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The Union Budget for 2024-25, presented by Finance Minister Nirmala Sitharaman, places significant emphasis on <keyword id="19941381" type="General" weightage="20" keywordseo="energy-security" source="keywords">energy security</keyword> and sustainability. As per the government, the current strategy will focus on ensuring that energy resources are readily available, making energy affordable for all citizens and keeping energy costs low to prevent economic strain on consumers.<br /><br />Here's a breakdown of the key initiatives announced:<br /><h2>PM Surya Ghar Muft Bijli Yojana</h2>One of the standout initiatives is the PM Surya Ghar Muft Bijli Yojana. This program aims to install <keyword id="20366573" type="General" weightage="20" keywordseo="rooftop-solar-plants" source="keywords">rooftop solar plants</keyword> across 1 crore households, providing up to 300 units of free electricity per month. As per the FM, the scheme has already seen significant interest, with over 1.28 crore registrations and 14 lakh applications.<br /><h2>Pumped Storage Policy</h2>To enhance electricity storage capabilities and integrate more <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> into the grid, the government will introduce a policy promoting pumped storage projects. These projects are crucial for balancing the intermittent nature of renewable energy sources like wind and solar power.<br />  <div type="Article" hostid="261" msid="111956035" title="Union Budget 2024: What FM Nirmala took from your pocket, what she gave you" mstype="2" mssubtype="0"></div><br /><h2>Development of <keyword id="20876045" type="General" weightage="20" keywordseo="nuclear-energy" source="keywords">Nuclear Energy</keyword></h2>Recognising the importance of nuclear energy in India's future energy mix, the government plans to invest in new nuclear technologies. The announcement also mentioned partnering with the private sector to develop and set up Bharat <keyword id="20260886" type="General" weightage="20" keywordseo="Small-Modular-Reactors" source="keywords">Small Modular Reactors</keyword>.<br /><br />Boasting up to a 300 MW capacity, Small Modular Reactors are mobile, flexible in design and require a smaller footprint. Unlike conventional nuclear reactors that need to be built on-site, SMRs can be factory-built. These advantages can add up to significant savings in cost and construction time.<br /><h2>Advanced Ultra Super Critical Thermal Power Plants</h2>The Budget highlights the completion of indigenous technology development for Advanced Ultra Super Critical (AUSC) thermal power plants. These plants boast higher efficiency and will be established through a joint venture between the National Thermal Power Corporation and Bharat Heavy Electricals Limited. The initiative includes government support for fiscal needs and aims to boost local production of high-grade steel and advanced metallurgical materials.<br /><h2>Roadmap for Hard-to-Abate Industries</h2>A significant shift is planned for industries that are difficult to decarbonise. The government will move these industries from energy efficiency targets to emission reduction targets. This transition will be regulated through the Indian Carbon Market, replacing the current '<em>Perform, Achieve and Trade</em>' mode.<br /><h2>Support for Traditional Micro and Small Industries</h2>To promote cleaner energy usage and efficiency, the government will conduct energy audits in 60 clusters of traditional micro and small industries, including brass and ceramics. Financial support will be provided to help these industries switch to cleaner energy forms and implement energy efficiency measures. This initiative will be expanded to 100 more clusters in the next phase.<br /><br />As per Sameer Jain, Managing Director at Primus Partners, MSMEs consume approximately 50% of the nation's power needs while generating over 75% of greenhouse gas emissions. As a result, additional support — such as climate financing — will be crucial to ensure that the MSME sector adapts well to the green revolution, especially with how the budget has committed support to MSMEs to grow and compete globally.<br />  <div type="Article" hostid="261" msid="111953230" title="Union Budget 2024-25: Mobile Phones to get cheaper, as FM Nirmala Sitharaman reduces basic customs duty to 15%" mstype="2" mssubtype="0"></div><br /><h2><keyword id="22521154" type="General" weightage="20" keywordseo="climate-resilient-crops" source="keywords">Climate-Resilient Crops</keyword></h2>The government will release 109 high-yielding and climate-resilient varieties of 32 field and horticultural crops for cultivation by farmers. With the provision of research funding, including for the private sector, this move is part of a broader strategy to enhance agricultural productivity while adapting to climate change.<br />  <div type="Article" hostid="261" msid="111957080" title="What does Union Budget 2024-2025 have in store for farmers and the agricultural sector?" mstype="2" mssubtype="0"></div><br /><h2>Minerals for Green Technologies</h2>To support the growing demand for minerals used in green technologies, such as cobalt and lithium, the budget proposes exemptions from custom duties for 25 critical minerals and reduction on basic customs duty for two other essential metals. This move aims to bolster the domestic manufacturing of batteries and other components crucial for electric vehicles and renewable energy technologies.<br /><h2>Development of Climate Taxonomy</h2>A new climate taxonomy will be developed to guide the green transition, ensuring that investments and policies are aligned with the goal of reducing carbon emissions and promoting sustainable practices. <br /><br />All in all, the Union Budget 2024-25 sets a promising course for India's energy and sustainability sector. With substantial investments and new initiatives, it aims to accelerate the transition to a greener future, and hopefully take us a step further towards India's net-zero emissions target by 2070.<br />

Free solar electricity to mobile nuclear plants — major sustainability initiatives announced in Budget 2024!

Finance Minister Nirmala Sitharaman on Tuesday announced a cut in customs duty on minerals such as lithium, copper and cobalt, which are critical for nuclear energy, renewable and other sectors, to give a fillip to the energy transition.  In her budget speech in Lok Sabha, Sitharaman recalled that in the interim budget she had announced a strategy to sustain high and more resource-efficient economic growth, along with energy security in terms of availability, accessibility and affordability. <br /><br /> "We will bring out a policy document on appropriate energy transition pathways that balances the imperatives of employment, growth and environmental sustainability," she said. <br /><br /> Noting that minerals such as lithium, copper, cobalt and rare earth elements are critical for sectors like nuclear energy, <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword>, space, defence, telecommunications, and high-tech electronics, she proposed to fully exempt customs duties on 25 critical minerals and reduce BCD (basic customs duty) on two of them. <br /><br /> This will provide a major fillip to the processing and refining of such minerals and help secure their availability for these strategic and important sectors, she said. <br /><br /> She stated that energy transition is critical in the fight against climate change. <br /><br /> To support energy transition, she proposed to expand the list of exempted capital goods for use in the manufacture of solar cells and panels in the country. <br /><br /> Further, she stated that in view of sufficient domestic manufacturing capacity of solar glass and tinned copper interconnect, I propose not to extend the exemption of customs duties provided to them. <br /><br /> Noting that steel and copper are important raw materials and to reduce their cost of production, she proposed to remove the BCD on ferro nickel and blister copper. <br /><br /> "I am also continuing with nil BCD on ferrous scrap and nickel cathode and concessional BCD of 2.5 per cent on copper scrap," she said. <br /><br /> About the PM Surya Ghar Muft Bijli Yojana, which was rolled out earlier this year, he informed the House that in line with the announcement in the interim budget, PM Surya Ghar Muft Bijli Yojana has been launched to install rooftop solar plants to enable 1 crore households obtain free electricity up to 300 units every month. <br /><br /> The scheme has generated remarkable response with more than 1.28 crore registrations and 14 lakh applications, and we will further encourage it, he stated. <br /><br /> She further stated that a policy for promoting pumped storage projects will be brought out for electricity storage and facilitating smooth integration of the growing share of renewable energy with its variable &amp; intermittent nature in the overall energy mix. <br /><br /> She stated that nuclear energy is expected to form a very significant part of the energy mix for Viksit Bharat. <br /><br /> Towards that pursuit, our government will partner with the private sector for setting up Bharat Small Reactors; research &amp; development of Bharat Small Modular Reactor and research &amp; development of newer technologies for nuclear energy, she informed the House. <br /><br /> The R&amp;D funding announced in the interim budget will be made available for this sector, she added. <br /><br /> The development of indigenous technology for Advanced Ultra Super Critical (AUSC) <keyword id="20421620" type="General" weightage="20" keywordseo="thermal-power" source="keywords">thermal power</keyword> plants with much higher efficiency has been completed, she informed the House. <br /><br /> A joint venture between NTPC and BHEL will set up a full-scale 800 MW commercial plant using AUSC technology and the government will provide the required fiscal support, she added. <br /><br /> Moving forward, the development of indigenous capacity for the production of high-grade steel and other advanced metallurgy materials for these plants will result in strong spin-off benefits for the economy, she pointed out. <br /><br /> A roadmap for moving the 'hard to abate' industries from 'energy efficiency' targets to 'emission targets' will be formulated, she stated adding that appropriate regulations for the transition of these industries from the current 'Perform, Achieve and Trade' mode to 'Indian Carbon Market' mode will be put in place. <br /><br /> She further stated that an investment-grade energy audit of traditional micro and small industries in 60 clusters, including brass and ceramic, will be facilitated. <br /><br /> Financial support will be provided for shifting them to cleaner forms of energy and implementation of energy efficiency measures. The scheme will be replicated in another 100 clusters in the next phase, she stated. <br /><br /> Gaurav Kedia, Chairman, Indian Biogas Association said that the <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword> 2024 has unveiled a roadmap towards a sustainable and resilient India, with agriculture and energy security at its core. <br /><br /> It is anticipated that these initiatives will catalyze the growth of the biogas industry, leading to increased rural employment, reduced carbon emissions, and improved soil health, he stated.<br /><br /><b>SEE ALSO:<a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank"></a></b><br /><br /> <b><a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank">Budget 2024-25 – Changes to tax slabs, increased standard deduction and other changes to direct taxation</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a></b><br /><br /> <b><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a></b><br /><br /> <b><a href="https://www.businessinsider.in/budget/news/budget-2024-record-allocation-of-rs-1-48-lakh-crore-for-education-employment-and-skilling/articleshow/111951228.cms">Budget 2024: Record allocation of Rs 1.48 lakh crore for education, employment and skilling!</a></b>

FM cuts customs duty on minerals critical for energy transition

<ul class="summary-list"><li>Energy traders are betting that Hurricane Milton will spark power outages in Florida.</li><li>US natural gas futures have fallen 8% in the last three days.</li></ul><p>Energy traders are on high alert for Hurricane Milton and are ramping up bets that the weather event is about to knock out electricity in Florida and surrounding states, leaving power plants idling as demand evaporates.</p><p>Front-month US natural gas futures have dropped 8% over the last three days, from $2.97 to $2.74 per million British thermal units as of Tuesday morning. It's a sign markets are anticipating a disruption to power plants that could send prices tumbling, despite low gas storage in recent months.</p><p>The price drop comes as the Southeast prepares for <a target="_blank" class="" href="https://www.businessinsider.com/hurricane-milton-tampa-mayor-castor-evacuation-orders-die-warning-helene-2024-10">Hurricane Milton,</a> which is expected to hit Florida by Wednesday evening. The storm, which was classified as a Category 5 hurricane, is expected to bring severe damage to Florida and the surrounding states just weeks after the destructive Hurricane Helene brought high winds and flooding to the region. </p><p>Energy traders have leaned more bullish on natural gas in recent weeks before the latest bout of extreme weather. Gas futures have jumped 41% over the last six weeks, partly fueled by record-low natural gas inventories for the last three months, according to <a target="_blank" class="" href="https://www.eia.gov/naturalgas/weekly/#tabs-storage-1">government data on gas storage</a> dating back for the last 27 years.</p><p>Long bets on natural gas, meanwhile, have climbed to their highest level since June on the New York Mercantile and Intercontinental Exchanges, <a target="_blank" class="" href="https://www.reuters.com/business/energy/us-natgas-prices-drop-4-one-week-low-ahead-hurricane-milton-2024-10-08/">Reuters</a> reported.</p>

Traders are betting Hurricane Milton will knock out electricity and leave power plants idling

New Delhi, State-owned <keyword id="19909029" type="General" weightage="20" keywordseo="bhel" source="keywords">BHEL</keyword> on Wednesday said it has bagged an order to set up a 2,400 <keyword id="20225858" type="General" weightage="20" keywordseo="mw-supercritical-thermal-power-project" source="keywords">MW supercritical thermal power project</keyword> (STPP) from coal <keyword id="20225857" type="General" weightage="20" keywordseo="psu-nlc" source="keywords">PSU NLC</keyword> India Ltd. This is the largest power sector order won by the company through competitive bidding, BHEL said in a statement. <br /><br />"BHEL bags an order for setting up a 2,400 MW Supercritical Thermal <keyword id="47379" type="General" weightage="20" keywordseo="power-project" source="Orion">Power Project</keyword>. BHEL has won the prestigious order under <keyword id="20225859" type="General" weightage="20" keywordseo="international-competitive-bidding" source="keywords">International Competitive Bidding</keyword> (ICB) for the greenfield project on an Engineering, Procurement and Construction (EPC) basis at Jharsuguda in Odisha," the company said. <br /><br />The scope of the EPC contract includes engineering, manufacturing, supply, erection, and commissioning of crucial equipment, such as boilers, turbines, generators, and other auxiliary systems, for the 3x800 MW thermal power project. <br /><br />The scope also includes boilers with biomass co-firing capability and highly efficient latest pollution control equipment. The project will be commissioned within 64 months. On commissioning, this plant will contribute to meeting the future base load requirement of electricity in the country. <br /><br />The major equipment will be manufactured at BHEL's Trichy, Haridwar, Hyderabad, Jhansi, Bengaluru, Ranipet, Bhopal, Rudrapur, and Varanasi plants while the company's power sector - southern region will be responsible for the civil works, and erection and commissioning of the equipment. <br /><br />BHEL has a long-standing partnership with <keyword id="20174233" type="General" weightage="20" keywordseo="nlcil" source="keywords">NLCIL</keyword> and installed a significant 77 per cent of the coal/lignite-based power stations of the utility, totalling 3,590 MW. <br /><br />It is the largest manufacturer of power generation equipment in the country and has been a major partner in the country's vision to achieve self-reliance in energy.

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Free solar electricity to mobile nuclear plants — major sustainability initiatives announced in Budget 2024!

Ankush Banerjee

FM cuts customs duty on minerals critical for energy transition

PTI

Traders are betting Hurricane Milton will knock out electricity and leave power plants idling

Jennifer Sor

BHEL gets 2,400 MW greenfield power project from NLC India in Odisha

PTI

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