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John Cockerill to Supply Electrolyzers to AM Green’s Ammonia Project

Varroc to Procure Power from AMPIN’s 27 MW Solar Project in Maharashtra

JinkoSolar’s Revenue Drops 23% YoY in Q3 Due to Lower Module Prices

First Solar Revenue Falls Short in Q3, Revises 2024 Guidance Amid Sector Pressures

Tata Power Records 20th Consecutive Quarter of Profit in Q2 FY 2025

SECI Floats Tender to Procure 1.2 GW Round-the-Clock Renewable Power

Daily News Wrap-Up: APTEL Criticizes MERC for Denying Petitioner Relief


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					</table><p><a href="https://www.mercomindia.com/cerc-draft-connectivity-gna-regulations" target="_blank" rel="noopener">Central Electricity Regulatory Commission has issued the Draft Central Electricity Regulatory Commission (Connectivity and General Network Access to the</a> inter-State Transmission System) (Third Amendment) Regulations, 2024. If an application for Connectivity or General Network Access (GNA) is withdrawn before the in-principle grant of connectivity (per Regulation 7) or GNA (per Regulation 22), the Nodal Agency will handle it as follows: (a) 50% of the application fee will be forfeited (b) The remaining 50% of the application fee and any bank guarantee (BG) submitted will be refunded within 15 days of the withdrawal.</p>
<p><a href="https://www.mercomindia.com/guvnl-issues-tender-to-procure-500-mw-of-solar-power-with-greenshoe-option" target="_blank" rel="noopener">Gujarat Urja Vikas Nigam has invited bids to purchase power from 500 MW of grid-connected solar power projects (Phase XXV) to be set up anywhere in India, with a</a> greenshoe option of an additional 500 MW. The tender allows for new projects and those in the development stage or already operational across India. The last day to submit the bids is September 17, 2024. Bids will be opened on September 20. Bidders should submit ₹25,000 (~$298) as the cost of the tender document and ₹300,000 (~$3577) as the processing fee. Bidders must also furnish an earnest money deposit of ₹928,000 (~$11,065)/MW. The selected developers must submit a performance bank guarantee of ₹2.32 million (~$27,663)/MW after the letter of award is issued and before the power purchase agreement is signed.</p>
<p><a href="https://www.mercomindia.com/seci-invites-proposals-to-set-up-green-hydrogen-hubs" target="_blank" rel="noopener">The Solar Energy Corporation of India has invited proposals to identify an executing agency to set up Green Hydrogen Hubs under the National Green Hydrogen</a> Mission. The last date to submit proposals is October 7, 2024. Bids will be opened the next day. Bidders must pay ₹59,000 (~$703.20) as a tender fee. The tender seeks to identify and develop regions capable of supporting large-scale production and/or utilization of hydrogen as Green Hydrogen Hubs, developing green hydrogen projects inside the hubs, improving cost competitiveness, maximizing production, large-scale utilization, and export of green hydrogen and its derivatives.</p>
<p><a href="https://www.mercomindia.com/msedcl-invites-bids-for-300-mw-600-mwh-battery-energy-storage-systems" target="_blank" rel="noopener">Maharashtra State Electricity Distribution Company (MSEDCL) has issued a request for selection to set up pilot projects of 300 MW/ 600 MWh standalone battery energy</a> storage systems in Maharashtra under tariff-based global competitive bidding. The last date for submission of bids is August 26, 2024. Bidders must pay a document fee of ₹29,500 (~$351.52). They must also furnish an earnest money deposit of ₹0.74 million (~$8,818) per MW. Bidders selected by MSEDCL will also have to submit a performance bank guarantee for a value of ₹1.85 million (~$22,042)/MW. The scope of work includes setting up a 600 MWh (300MW x 2 hrs) Battery Energy Storage System (BESS), with the primary objective of making the energy storage facility available to MSEDCL for charging/discharging the BESS on an &#8220;on-demand&#8221; basis.</p>
<p><a href="https://www.mercomindia.com/scatecs-q2-2024-revenue-global-expansion-efforts" target="_blank" rel="noopener">Norway-based independent power producer Scatec reported revenues of NOK1.5 billion (~$141 million), an increase of 38% year-over-year, in the second quarter</a> of 2024. The increase in revenue was driven by new plants starting operations in South Africa, Brazil, and Pakistan, as well as the recognition of reserve market revenues in the Philippines. The company’s power plants generated 995 GWh during the quarter, up from 873 GWh in the same period last year. The company’s EBITDA for the quarter stood at NOK951 million (~$89.4 million), with the power production segment achieving an EBITDA of NOK873 million (~$82.1 million), a 38% YoY increase when adjusted for divestments.</p>
<p><a href="https://www.mercomindia.com/us-solar-group-files-for-rising-imports-from-asia" target="_blank" rel="noopener">The American Alliance for Solar Manufacturing Trade Committee, represented by Wiley Rein, has filed critical circumstances allegations with the U.S. Department of</a> Commerce, targeting the surge in solar imports from Vietnam and Thailand, claiming it has reportedly harmed the domestic solar sector. The Trade Committee’s allegations hinge on a marked increase in solar imports from these countries. Between April 2024 and June 2024, imports from Vietnam surged by 39%, while those from Thailand increased by 17%, compared to the period from January 2024 through March 2024. In June 2024, Vietnam’s monthly imports reached a record high of over 2.5 GW, with an average of about 2.3 GW per month from April to June, up from less than 1.5 GW per month in the previous six months.</p>


Daily News Wrap-Up: CERC Issues Draft Connectivity and GNA Regulations


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					</table><p>Fuel cell manufacturer <a href="https://www.ballard.com/" target="_blank" rel="noopener">Ballard Power Systems</a>&#8216; second quarter (Q2) 2024 revenue reached $16 million, a 4% year-over-year (YoY) increase. The growth was primarily driven by a 48% YoY increase in fuel cell product sales, which constituted 84% of total revenue, up from 59% in Q2 2023.</p>
<p>The company reported a net loss of $31.46 million for Q2, up 4.5%from a net loss of $30.1 million during the same period in 2023.</p>
<p>Adjusted EBITDA was approximately $35.4 million, compared to $34.2 million, a change of 3%YoY.</p>
<p>Despite a strong start to the year with nearly $130 million in new orders in the first two quarters, Q2 saw a muted net order intake of $5 million. This was attributed to some customers deferring orders to the second half of the year.</p>
<p>The company has revised its 2024 capital expenditure guidance from $50-70 million to $25-40 million, reflecting a strategic decision to defer certain planned expenditures due to slower market adoption.</p>
<p>Cash operating costs remained flat compared to Q2 2023, and the company maintains a strong cash position of $678 million.</p>
<p><strong>Strategic Developments</strong></p>
<p>Ballard launched its 9th generation PEM fuel cell engine, the &#8220;FCmove-XD,&#8221; which it claimed offers better performance in heavy-duty mobility applications.</p>
<p>The company is also advancing Project Forge, which aims to scale bipolar plate production tenfold and reduce costs by 70%. This initiative is part of Ballard&#8217;s efforts to enhance manufacturing efficiency and reduce costs.</p>
<p>Ballard announced a strategic technology partnership with Vertiv to explore hydrogen-powered fuel cell backup power solutions for data centers, a rapidly growing market segment.</p>
<p>The company <a href="https://www.mercomindia.com/fuel-cell-firm-ballard-proposes-new-3-gw-facility" target="_blank" rel="noopener">recorded</a> a net loss from continuing operations in the first quarter of 2024 amounting to $41.1 million, an increase of 26.8% YoY from a net loss of $32.4 million.</p>
<p>In January this year, Adani Enterprises <a href="https://www.mercomindia.com/daily-news-wrap-up-reliance-to-buy-line-from-chinas-sc-solar" target="_blank" rel="noopener">signed</a> an agreement to launch a pilot project to develop a hydrogen fuel cell electric truck with Ashok Leyland and Ballard Power.</p>


Ballard Power’s Revenue Up 4% in Q2 2024 on Higher Fuel Cell Product Sales


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					</table><p>U.S.-based electric vehicle (EV) maker <a href="https://www.tesla.com/" target="_blank" rel="noopener">Tesla</a> reported a total revenue of $ 21.3 billion in the first quarter (Q1) of the financial year (FY) 2024, a 9% year-over-year (YoY) decrease. The decline in revenue was primarily attributed to a lower average selling price and a drop in vehicle deliveries, partly influenced by updates to the Model 3 at the Fremont factory and production disruptions at Giga Berlin.</p>
<p>The revenue from the automotive segment stood at $17.38 billion, down 13% YoY. However, the energy generation and storage segment revenue was up 7% YoY at $1.64 billion.</p>
<p>The company reported a net income of $1.13 billion in Q1 FY 2024, a 55% YoY decrease. The decline was driven by the reduced vehicle average selling price and heightened operating expenses, which stemmed from investments in artificial intelligence, battery cell technology advancements, and other research and development initiatives.</p>
<p>However, some of these financial pressures were alleviated by reduced costs per vehicle, including lower expenses for raw materials, freight, and duties, along with an increase in gross profit in the energy generation and storage segment—boosted by the Inflation Reduction Act credits.</p>
<p><strong>Electric Vehicles</strong></p>
<p>Vehicle production decreased by 2% YoY to 433,371 in Q1 2024. Production also decreased sequentially from 494,989 vehicles.</p>
<p>The vehicle deliveries for the January-March quarter decreased by 9% YoY to 386,810.</p>
<p>Model 3 production at Tesla&#8217;s Fremont facility saw a sequential decrease as the company updated its production line to accommodate the new model. Conversely, Model Y production at Gigafactory Texas reached record levels, with the cost of goods sold (COGS) per unit dropping to an unprecedented low. The ramp-up of Cybertruck production at the same location also saw cost improvements in Q1, with over 1,000 units produced in a single week of April.</p>
<p>At Gigafactory Shanghai, production dipped sequentially due to seasonal factors and planned shutdowns during the Chinese New Year in Q1. However, demand is expected to pick up throughout the year. As Tesla expands into new markets like Chile, Gigafactory Shanghai will serve as a crucial supply base.</p>
<p>In Berlin, Model Y production was affected sequentially by the ongoing Red Sea conflict and an arson attack at the factory. The COGS per unit decreased sequentially despite these challenges, including idle capacity charges and other disruption-related costs.</p>
<p>&#8220;There was, as we all have seen, the EV adoption rate globally is under pressure and a lot of other auto manufacturers are pulling back on EVs and pursuing plug-in hybrids instead. We believe this is not the right strategy, and electric vehicles will ultimately dominate the market,&#8221; said Elon Musk, Tesla&#8217;s CEO.</p>
<p><strong>Energy Storage</strong></p>
<p>Energy storage deployments increased sequentially in Q1 to a record 4.1 GWh. Energy Generation and Storage revenue and gross profit also achieved an all-time high in Q1. Revenues were up 7% YoY, and gross profit was up 140% YoY, driven by increased megapack deployments, partially offset by a decrease in solar deployments.</p>
<p>Energy generation and storage remains Tesla&#8217;s highest-margin business. The company&#8217;s second general assembly line is now commissioned, and it continues to ramp our 40 GWh Megafactory in Lathrop, California, toward full capacity.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Tesla-energy-storage-Q1-2024.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-65533 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Tesla-energy-storage-Q1-2024.png" alt="Tesla energy storage Q1 2024" width="630" height="336" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Tesla-energy-storage-Q1-2024.png 630w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Tesla-energy-storage-Q1-2024-300x160.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Tesla-energy-storage-Q1-2024-624x333.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/04/Tesla-energy-storage-Q1-2024-600x320.png 600w" sizes="(max-width: 630px) 100vw, 630px" /></a></p>
<p>&#8220;Our Energy business continues to make meaningful progress, with margins reaching a record of 24.6%. We expect the energy storage deployments for 2024 to grow at least 75% higher from 2023. And accordingly, this business will begin contributing significantly to our overall profitability. Note that there is a bit of lumpiness in our storage deployments due to various factors that are outside our control so deployments may fluctuate quarter-over-quarter,&#8221; said Vaibhav Taneja, Chief Financial Officer of Tesla.</p>
<p>Tesla <a href="https://www.mercomindia.com/teslas-net-income-in-storage-deployments-surge-125/" target="_blank" rel="noopener">reported</a> a total net income of $10.8 billion in 2023, reflecting a 23% decrease compared to the previous year.</p>


Tesla’s EV Sales Drop, Energy Storage Revenues Surge in Q1 2024

<p>Independent power producer <a href="https://scatec.com/" target="_blank" rel="noopener">Scatec</a> announced its quarterly and full-year results, showing a revenue generation of  NOK46.15 billion (~$5.23 billion) in 2021, a 62% increase compared to NOK28.44 billion (~$3.22 billion) registered in 2020.</p>
<p>Scatec develops, builds, owns, and operates solar, wind, and hydropower projects and storage solutions. The company has more than 3.5 GW of projects in operation and under construction.</p>
<p>The earnings, however, showed an upward trend regardless of the project backlogs.</p>
<p>The earnings before interest, taxes, depreciation and amortization (EBITDA) for 2021 were NOK29.49 billion (~$3.39 billion), an increase of 110% compared to the NOK14.04 billion (~$1.61 billion) recorded in 2020.</p>
<p>The revenue generated from power production in 2021 is NOK41.76 billion(~$4.73 billion); this figure was NOK17.08 (~$1.93 billion) in 2020.</p>
<p>The company’s power production capacity increased by 1,814 MW compared to the end of 2020, 320 MW of which came from solar.</p>
<p>The operating profit for 2021 stood at NOK16.06 billion (1.82 billion), up by 132% from NOK6.9 billion (~$782 million) in 2020.</p>
<p><a href="https://mercomindia.com/wp-content/uploads/2022/02/scatec-1.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-32218 size-full" src="https://mercomindia.com/wp-content/uploads/2022/02/scatec-1.png" alt="scatec" width="1504" height="735" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/scatec-1.png 1504w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/scatec-1-300x147.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/scatec-1-768x375.png 768w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/scatec-1-650x318.png 650w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/scatec-1-624x305.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/scatec-1-600x293.png 600w" sizes="(max-width: 1504px) 100vw, 1504px" /></a></p>
<p style="text-align: center;">Image credit: Scatec</p>
<p><strong>Quarterly performance</strong></p>
<p>Scatec revenue in the fourth quarter (Q4) FY 2021 is NOK12.50 billion (~$1.41 billion), NOK4 billion (~$453 million) short of its Q3 2021 revenue.</p>
<p>The EBITDA for Q4 2021 was NOK6.36 billion (~$721 million), a decrease of 17% compared to the NOK7.67 billion (~$869 million) recorded in Q3 2021.</p>
<p>The operating profit for Q4 FY 2021 stood at NOK3.99 billion (~$452 million), down by 14% from NOK4.63 billion (~$524 million) in Q3 FY 2021.</p>
<p>The decrease was mainly attributed to the lower seasonal production in Ukraine and the Czech Republic. This was, however, partly offset by higher production in South Africa and the Philippines. According to Scatec, power production in the Philippines ended in line with the five-year seasonal average. The company is said to be closely monitoring the geopolitical situation in Ukraine.</p>
<p><strong>Project backlogs</strong></p>
<p>The company has put the 900 MW India solar project on hold. Scatec had <a href="https://mercomindia.com/daily-news-wrap-up-tata-power/" target="_blank" rel="noopener">partnered</a> with <a href="https://www.acme.in/" target="_blank" rel="noopener">ACME</a> last year to mark its entry into the Indian market with a 900 MW solar power project worth $400 million. The company cited the reasons for deferring the project as the lack of supply of domestic solar panels and the imposition of 40% basic customs duty (BCD) on solar panels coming into effect on April 1, 2022.</p>
<p>Scatec has  530 MW solar in Brazil and 273 MW solar in South Africa in the project backlog for the quarter. A few other projects listed were 540 MW solar and 225 MW battery system projects in South Africa, 360 MW solar in Tunisia, and 150 MW solar in Pakistan. The construction for all projects in the backlog is expected to begin in 2022, the company said in its statement.</p>
<p>The Release project by Scatec has started the delivery of re-deployable solar and battery solutions in Cameroon and Chad.</p>
<p>Scatec Solar had <a href="https://mercomindia.com/funding-and-ma-wrap-up-scatec-solar-2/" target="_blank" rel="noopener">completed</a> a private placement, raising approximately NOK 4,750 million (~$514.94 million) in gross proceeds by allocating 20,652,478 shares subscription price of NOK 230 (~$24.93) per share.</p>


Scatec Announces Q4 Results, Defers 900 MW India Solar Project

<p>The state-owned power company National Thermal Power Corporation Ltd. (<a href="http://www.ntpc.co.in/" target="_blank" rel="noopener">NTPC</a>) recently declared its annual financial results, registering a growth of 10.21 percent Profit After Tax (PAT) for the year 2017-18.</p>
<p>NTPC’s generation has increased from 250.31 Billion Units (BUs) in FY 2016-17 to 265.80 BUs in FY 2017-18, a rise of 6.19 percent.</p>
<p>The PAT for NTPC has jumped to ₹103.431 billion (~$1.53 billion) in FY 2017-18 as compared to ₹93.852 billion (~$1.39 billion) recorded in the preceding year.</p>
<p>The company’s total income for FY 2017-18 is reported to be ₹852. 0795 billion (~$12.59 billion). This is an increase of 7.39 percent over the previous year when its total income stood at ₹793.423 billion (~$11.72 billion).</p>
<p>For FY 2017-18, NTPC’s gross generation stood at 294.27 BUs as against 276.77 BUs during FY 2016-17. Similarly, on a consolidated basis, its total income for the financial year 2017-18 is reported to be ₹896.415 billion (~$13.24 billion) as compared to ₹830.093 billion (~$12.26 billion) during the previous year.</p>
<p>The company has also declared the financial results for the fourth quarter of the year 2017-18 that witnessed the highest quarterly generation of 68.56 BUs. This is an increase of 7.51 percent when compared to the 63.77 BUs generated by the company in Q4 FY 2016-17. Before this, the highest quarterly generation was achieved during Q3 FY 2017-18 with 67.78 BUs.</p>
<p>The company’s total income for Q4 FY 2017-18 is up by 13.08 percent as it received ₹236.178 billion (~$3.49 billion) as compared to ₹208.86 billion (~$3.08 billion) in Q4 FY 2016-17.</p>
<p>The Profit after Tax at NTPC Ltd. has jumped to ₹29.255 billion (~$0.43 billion) in Q4 FY 2017-18 as compared to ₹20.794 billion (~$0.31 billion) in the corresponding quarter a year ago, marking a significant growth of approximately 41 percent.</p>
<p>According to <a href="https://mercomindia.com/product/india-solar-project-tracker/" target="_blank" rel="noopener">Mercom’s India Solar Project Tracker</a>, NTPC has approximately 870 MW of solar projects in operation and another 750 MW of projects in the pre-construction stage. These <a href="https://mercomindia.com/ntpc-750mw-solar-auction-results/" target="_blank" rel="noopener">projects</a> in the pre-construction stage will be developed at Ananthapuramu Ultra Mega Solar Park in Nambulapulakunta mandal located in the Ananthapur district of Andhra Pradesh. NTPC had tendered the 750 MW capacity in <a href="https://mercomindia.com/ntpc-tenders-2-75-gw-solar/" target="_blank" rel="noopener">March 2018</a>.</p>
<p><a href="https://mercomindia.com/ntpc-tenders-2-gw-ists-wind/" target="_blank" rel="noopener">Previously, Mercom reported that</a> NTPC has entered into competitive wind auctions and has issued a mega tender for the development of 2 GW of interstate transmission system (ISTS)-connected wind power projects across India.</p>
<p>Image credit: By Adityamadhav83 [CC <a href="https://creativecommons.org/licenses/by-sa/4.0" target="_blank" rel="noopener">BY-SA 4.0</a>], from Wikimedia Commons</p>


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