The Ministry of Power has introduced new guidelines for tariff-based competitive bidding for grid-connected solar power projects, aiming for transparency, fair procurement, and competitive prices. The amended guidelines include bid capacity limits, timeline changes, power procurement, and penalties for delay, among others. They aim to stabilize and derisk the renewable energy sector by establishing a framework for long-term solar power transactions between states.

PFC Consulting, a wholly-owned subsidiary of Power Finance Corporation, has announced the transfer of two interstate transmission systems projects to evacuate 40 GW of power from renewable energy zones in Rajasthan to Apraava Energy. Apraava had won the auction to develop the Fatehgarh III and Fatehgarh IV transmission projects earlier this year and was issued a letter of intent on March 29, 2023.

The Gujarat Electricity Regulatory Commission recently approved the tariffs discovered through a competitive bidding process conducted by the Gujarat Urja Vikas Nigam to procure 600 MW of power from grid-connected solar power projects at the Khavda Solar Park, with a greenshoe option of an additional 600 MW. The Commission approved a tariff of ₹2.73 (~$0.033)/kWh for 200 MW from NHPC, ₹2.88 (~$0.035)/kWh for 200 MW of solar power from SJVN Green Energy-a wholly-owned subsidiary of SJVN, and ₹2.89 (~$0.035)/kWh for 200 MW of solar power from NTPC Renewable Energy.

Singapore-based renewable energy company Sembcorp Industries recorded a net profit of S$530 million (~$395.08 million) in the first half (1H) 2023, an increase of 8% year-over-year (YoY) with higher contributions from both conventional energy and renewables segments. Net profit from the renewables segment was S$117 million (~$87.21 million), an increase of 54% YoY. Sembcorp recorded a turnover of S$3.65 billion (~$2.72 billion) in 1H 2023, a decrease of 6% YoY.

Solid oxide fuel cell manufacturer Bloom Energy has reported a loss of $66.1 million in the second quarter (Q2) 2023, a 44% improvement from $118.8 million in Q2 2022. The company posted revenue of $301.1 million in Q2 2023, a YoY increase of 23.8%, primarily driven by the product and service revenue which increased by 21.2% YoY to reach $257 million. The adjusted earnings before interest, taxes, depreciation, and amortization stood at a loss of $8.4 million, down by 0.1% YoY.

Smart energy storage company Stem reported a net income of $19.1 million during Q2 of 2023, showing a significant YoY improvement of 159.6% from a loss of $32 million. The YoY improvement was mainly attributed to a one-time gain of $59 million resulting from the cancellation of a portion of the company’s 2028 Convertible Notes in Q2 of 2023, which led to the extinguishment of debt. The company’s revenue stood at $93 million, a 39% YoY increase from $66.9 million.

Photovoltaic-grade polysilicon manufacturer Daqo New Energy Corporation, in Q2 of  2023, reported a net income of $103.7 million, an 83.5% decrease from $627.8 million in the corresponding period in 2022. In the second quarter of 2023, the company’s revenues amounted to $636.7 million, a 48.8% YoY decrease. The decline in revenues from the previous quarter was mainly attributed to a decrease in polysilicon’s Average Selling Price, offset partially by increased sales volume.

The U.S. offshore wind industry is facing a host of challenges, with rising costs, permitting delays, and grid connection hurdles, all contributing to low returns for developers, according to a recent report by BloombergNEF. Inflation and supply chain disruptions have driven up capital expenditure. The spike in financing costs due to rising interest rates has further compounded the situation. As a result, developers are seeking to renegotiate or cancel their agreed offtake deals, putting ambitious state and federal offshore wind capacity goals at risk.

Researchers at the Massachusetts Institute of Technology, along with colleagues from the Wyss Insititute for Biologically Inspired Engineering, have discovered that cement, when combined with carbon black and water, forms a supercapacitor that can efficiently store electrical energy which can help create a low-cost energy storage system. The innovative supercapacitor has the potential to support the integration of renewable energy sources like solar, wind, and tidal power by ensuring stable energy networks despite fluctuations in renewable energy supply.