The Uttarakhand Electricity Regulatory Commission (UERC) has determined an additional surcharge of ₹1.12 (~$0.013) per unit for open-access consumers from October 1, 2024, to March 31, 2025. The decision comes in response to a petition filed by Uttarakhand Power Corporation seeking to recover fixed costs arising from its obligation to supply electricity to open-access consumers. The additional surcharge aims to compensate UPCL for stranded power costs due to consumers opting for open access.

Electric vehicle (EV) sales in India reached 332,730 units in the third quarter (Q3) of 2024, a decline of over 11% year-over-year (YoY) against the 372,387 units sold in the same period of 2023. EVs account for 5.8% of overall automobile sales, which totaled 5,697,879 units in Q3 2024, according to data released by the Ministry of Road Transport and Highways through its Vahan Dashboard. The numbers do not include data for Telangana. India now has over 4.64 million registered EVs. Electric two-wheelers accounted for nearly 43% (144,286) of total EVs sold during the quarter.

The Ministry of New and Renewable Energy has introduced provisions for including brand owners and channel partners in vendor registration to accelerate rooftop solar installations. The PM Surya Ghar: Muft Bijli Yojana was launched by MNRE to install rooftop solar systems in 10 million households by FY 2026-27. Until now, rooftop solar installations were done solely by vendors registered on the National Portal. For brand owners, entities must submit a request to REC Limited, the National Programme Implementation Agency.

The New and Green Energy of Assam has invited bids to supply, install, commission, operate, and maintain a 25MW/100MWh Battery Energy Storage System project at 400 kV Kurkurmara (Mirza) grid substation in Kamrup district, Assam. The last date to submit the bids is November 25, 2024. Bids will be opened on November 26. Bidders must submit a bid security amount of ₹10 million (~$119,004). The bid document must be purchased for ₹23,600 (~$280.84). The project must be completed within 12 months.

Purvah Green Power, a subsidiary of Calcutta Electric Supply Corporation, has entered into a binding term sheet to acquire a 100% stake in Bhojraj Renewables Energy to develop a 300 MW wind project and a 150 MW solar project. The acquisition is structured as a cash deal, with Purvah Green committing up to ₹1.08 billion (~$12.86 million), contingent on fulfilling key project milestones. In return, Bhojraj Renewables will facilitate land acquisition and the necessary permits and approvals for the wind and solar projects. The company has secured in-principle connectivity approval for the 300 MW wind project.

Mahatma Phule Renewable Energy and Infrastructure Technology has invited bids for 3.2 MW of distributed solar power for 20 rural and regional water supply programs of the Chandrapur Zilla Parishad, Maharashtra. The last date to submit the bids is October 11, 2024. Bids will be opened on October 12. The project’s estimated cost is ₹23.01 million (~$274,032). The scope of work covers the design, engineering, manufacture, supply, erection, testing, and commissioning of the solar projects with net metering. The successful bidders must operate and maintain the projects for five years.

Government-owned Power Finance Corporation (PFC) has announced the closure of its largest-ever foreign currency term loan, raising $1.265 billion. The deal was facilitated through an agreement with multiple banks located in IFSC at GIFT City, Gandhinagar in Gujarat. The funds from this loan will finance projects other than thermal power generation, underscoring PFC’s commitment to decarbonization and supporting the shift to green energy. This multi-currency loan will allow PFC to expand its business, strengthen its market standing, diversify its funding sources, and maintain a competitive advantage.

The Indian Energy Exchange traded 723 million units (MU) of green energy in September 2024, a 214% year-over-year (YoY) increase from 230 MU. The Green Day-Ahead Market achieved 712.5 MU volume during September 2024 with a weighted average price of ₹4.59 (~$0.055)/kWh, compared to 140.2 MU in September 2023, an increase of 408% YoY. The total volume on the segment during the quarter was 2,534 MU, a growth of 394% over Q2 FY2024. The Green Term-Ahead Market achieved 10.4 MU volume in September 2024, with an average monthly price of non-solar at ₹8.28 (~$0.099)/kWh. The segment’s total volume during the quarter was 49.7 MU.

Chennai-based Refex Industries has announced a preferential issue of shares worth ₹9.28 billion (~$110.4 million). The preferential issue comprises equity shares of up to 8.65 million of equity shares worth ₹4.05 billion (~$48.2 million) to be issued to non-promoter category investors and warrants of up to 11.17 million of warrants worth ₹5.23 billion (~$62.2 million) to be issued to both promoter and non-promoter categories. Refex Renewables & Infrastructure, part of the Refex Industries group, offers rooftop solar solutions for the commercial and industrial sector. The preferential issue by Refex Industries is structured into several categories.

The second quarter of 2024 marked a milestone for the U.S. energy storage market, with total installations reaching 3,011 MW/10,492 MWh, a 74% increase from the same period in 2023. The energy capacity installed was the second highest for a quarter on record. The previous record high was the 4,236 MW/13,437 MWh deployed in Q4 2023. According to data published in the latest U.S. Energy Storage Monitor report by the American Clean Power Association and Wood Mackenzie, the grid-scale segment led this growth, deploying 2,773 MW/9,982 MWh. The community segment increased by 61% to 87 MWh, while the residential sector grew by 12% to 423 MWh.