Hyundai, Kia, Tata, and Mahindra opposed Uttar Pradesh's incentives for hybrid cars, stressing it hinders electric vehicle adoption and investment plans. The state recently made hybrids cheaper by waiving certain taxes, favoring competitors like Toyota. The government is currently reviewing the concerns, with a decision expected post an August 11 industry meeting.
Hyundai, Kia, Tata, and Mahindra opposed Uttar Pradesh's incentives for hybrid cars, stressing it hinders electric vehicle adoption and investment plans. The state recently made hybrids cheaper by waiving certain taxes, favoring competitors like Toyota. The government is currently reviewing the concerns, with a decision expected post an August 11 industry meeting.
Sokudo Electric India aimed to open 100 new flagship stores across India by December 2024. The first phase involved launching 20 stores within six months in Delhi, Uttar Pradesh, and Maharashtra. This expansion was intended to strengthen market presence and account for 60% of their sales by the end of 2024.
BluPine Energy on Monday said it has secured Rs 239 crore financial assistance from Tata Capital. The amount will be utilised towards a solar power project in Chhattisgarh, the company said in a statement. The 75 megawatt project is expected to generate nearly 117 million units (MUs) of energy annually and offset more than 107,000 tonne of Co2 emissions, it said.
Energy sector players praise Union Budget for FY25, citing it as a catalyst for Indian solar industry growth. Key announcements include tax cuts on critical minerals, support for pumped storage projects, and policy clarity for energy transition. Education sector also sees significant funding allocation for quality improvement and skill development.
The 220 MW RAPS-3 unit at Rajasthan Atomic Power Station has been reconnected to the grid after a 30-year life extension through extensive renovation and modernization. Since its 2000 commissioning, NPCIL carried out upgrades like coolant and feeder replacements, completing the work safely, quickly, and budget-efficiently despite price hikes in key components.
The government is developing a long-term energy transition strategy to maintain growth, collaborating with the Asian Development Bank and NITI Aayog. Ajay Seth highlighted the need for a unique strategy for India's lower per capita income compared to advanced economies. Infrastructure funding and carbon pricing affordability are also being examined.
A report by Climate Risk Horizons revealed that India's leading 33 companies sourced about five percent of their annual electricity from renewables. The study examined key sectors and found slow progress towards renewable energy and decarbonisation targets, indicating that many companies are far from achieving their stated goals.
In its report, submitted to the ministry of new and renewable energy, the Aayog has raised alarm over cyber security issues due to import (specially from China) of the wind sector components by wind turbine original equipment manufacturers (OEMs) and suggested the need to examine power power controller (PPC) OEMs of foreign origin especially neighboring countries to minimise cyber security related challenges.
Karnataka Electricity Regulatory Commission (KERC) streamlined the installation process for EV-charging stations in high-rises and large apartment buildings. KERC directed electricity supply companies and the energy department to simplify procedures and implement safety regulations. The new guidelines aimed to mitigate installation challenges faced by flat owners, consumers, and residents' welfare associations (RWAs).
Finance Minister Nirmala Sitharaman will present the 2024-25 Budget on July 23, targeting renewable energy investments through policy changes, VGF, and incentives. Areas of focus include green growth, storage projects, battery storage, and tax issues. Ashwin Jacob from Deloitte highlights the significance of addressing indirect taxes for Green Hydrogen and refund of input GST for electricity supplied to GH units.
As India embraces electric vehicles to combat pollution and reduce oil dependency, the importance of lithium battery recycling becomes evident. Major industry players are ramping up EV production, but current recycling infrastructure can't handle future demands. Strengthening policies and investing in technological advancements are essential for a sustainable battery recycling ecosystem.
The financial infrastructure for commercial vehicles is built around ICE vehicles, hindering EV adoption. EV financing faces challenges due to uncertain residual value, battery concerns, and higher interest rates. Small operators struggle with higher EMIs, but a new battery-as-a-service model could make EV financing cheaper and more flexible.
According to Park+ survey, 51% of electric vehicle owners in India considered switching back to ICE vehicles due to charging anxiety, high maintenance costs, and low resale values. TATA Nexon EV was the most popular choice. The study underlined the importance of developing a more robust EV charging infrastructure.
