotri, wind energy expert.

Shyam Saran, India's special envoy for Climate Change, recently said that the country will have to work for making wind as a prime source of energy with an aim to safeguard the nation's energy security.

"So, in terms of insuring India's energy security, even though the impact will not be immediate, we have to take decision now in order to insure that this becomes a major source of energy," Saran, said in New Delhi.

According to the latest study released by Global Wind Energy Council, the wind could generate a 'considerable share' of India's power and the country's total installed capacity for wind power could go up five times to 231 GW by 2030.

In spite of its pledge to adopt clean technology, pollution-spewing coal remains the backbone of India's power sector -- making up about 60 percent of generation -- with the government planning to add about 70,000 MW over the next 4 years.

Wind now provides more power than other renewable energies such as solar or bio-fuels.

Renewable energy sources are attracting investments in a shift from fossil fuels that emit greenhouse gases linked to rising temperatures, more droughts, floods and rising seas.

Tarin claims most issues sorted out at NFC meeting

Tarin claims most issues sorted out at NFC meeting LAHORE: Federal Finance Minister Shaukat Tarin has dispelled impression of any kind of deadlock at the current NFC session, saying that a final decision to this regard will hopefully be made within few weeks.

Talking to newsmen at the end of first day of 6th NFC meeting here on Wednesday, he said the 19 year old issue was about to be solved, adding that there was a consensus among all the four provinces on the subject to division of resources on the basis of population and area.

He said differences among provinces over distribution of revenue have been ironed out as the federating units have demonstrated conciliation over the issues.

He said Punjab and Sindh would hopefully be reaching a consensus till tomorrow after which the question about division of resources would be solved soon.

Punjab Finance Minister Tanveer Kaira said not a single right of any province would be usurped.

Haji Adil, who was representing NWFP here, said his province was most affected from terrorism, and expressed his gratitude over what he called “Token money”, adding that their point would be taken into consideration in the NFC.

Balochistan Finance Minister Asim Kurd, speaking on this occasion, demanded to provide funds on the basis of area of their province.

Sources privy to the meeting, however, spoke of a deadlock between Punjab and Sindh. Sources claimed that a flexibility by Punjab would cost the province Rs.50 billion, while Sindh, if retreats from its stance, would have to loose a major share from the divisible pool.

Sources said final recommendations were unlikely to be prepared till Thursday, saying that there might be needs for more meetings.

Owners pressed for closure of CNG stations twice a week

Owners pressed for closure of CNG stations twice a week LAHORE: The Sui Northern Gas Company (SNGC) has issued notices to the owners of CNG stations, asking them closure of stations twice a week, Geo news reported on Wednesday night.

According to General Manager of SNGC Chaudhry Masood Ahmed, the company is facing shortfall of 250 million cubic meter gas per day.

He said the owners of CNG stations all across Lahore have been directed for closure of station on December 13 and 14 but they will not be forced to comply with directions but nonetheless, we will only monitor them.

On the other hand, the Chairman CNG association Ghayas Paracha said despite governments’ several assurance that it would not force owners over closure of CNG stations, notices have been sent but we will hold dialogue with government officials over this issue and will move courts if needed.

Oil prices up in Asia trade

SINGAPORE: Oil rose in Asian trade on Thursday as traders invested in cheap crude on the back of sliding prices, analysts said.

New York's main futures contract, light sweet crude for delivery in January, gained 38 cents to 71.05 dollars a barrel after closing at a two-month low in overnight trade in the US. Brent North Sea crude for January delivery was up 42 cents to 72.81 dollars.

Investors were snapping up oil as crude prices headed south in recent sessions, analysts said.

No deadlock on issues in NFC meeting: Tanvir Kaira

No deadlock on issues in NFC meeting: Tanvir Kaira LAHORE: A meeting of National Finance Commission (NFC) meeting is being underway with the Finance Minister, Shaukat Tarin on chair on the second consecutive day here on Thursday.

Finance Minister of Punjab Tanvir Ashraf Kaira said there is no deadlock on any issue in NFC meeting. Several proposals are under consideration and chief minister Punjab will take the final decision.

Talking to media, Kaira said discussion underway on poverty, deprivation and revenue generation. He expressed hope that meeting will produce positive results.

Earlier, Federal Finance Minister Shaukat Tarin said that although there is no deadlock on the 7th National Finance Commission (NFC) Award, two provinces have yet to reach consensus on two points of multiple criteria formula for horizontal distribution, namely poverty and revenue generation