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In an announcement to <keyword id="35140" type="CITY" weightage="80" keywordseo="BSE">BSE</keyword> on Thursday (June 24), Jaiprakash Power Ventures, a subsidiary of Jaypee Group, said, <keyword id="1521617" type="COMPANY" weightage="80" keywordseo="Abu-Dhabi-National-Energy-Company">Abu Dhabi National Energy Company</keyword> or TAQA has withdrawn an agreement of acquiring the two hydropower plants of the company located in Karcham and Baspa areas of Himachal Pradesh.
 TAQA had announced in March, 2014 that a consortium led by it had agreed to buy the two plants valued at around Rs 9,689 crore. Analysts regard this as a major setback to <keyword id="45043" type="COMPANY" weightage="80" keywordseo="Jaypee-Group">Jaypee Group</keyword>'s debt-reduction plan. Under the deal, TAQA was to have a 51% stake, while Canada's PSP Investments 39% and <keyword id="6361420" type="ORGANIZATION" weightage="80" keywordseo="IDFC">IDFC</keyword> Alternatives 10%. <keyword id="139117" type="COMPANY" weightage="80" keywordseo="Jaiprakash-Power-Ventures">Jaiprakash Power Ventures</keyword> said the company received a notice from <keyword id="2441347" type="UNKNOWN" weightage="80" keywordseo="TAQA-India-Power-Ventures">TAQA India Power Ventures</keyword> that the company was withdrawing from the acquisition agreement signed in March due to a change in its group's business strategy and priorities. "The withdrawal makes TAQA liable to payment of break fee in terms of the said acquisition agreement," the company said its stock exchange filing. <keyword id="64711" type="CITY" weightage="80" keywordseo="Jaiprakash-Associates">Jaiprakash Associates</keyword>, the flagship company of Jaypee Group, had raised Rs 1,500 crore through qualified institutional placement (QIP) of shares in the beginning of this month. The funds raised through it will be used to repay or pre-pay certain loans, besides making investments in subsidiaries and joint ventures of the company, primarily in the cement and fertilisers space. 

	Jaypee Group has been selling assets to reduce high debt, the standalone debt of Jaiprakash Associates still stood at Rs 28,164 crore as on March 31. Its interest cost for 2013-14 almost doubled to Rs 6,094 crore from Rs 3,134 crore a year earlier. The group raised Rs 15,869 crore via sale of some power and cement assets and land parcels. This will help reduce its debt by about Rs 8,030 crore.

	(Image: Jaypee Power Vetures)

Abu Dhabi’s TAQA Scraps Off Jaypee’s Hydropower Plants Deal

Anil Ambani-led Reliance Power (<keyword id="48071" type="COMPANY" weightage="80" keywordseo="RPower">RPower</keyword>) signed an initial pact in New Delhi on Sunday to acquire the three hydroelectric power plants of <keyword id="1029556" type="ORGANIZATION" weightage="80" keywordseo="Jaiprakash-Associates-limited">Jaiprakash Associates Limited</keyword>. SBI Capital Markets is acting as adviser for the proposed transaction. 
 According to a statement issued by the company, <keyword id="2446599" type="UNKNOWN" weightage="80" keywordseo="Reliance-CleanGen-Ltd">Reliance CleanGen Ltd</keyword> (RCL), a 100-per cent subsidiary of Reliance Power Limited , and Jaiprakash Power Ventures Limited (JPVL), a subsidiary of Jaiprakash Associates Limited (Jal), have assigned an exclusive memorandum of understanding for the 100-per cent acquisition by RCL of the entire hydroelectric power portfolio of JPVL. 
 
Jaiprakash Power Ventures Limited’s (JPVL’s) hydroelectric power portfolio has an aggregate capacity of nearly 1,800 MW. This is fully operational and is the largest in the private sector in India. It and with an asset base of over Rs 10,000 crore. The portfolio comprises three plants with an asset life of over 50 years. Each of the plants are using run-of-the-river technology to convert natural water flow to electricity eliminating the need for a large reservoir. 
 
According to RPower, Jaiprakash Associates Limited (Jal) intends to utilise the entire proceeds of the proposed transaction to reduce its outstanding debt. This will deleverage its consolidated balance sheet. It also added that the completion of the proposed transaction would make RPower the largest provider of hydroelectric power in the private sector in India. 
 
RPower has hydroelectric power projects aggregating over 5,000 MW under development, of which 4,200 MW are located in Arunachal Pradesh, 700 MW in Himachal Pradesh and 400 MW in Uttarakhand. 
 
Earlier, an Abu Dhabi-led consortium pulled out of a $ 1.6 billion deal to buy two hydroelectric power plants from JPVL dealing a blow to the Indian Group's efforts to cut its debt. According to a stock exchange filing by Jaiprakash Power, Abu Dhabi National Energy Co (Taqa) told the company that the decision was due to a change in the Group's business strategy and priorities.

RPower Signs Agreement To Buy Jaypee's Hydroelectric Power Plants

The recent deal signed between Australia and India that ensured sale of uranium to India and supply of conventional fuel, including coal, to help India ride over acute energy shortage, has revived debates. People are questioning in which direction India’s <keyword id="53710" type="ORGANIZATION" weightage="100" keywordseo="Nuclear-energy">nuclear energy</keyword> policy is headed and the safety and feasibility of depending on <keyword id="43462" type="ORGANIZATION" weightage="20" keywordseo="Nuclear-power">nuclear power</keyword> for the country’s power requirement. 
 
First, the deal signals improved thaw in the relationship between two countries that share trade worth AUD15 billion annually. It may be noted that India is the first country to buy Australian uranium without being a signatory to the nuclear non-proliferation treaty. Australia seems to be convinced that India will use nuclear fuel only for non-military and peaceful purposes. 
 
The pact with Australia assume special significance after India’s attempt to forge a similar tie-up with Japan failed. Though Japanese companies produce vital reactor components and are keen to supply them to India, India’s status as a non-signatory to the non-proliferation treaty has prevented positive developments in this direction. Civil nuclear energy talks were also hit after the Fukushima disaster in 2011. 
 Secondly, the pact—which marked the culmination of talks started two years ago after Australia lifted a long-standing ban on selling uranium to power-starved India—means that India is one step closer to gaining global acceptability for its nuclear programme despite its refusal to ratify the nuclear non-proliferation treaty. The country virtually became an ‘untouchable’ when it came to global initiatives to control use of nuclear power for hostile purposes and exchange of nuclear technology after it conducted its second nuclear test in Pokhran in May 1988 (the first, code-named <keyword id="858028" type="UNKNOWN" weightage="80" keywordseo="Smiling-Buddha">Smiling Buddha</keyword>, being conducted in May 1974). However, the restrictions virtually fizzled out following a US deal signed in 2008 that underlined India’s burgeoning economic weight. 
 
Critics say with two-thirds of the country’s power stations being fired by coal and more than half of them are about to run out of stock, the government should have given preference to tapping into Australia's coal reserves. Nuclear power accounts for just 3 per cent of the country’s every output, compared to 3.7 percent three years ago. In fact, nuclear energy is the fourth-leading source of energy in the country behind coal (68 per cent), gas (15 percent) and hydro (12 percent). 
 
However, with 25 percent of the country’s total population having little (or no) access to electricity, the government feels that it has to increasingly rely on nuclear power as dependence on fossil sources for energy is not sustainable as reserves get depleted at a faster pace. 
 
Nuclear energy is underpenetrated, which is amply reflected by the fact that the 20 reactors that the country operates now has a combined capacity of 4,780 MW against the target of 63,000 MW by 2032 by adding nearly 30 reactors at an estimated cost of $85 billion. In line with this target, the country has signed nuclear energy agreements with 11 countries including France, Russia and Kazakhstan from where it imports uranium. 
 
However, protest from civilian groups pose the biggest threat to government’s ambitious nuclear energy targets. Both Kudankulam nuclear power project in Tamil Nadu and the 9,900 MW Jaitapur nuclear power plant to be executed by French firm Areva are stuck due to local protests. A string of hydro-power projects are also stalled due to local opposition on the basis of environmental concerns. 
 
However, with India’s status as the second-large populous nation with more than 1.2 billion people, with enormous needs—it is already the world’s fourth-largest energy consumer, behind only the US, China and Russia—the country has no option but to try and forge similar nuclear pact with other nations or face the perilous consequence of being left out in its race for being an energy-dependant country.

Why India Should Woo Global Powers For Civil Nuclear Deals

NEW DELHI: <keyword id="45417" type="COMPANY" weightage="20" keywordseo="Adani-Power">Adani Power</keyword> has acquired <keyword id="192578" type="CITY" weightage="20" keywordseo="Lanco-Infratech">Lanco Infratech</keyword>’s 1,200 mw Udupi thermal power plant in a Rs 6,000-crore transaction, marking the second mega deal in twoand-a-half weeks for the sector that is seeing a spurt of fund-raising and M&amp;A activity after being down in the dumps for years. 
 The deal, the largest in thermal power in terms of value and capacity, catapults the <keyword id="6367820" type="COMPANY" weightage="20" keywordseo="Adani-Group">Adani Group</keyword>, already India’s biggest private sector power producer, to a bigger league with a capacity of nearly 10,000 mw while helping Lanco reduce debt. 
 
Lanco Infratech, which has a market capitalisation of Rs 2,054 crore, said it will receive Rs 2,000 crore in cash and transfer debt of about Rs 4,000 crore to Adani. 
 Adani pipped other bidders including Mumbai-based <keyword id="83507" type="PERSON" weightage="20" keywordseo="Sajjan-Jindal">Sajjan Jindal</keyword> in the acquisition of the Udupi plant, which runs on imported coal and sells 90 per cent of the power to Karnataka and 10 per cent to Punjab. 
 Adani was also in the race for the Jaypee group’s hydropower portfolio, India’s largest, but lost out to <keyword id="9171" type="PERSON" weightage="20" keywordseo="Anil-Ambani">Anil Ambani</keyword>’s <keyword id="6360089" type="COMPANY" weightage="20" keywordseo="Reliance-Power">Reliance Power</keyword> which signed the initial pact for the Rs 12,000-crore deal. After the Jaypee deal, ET had reported that Adani was aiming to acquire 5,000 mw of capacity. 
 
The sellers, in both cases, were driven by the need to pare debt that had ballooned in recent years when the power sector was in deep trouble, with many plants stranded due to lack of fuel, low tariffs and distribution bottlenecks. 
 
However, the sector’s outlook has improved significantly after the change in government in May this year, increasing the appetite of potential buyers and prompting some sellers to seek higher valuation for their assets. 
 
In recent months, infrastructure firms raised about Rs 5,000 crore from qualified institutional placement (QIP), or share sales to institutional buyers. The flurry of transactions augur well for the sector and is expected to breathe life into so-called stranded assets -- power plants that are running below capacity on account of fuel shortages -- and repair distressed balance sheets of sellers. 
 Lanco and Adani said in a statement that the deal is valued at more than Rs 6,000 crore. Even before the transaction, Lanco had signed an agreement with the <keyword id="58906" type="ORGANIZATION" weightage="20" keywordseo="Karnataka-government">Karnataka government</keyword> to expand capacity by a further 1,320 mw, to a total of 2,500 mw. 
 
Udupi is India’s first independent power project in the country based on 100 per cent imported coal with a captive jetty of 4 million tonnes per annum and an external coal-handling system located at Mangalore Port. The capacity can be expanded to handle another 4 million tonnes, Lanco said. 
 
"For Lanco Infratech, this transaction will support the company in reducing its debt and will enable Lanco to receive about Rs 2,000 crore as cash and additionally, Adani Power will take Udupi Power’s long-time debt of around Rs 4,000 crore," the statement said. 
 
As reported by ET, experts and industry players expect infrastructure companies to raise Rs 8,000-10,000 crore more through QIPs, initial public offering (IPO) and other equity sale. They also believe more deals in the renewable energy, thermal power and road sectors are in the pipeline as highly leveraged companies have been looking to sell stake in projects.

Adani Power Buys Lanco Infratech’s Udupi Thermal Power Plant

<ul class="summary-list"><li>The US is trying to cut itself off from China's green tech like solar, EVs, and batteries.</li><li>The moves could hit China's economy and risks slowing down the green transition.</li></ul>There will be a long list of grievances when China's top climate envoy, Liu Zhenmin, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-04-30/china-climate-chief-to-visit-us-with-aim-to-bolster-key-ties?srnd=green">visits the US this month</a> for his first formal talks with US officials.The meeting comes as the US and China jockey for power in the green-energy transition. The Biden administration is trying to cut itself off from Chinese goods that are key to solving the climate crisis — such <a target="_blank" href="https://www.businessinsider.com/us-fights-back-china-cheap-solar-panels-2024-4">as solar panels</a>, electric vehicles, batteries, <a target="_blank" href="https://www.businessinsider.com/us-is-firing-back-again-in-china-chip-semiconductor-wars-2024-3">and semiconductors</a>. The US wants to protect its factories against competition from cheaper products, which, in turn, could hit China's economy and risk slowing down the green transition. China is also under pressure to stop building new coal plants, the dirtiest form of power production, because the expansion undercuts the country's promise that its greenhouse-gas emissions will start dropping after 2030."The recent moves by the US to connect the climate issue with trade measures, industrial competition, and national security is something I'm sure the Chinese will raise because they have a lot of concerns on this policy direction," Li Shuo, the director of China Climate Hub at the Asia Society Policy Institute, told Business Insider.Li said China's view was that the US prioritized economic competition at the expense of mitigating the climate emergency. The world needs affordable green technology for the energy transition, and China's record levels of investment have driven down the costs, he added.A recent example <a target="_blank" href="https://www.businessinsider.com/how-chinese-automaker-byd-rose-to-challenge-tesla-2024-4">is the remarkable rise of BYD</a>, a Chinese automaker that briefly eclipsed Tesla this year as the world's largest seller of EVs.However, the US views China as a threat to both national security and the climate. The country's boom in green-tech manufacturing was largely powered by dirty energy, with coal still accounting for about 60% of China's electricity, <a target="_blank" href="https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/energy-transition/013124-coal-still-accounted-for-nearly-60-of-chinas-electricity-supply-in-2023-cec">an S&amp;P Global analysis</a> found. And even though China is adding renewable energy to its grid faster than any other country, it's also building new coal-fired power plants at a rapid clip.Coal is a major source of tension between the US and China, Li said. China has no policy to signal a coal slowdown, undermining its climate promises.The issue could be inflamed following a deal this week among seven of the world's wealthiest countries to stop burning coal for power by 2035. During a G7 meeting in Italy, Japan, another major coal user, <a target="_blank" href="https://www.g7italy.it/wp-content/uploads/G7-Climate-Energy-Environment-Ministerial-Communique_Final.pdf">endorsed the timeline for the first time</a> and was joined by the US, Canada, and several European nations.For its part, the US in late April finalized stricter emissions limits on power plants, which are expected to speed up the shift away from coal. About 16% of US electricity comes from coal, a steep drop over the past decade largely due to the fracking boom that made gas a cheaper source of power.But neither the US nor China is in a position to compromise, Li said.China defends its coal expansion as a matter of energy security. Last year, sky-high temperatures and drought in regions reliant on hydropower forced rolling blackouts and factory closures.Biden-administration officials, including the climate envoy John Podesta and Treasury Secretary Janet Yellen, in recent months have said the US is evaluating new strategies to counter China's dominance over green technology. Former President Donald Trump <a target="_blank" href="https://www.businessinsider.com/donald-trump-impose-tariffs-china-if-elected-2024-2">said he would impose tariffs</a> of more than 60% on China if he won the election in November.Given the tension, there likely won't be any major breakthroughs during this month's talks, Li said. But the fact that the world's two largest polluters are meeting in person shows that the climate still carries special weight. Few Chinese senior officials travel to the US.

China's top climate envoy is coming to the US this month as tensions over green tech run high

<ul class="summary-list"><li>Finland's renewable power strategy is paying off as its energy has fallen into negative prices.</li><li>A new nuclear reactor, as well as unexpected floods, are leading to a glut of clean energy.</li></ul>Finland was dealing with an unusual problem on Wednesday: clean electricity that was so abundant it sent energy prices into the negative.While much of Europe was facing <a href="https://www.euronews.com/next/2023/03/29/energy-crisis-in-europe-which-countries-have-the-cheapest-and-most-expensive-electricity-a" target="_blank" rel="noopener">an energy crisis</a>, the Nordic country reported that its spot energy prices dropped below zero before noon. This meant that the average energy price for the day was "slightly" below zero, Jukka Ruusunen, the CEO of Finland's grid operator, Fingrid, <a href="https://yle.fi/a/74-20033326" target="_blank" rel="noopener">told the Finnish public broadcaster Yle</a>. In practice, it doesn't appear any ordinary Finns are being paid to consume electricity. People pay a markup on the electricity, and often pay agreed rates for power instead of the raw market price.The price drop was driven by an unexpected glut of renewable energy and Finns cutting back on energy use because of the crisis caused by Russia's invasion of Ukraine."Now there is enough electricity, and it is almost emission-free," Ruusunen told Yle, adding that Finns could "feel good about using electricity."<h2>Finland went from energy poverty to glut in just a few months</h2>The news is a remarkable turnaround for a country that only a few months ago told its people to watch their energy consumption."Last winter, the only thing people could talk about was where to get more electricity. Now we are thinking hard about how to limit production. We have gone from one extreme to another," Ruusunen told Yle.The country faced an energy crisis after it <a href="https://mind.ua/en/news/20253057-baltic-states-and-finland-ban-import-of-oil-products-from-russia-in-cans" target="_blank" rel="noopener">banned energy imports</a> from <a href="https://www.businessinsider.com/russia-cuts-off-energy-finland-join-nato-2022-5?r=US&amp;IR=T">its neighbor Russia</a> as part of the global backlash after it invaded Ukraine.But a new nuclear reactor was brought online in April this year and provided a significant new stream of power for Finland's population, around 5.5 million people.<a href="https://www.businessinsider.com/finland-nuclear-waste-disposal-worlds-first-underground-site-2022-6?r=US&amp;IR=T" target="_blank" rel="noopener noreferrer">Olkiluoto 3</a>, the first new nuclear reactor to be opened in Europe in more than 15 years, brought the price of electricity in Finland down by 75%, from 245.98 euros per megawatt-hour in December to 60.55 euros per megawatt-hour in April, according to <a href="https://www.thenationalnews.com/business/energy/2023/05/14/nuclear-power-helps-bring-down-electricity-prices-by-75-in-finland/" target="_blank" rel="noopener noreferrer">The National</a>.<div type="image" title="A screenshot of Northern Europe as seen in Google Maps where a red pin has been used to illustrate the location of Olkiluoto, where Onkalo is." height="1316" width="1754" msid="100502327" hostid="261"></div>The country aims to become carbon neutral by 2035 and has been pushing to introduce renewable energy solutions. Ruusunen told the National that Finland wanted wind to become its <a href="https://www.thenationalnews.com/business/energy/2023/05/14/nuclear-power-helps-bring-down-electricity-prices-by-75-in-finland/" target="_blank" rel="noopener">primary power source</a> by 2027.This is also contributing to the drop in energy prices. Excessive meltwater — which has caused <a href="https://crisis24.garda.com/alerts/2023/05/scandinavia-authorities-maintain-flood-warnings-across-parts-of-northern-finland-norway-and-northern-sweden-as-of-may-23-update-1" target="_blank" rel="noopener">flood warnings</a> in several northern European countries — is pushing Finland's hydroelectric plants into overdrive and giving plentiful electricity."During spring floods, there is often this kind of forced production because production cannot be slowed down. Due to the huge amount of water, hydropower often has a poor capacity to regulate in spring," Ruusunen said.<h2>Finland is now dealing with energy prices being too low</h2><div type="image" title="An offshore windfarm clustered around a small, grey-looking island off the coast of Finland." height="4010" width="5347" msid="100502331" hostid="261"></div>Finland is now dealing with the opposite problem of poor energy supply: energy operators may no longer be able to operate normally if the electricity is worth less than the cost of producing it."Production that is not profitable at these prices is usually removed from the market," Ruusunen said.Because hydropower cannot be slowed down or turned off, other producers like nuclear are looking to dial back their production to avoid losing money on energy production. Ruusunen said this meant Finns could happily use all the energy they wanted.

Electricity prices in Finland flipped negative &mdash; a huge oversupply of clean, hydroelectric power meant suppliers were almost giving it away

<ul class="summary-list"><li>Some Fox hosts and guests misleadingly blamed <keyword id="15710" type="ENTERTAINMENT" weightage="60" keywordseo="texas">Texas</keyword>' power grid collapse on <keyword id="34553" type="ORGANIZATION" weightage="60" keywordseo="renewable-energy">renewable energy</keyword> and climate policies. </li><li>Fox's Tucker Carlson falsely claimed that millions of Texans lost power because <keyword id="487521" type="PERSON" weightage="60" keywordseo="wind-turbines">wind turbines</keyword> froze.</li><li>Gov. Abbott and former Gov. Perry misleadingly argued the Green New Deal would cause future <keyword id="6357014" type="ORGANIZATION" weightage="60" keywordseo="energy">energy</keyword> crises. </li></ul>While millions of Texans suffered from power outages amid extreme winter weather, a slew of Fox <keyword id="6355005" type="UNKNOWN" weightage="60" keywordseo="news">News</keyword> hosts and guests misled their viewers by blaming the state's power grid collapse on renewable energy and progressive climate policies. Prominent <keyword id="66537" type="ORGANIZATION" weightage="60" keywordseo="Republicans">Republicans</keyword>, including the governor of Texas, President Donald Trump's former energy secretary, and Fox primetime hosts, pegged the problem on wind and solar energy, the Green New Deal, and President Joe Biden's administration for the state's infrastructure failure. We fact-checked those claims. <h2 style="text-align: left;">'The windmills froze' </h2>"The windmills froze, so the power grids failed," Fox opinion host Tucker Carlson <a href="https://www.facebook.com/watch/?v=1075757336256789">claimed</a> Monday night. "It seems pretty clear that a reckless reliance on windmills is the cause of this disaster."Fact check: The majority of energy sources that went offline in Texas were not wind turbines, but power plants that run on fossil fuels, including natural gas. While Texas produces more <keyword id="83273" type="ORGANIZATION" weightage="60" keywordseo="Wind-energy">wind energy</keyword> than any other state, the state's grid manager, ERCOT, was only expecting wind farms to produce <a href="https://www.houstonchronicle.com/news/houston-weather/article/No-frozen-wind-turbines-aren-t-the-main-15957974.php">7%</a> of its energy in the winter. The term "windmill" is also not quite correct. Windmills are used to mill corn and other grains into flour and pump water. Wind turbines generate electricity.A spokesperson for Fox News declined to comment on the record, but pointed Insider to Carlson's Wednesday clarification that wind power did not make up the majority of Texas' offline energy sources. Also this week, Fox News contributor and former GOP congressman Sean Duffy falsely claimed that the US must rely on fossil fuel sources because renewable technology isn't reliable in bad weather. "Windmills don't work when it's freezing and solar panels don't work when it's really cloudy and snowy out. We need fossil fuels," Duffy told Fox Business host Maria Bartiromo.Fact check: Wind turbines have been producing energy in the US for at least <a href="https://www.energy.gov/eere/wind/history-us-wind-energy">four decades</a>. Wind turbines are perfectly capable of generating power in freezing temperatures if they're properly weatherized. Because Texas rarely experiences Arctic spells like this, energy producers in the state simply haven't invested in weatherizing their equipment, including wind turbines and pipes that transport natural gas. <a href="https://www.businessinsider.com/texas-blackouts-millions-lost-power-in-storm-went-wrong-2021-2">Experts say</a> that if Texas energy producers had weatherized their equipment - which the federal government<a href="https://www.houstonchronicle.com/business/energy/article/Texas-grid-again-faces-scrutiny-over-cold-15955392.php"> has recommended</a> they do in the past - the state wouldn't be experiencing such a severe crisis. Offline solar arrays contributed little to the statewide outages. And, like wind turbines, solar panels <a href="https://www.energy.gov/eere/articles/let-it-snow-how-solar-panels-can-thrive-winter-weather#:~:text=Researchers%20at%20the%20test%20centers,can%20easily%20blow%20it%20off.">can function</a> in freezing temperatures. Heavy snowfall can limit how much electricity they generate, but typically any dip in output is only temporary.<h2 style="text-align: left;">Denying climate <keyword id="41551" type="ENTERTAINMENT" weightage="60" keywordseo="science">science</keyword></h2>Carlson also claimed on Monday that Texas' extreme winter weather is evidence that "global warming is no longer a pressing concern" in the state. Carlson is an outspoken climate science denier. During<a href="https://podcasts.google.com/feed/aHR0cHM6Ly93d3cub21ueWNvbnRlbnQuY29tL2QvcGxheWxpc3QvNWUyN2E0NTEtZTZlNi00YzUxLWFhMDMtYTczNzAwMDM3ODNjL2M4NjViNTkwLWM4NGYtNGY3ZS1hNDNlLWFjNjQwMTRiNjFkOS84OTc4ZTg0Ni1jYWNkLTRkNjUtYjA4NS1hYzY0MDE0Y2Q0OWYvcG9kY2FzdC5yc3M/episode/ZDA4ZTg3MGMtNjYyYi00MzdmLThiNzktYWM5ODAwODQ2N2Rm?hl=en&amp;ved=2ahUKEwjEkufMjbDuAhXcFVkFHQ3UCxAQjrkEegQICBAF&amp;ep=6amp;ep=6"> a December interview</a> with conservative activist Charlie Kirk, the Fox host argued that climate change is fabricated by "crazed narcissist[s]" who believe "there is no God." Fact check: While climate change is not making winter colder, <a href="https://www.nationalacademies.org/based-on-science/climate-change-global-warming-is-contributing-to-extreme-weather-events">research shows</a> that it can make certain weather events more extreme including hurricanes and wildfires. Climate change <a href="https://www.houstonchronicle.com/news/houston-texas/environment/article/Will-climate-change-make-winter-storms-more-15958789.php">may also alter the jet stream</a>, which can cause polar air to plunge south. Ironically, relying on fossil fuels, which emit carbon, only worsens climate change. <div type="image" title="Texas Gov. Greg Abbott on Sean Hannity's Fox News program." height="932" width="1865" msid="81100447" hostid="261"></div><h2 style="text-align: left;">Blaming Biden and the Green New Deal</h2>On Tuesday night, Carlson <a href="https://twitter.com/Acyn/status/1361847765387546629">claimed</a> that the Green New Deal, a proposal put forward by Rep. Alexandria Ocasio-Cortez and some of her Democratic colleagues, is to blame for Texas' crisis. "Unbeknownst to most people, the Green New Deal came to Texas [and] the power grid in the state became totally reliant on windmills," he said. "The same energy policies that have wrecked Texas this week are going nationwide - they're coming to your state." Fact check: Green New Deal legislation has not passed in Texas or on the federal level and is not responsible for Texas' growing renewable energy sector. Texas has a lot of wind power because Texas is windy, there's plenty of land, and wind turbines produce cheap energy. In fact, some of the lowest-cost electricity in the country <a href="https://www.eia.gov/electricity/state/">can be found in Texas</a>, according to the US Energy Information Administration (EIA). On Tuesday, Rick Perry, a former Texas governor and secretary of energy under President Donald Trump, argued that the US must rely at least in part on natural gas, coal, and nuclear energy in order to avoid crises like the one Texas is experiencing. "The key here is to have the wisdom to have diverse energy sources," <a href="https://video.foxnews.com/v/6232752221001#sp=show-clips">Perry said</a>. "If this Green New Deal goes forward the way the Biden administration appears to want it to, then we'll have more events like we've had in Texas all across the country as we strangle the diversity that we're gonna need to keep this country going."The state's Republican governor, Greg Abbott, made a similar argument during a Tuesday night Fox interview and called the Green New Deal a "deadly deal." "It just shows that fossil fuel is necessary for the state of Texas as well as other states to make sure we will be able to heat our homes in the winter times and cool our homes in the summertime," Abbott told Fox News opinion host Sean Hannity.Abbott later <a href="https://news.yahoo.com/texas-governor-walks-back-fox-052453616.html">revised his comments</a>, pointing out that "every source of power that the state of Texas has has been compromised." <div type="image" title="former Texas Governor Rick Perry" height="1996" width="3994" msid="81100449" hostid="261"></div>Fact check: Wind turbines and solar panels produce energy intermittently, which oil-and-gas advocates often use to underscore the value of fossil-fuel power plants, which can usually kick on at any time. Newer technologies like batteries that last for days and high-voltage power lines, however, can make the problem of intermittency obsolete. Other energy sources that don't rely on fossil fuels, like hydropower and nuclear, are not intermittent. The Biden administration has not endorsed the Green New Deal but has proposed a nearly $2 trillion <a href="https://www.businessinsider.com/biden-enact-climate-plan-on-first-day-in-office-2021-1">plan</a> that would make the grid carbon-free by 2035 and reach net-zero emissions by 2050. Renewable energy provided <a href="https://www.eia.gov/outlooks/steo/report/electricity.php#:~:text=Coal's%20forecast%20share%20of%20electricity,and%20to%2023%25%20in%202022.">about a fifth</a> of the nation's energy last year, according to the EIA.Since taking office last month, Biden has signed <a href="https://www.businessinsider.com/biden-takes-immediate-action-climate-rejoins-paris-accord-keystone-2021-1">a series of executive orders</a> reversing Trump-era climate policies, including rejoining the Paris Climate Accord, blocking the Keystone XL oil pipeline, and halting leasing in Alaska's Arctic National wildlife refuge.

FACT CHECK: Fox News aired bizarre and wildly misleading claims about Texas' blackouts that pin blame on renewables and climate policies

New Delhi, Nov 24 () State-run power giant NTPC is likely to raise around Rs 10,000 crore through green bonds for acquisition of the government's stake in THDC India Ltd (THDCIL) and North Eastern Electric Power Corporation Ltd (NEEPCO), a source said.
 Proceeds from green bonds are used to finance clean and green and environment-friendly infrastructure. Since THDCIL and NEEPCO are hydro-power generators, any investment in these two firms would fall in the category of green bonds.
 "The company is most likely to raise over Rs 10,000 crore via green bonds to acquire government stake in THDCIL and NEEPCO. The acquisition is likely to be before the end of this fiscal as the government intends to achieve its disinvestment target of Rs 1.05 lakh crore," the source told .
 "The company has not started the process to appoint a valuer to fix the value of the central government stake in THDCIL and NEEPCO," the source added.
 Earlier this week, the Cabinet Committee on Economic Affairs (CCEA) approved a proposal of the finance ministry for divestment of central government stake in THDCIL and NEEPCO.
 Government of India's shareholding of 74.23 per cent in THDCIL will be divested along with transfer of management control to NTPC.
 Similarly, the government's shareholding of 100 per cent in NEEPCO will be divested along with transfer of management control to NTPC.
 According to the company's annual report, NEEPCO's net worth as on March 31, 2019 was Rs 6,301.29 crore.
 The net worth of THDCIL was Rs 9,280.78 crore as on March 31, 2019.
 The source said the size of the deal for acquisition of government share in THDCIL and NEEPCO has been worked out to be around Rs 10,000 crore after necessary adjustments like debt and other charges.
 The acquisition will be in line with NTPC's objective of having 30 per cent renewables out of 130 GW of total envisaged power generation capacity by 2030. At present, the NTPC Group has around 57 GW of power generation capacity.
 According to NEEPCO's website, the company operates seven hydro, one solar and three thermal power stations with a combined installed capacity of 1,457 MW.
 NEEPCO also has one 600 MW hydro power project under development. It is scheduled for commissioning in 2019-20 fiscal.
 THDCIL's total installed power generation capacity is 1,513 MW. It has two hydro power generating stations -- Tehri (4X250 MW) and Koteshwar (4X100 MW) and two operational wind power plants in Gujarat -- one at Patan (25X2 MW) and another at Devbhumi Dwarka (30X2.1 MW). KKS ABM

NTPC likely to issue green bonds to raise funds for THDCIL, NEEPCO acquisition

AP/Siddharth Darshan KumarNarendra Modi believes the world should fight climate change, and he's helping India lead the way.India's prime minister Narendra Modi is meeting with President Donald Trump on Monday, and the agenda could include climate change as the two prepare for the G-20 Summit in July.In the wake of Trump's withdrawal from the Paris climate agreement, Modi might have a thing or two to lecture the American president about. India is leapfrogging the US with ambitious renewable energy goals - and it's achieving them.Following the US' departure from the Paris accord, countries like India, China, and the EU have "stepped up to fill the void the US left behind" John Coequyt, the Sierra Club's global climate policy director, told Business Insider on Monday.India <a href="https://www.theguardian.com/world/2016/dec/21/india-renewable-energy-paris-climate-summit-target">wants</a> to get nearly 60% of its energy from non-fossil fuel sources by 2027, and the country is <a href="http://www.climatechangenews.com/2017/05/15/india-china-track-exceed-paris-climate-pledges/">on track to exceed</a> the goals it set in its commitment to the Paris deal."India in particular has made huge progress in terms of not only meeting but actually being on track to exceed its Paris commitments," Coequyt said, "and as the cost of solar energy and other renewables continues to fall globally, we're only going to see that trend accelerate."So how did India, infamous for its sometimes choking pollution in major cities, cut back its emissions faster than anyone predicted? One word: coal.India has been unabashedly shutting down its coal plants. For example, The Independent reported last week taht Coal India, the world's largest coal company that's responsible for 82% of India's coal, announced it was <a href="http://www.independent.co.uk/news/world/asia/coal-india-closes-37-mines-solar-power-sustainable-energy-market-influence-pollution-a7800631.html" target="_blank" rel="noopener noreferrer">closing 37 mines</a> due to the economic non-viability of the fossil fuel. Indian economic coal imports are falling, and <a href="https://www.bloomberg.com/news/articles/2016-04-25/india-s-energy-minister-wants-to-cut-coal-imports-to-nothing">Bloomberg reported</a> the India's energy minister announced the government wants to do-away with coal imports entirely.Dropping coal isn't a new phenomenon in India. From July 2015 to July 2016, India's "coal plant pipeline" fell by 40 gigawatts, according to <a href="http://coalswarm.org/trackers/a-shrinking-coal-plant-pipeline-mide-2016-results-from-the-global-coal-plant-tracker/">Coal Swarm</a>. And under its <a href="https://www.theguardian.com/world/2016/dec/21/india-renewable-energy-paris-climate-summit-target" target="_blank" rel="noopener noreferrer">draft National Electricity Plan</a> from December 2016, the country isn't planning on building any new coal power plants.By virtue of adopting renewables with such gusto, about 25,000 remote villages in India <a href="http://www.businessinsider.com/india-villages-leapfrog-to-renewables-2016-3">could never</a> use fossil fuels. They'll sail right past coal and start using solar, hydropower, and biomass as their first sources of electricity.Some in India might be seeing renewable electricity before places in the United States. These Indian villages could "leapfrog" fossil fuels and go straight to renewables, <a href="http://fletcher.tufts.edu/CIERP/People/Research-Fellows/Kartikeya-Singh">Kartikeya Singh</a>, a doctoral candidate at Tufts University, <a href="http://www.businessinsider.com/india-embracing-solar-faster-than-america-2016-3">told Business Insider in 2016</a> - leapfrogging the US in the process.Getty ImagesPresident Donald Trump meets with coal miners at the White House in March 2017.By comparison, <a href="https://www.eia.gov/energyexplained/index.cfm?page=electricity_in_the_united_states">64% of American electricity came from fossil fuels</a> including natural gas and coal in 2016, according to the US Energy and Information Administration. Renewable sources like solar, wind, and hydropower only accounted for only 15%.Following through with his campaign trail promises, Trump aims to amp up coal production in the United States, first by rolling back environmental regulations and pulling out of the Paris agreement. EPA administrator Scott Pruitt has been reaching out to coal companies, and his senior policy advisor Mandy Gunasekara told a coal conference audience that the EPA would be <a href="http://www.businessinsider.com/scott-pruitt-coal-industry-epa-2017-5">there to help coal companies</a>.While the federal government is stepping down from its leadership role on fighting climate change, cities and companies are pledging their support. Twenty-nine states have <a href="http://www.ncsl.org/research/energy/renewable-portfolio-standards.aspx">adopted</a> renewable energy goals, and the <a href="http://www.businessinsider.com/we-are-still-in-group-represents-62-trillion-of-the-us-economy-plans-to-stay-in-paris-agreement-2017-6">We Are Still In</a> movement - a coalition of government players, academics, and big businesses that pledges to stick to the Paris agreement - represents $6.2 trillion of the US economy.Businesses in the US and India can both see that phasing out fossil fuels and adopting renewables is the path forward."Shifting away from fossil fuels toward clean, renewable energy is not an option when it comes to the economy and healthy communities," Coequyt said. "That's a fact in India, in the US, and around the world."During their working dinner on Monday night, Modi might just broach the topic of climate change with Trump. <h3>NOW WATCH: <a href="http://www.businessinsider.com/donald-trump-refutes-james-comey-testimony-flynn-russia-tapes-recordings-says-loyalty-speak-under-oath-2017-6">'I did not say that': Trump fires back after Comey's testimony and says he will '100%' speak under oath</a></h3> Please enable Javascript to watch this video

Prime minister Modi could lecture Trump on climate change - India is leapfrogging the US on renewables

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://pictures.reuters.com/Package/2C0BF1OKT6W4M#/SearchResult&amp;ALID=2C0BF1OKT6W4M&amp;VBID=2C0BX44SXWMJ&amp;POPUPPN=2&amp;POPUPIID=2C0BF1OKL0VHM">Reuters/Srdjan Zivulovic</a>Members of Red Noses Clowndoctors entertaining migrants at a registration center in Dobova, Slovenia, before their departure to Austria.</div></div></div>Here is what you need to know.<a href="http://www.businessinsider.com/star-wars-just-crossed-the-1-billion-mark-and-it-has-only-been-out-12-days-2015-12">"Star Wars" has more than $1 billion in sales</a>. "Star Wars: The Force Awakens" crossed the $1 billion sales mark in just 12 days, making it the fastest-grossing $1 billion movie of all time. The sales figures are especially impressive considering "Star Wars" won't be released in China until 2016. "Jurassic World" held the previous record, taking 13 days to reach the mark. It should be noted that "Star Wars" had the benefit of being released ahead of Christmas.<a href="http://www.bloomberg.com/news/articles/2015-12-24/pep-boys-agrees-to-947-million-takeover-offer-from-bridgestone">Pep Boys has accepted Bridgestone's offer</a>. Bloomberg reports that Pep Boys has accepted a $17 per share, or $947 million, takeover offer from Bridgestone. The deal, which is shy of Carl Icahn's $18.10 per share offer, has caused Icahn to suggest the deal undervalues the company. "We cannot understand the actions of the directors in that they know we were willing to offer a lot more than $17," Icahn told Bloomberg.<a href="http://www.businessinsider.com/r-valeant-ceo-pearson-remains-hospitalized-for-pneumonia-bloomberg-2015-12?r=UK&amp;IR=T">Valeant's CEO remains hospitalized with pneumonia</a>. Valeant CEO Michael Pearson remains hospitalized after being admitted on Friday with a severe case of pneumonia, according to Bloomberg. Pearson was initially admitted to Morristown Medical Center in Morristown, New Jersey, but has been transferred to an unknown location.<a href="http://www.bloomberg.com/news/articles/2015-12-25/ge-wins-part-of-15-5-billion-china-hydropower-plant-contract">GE has won part of a contract in China</a>. GE will provide six 850-megawatt Francis turbine-generator sets and accompanying equipment for a hydropower plant contract in China, Bloomberg says. The contract is part of a 100 billion yuan ($15.5 billion) project on the Jinsha river. Financial terms of the deal weren't disclosed.Oil is under pressure. West Texas Intermediate crude oil is lower for the first time in five sessions. Monday's weakness has the energy component down 2.5% at $37.16 per barrel after struggling near the $38 mark. The weakness in Brent crude oil is a bit less pronounced, off 2% at $37.15 per barrel.<a href="http://www.bloomberg.com/news/articles/2015-12-28/ruble-drops-to-2015-low-on-year-end-budget-flows-as-oil-tumbles">The Russian ruble is on track for its lowest close on record</a>. The weakness in oil prices and presumed year-end budget spending by the Russian government have the ruble threatening an all-time closing low. According to Bloomberg, the Russian government usually increases spending in the final days of the year to increase the amount of cash on the balance sheets of companies and banks. The ruble is down 2.3% at 71.9780 per dollar.<a href="http://www.japantimes.co.jp/news/2015/12/28/business/economy-business/japan-retail-sales-1-november/#.VoEYaFXF9M4">Japan's retail sales missed</a>. Retail sales in Japan fell 1% year-over-year in November, missing the 0.1% drop that was expected. Sales of winter clothing were a drag due to the unusually warm winter. The Japanese yen is weaker by 0.1% at 120.50 per dollar.Markets in Australia, Canada, New Zealand and the UK are closed. They will reopen tomorrow amid an extremely short holiday week.Stock markets around the world are mostly lower. China's Shanghai Composite (-2.6%) paced the decline in Asia and Spain's IBEX (-0.9%) leads the losses in Europe. S&amp;P 500 futures are down 6.50 points at 2044.75.Economic data is light. Dallas Fed Manufacturing is due out at 10:30 a.m. ET. Treasury will auction $26 billion 2-year notes at 1 p.m. ET. The US 2-year yield is up 1 basis point at 1.01%. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/jim-cramer-fed-interest-rates-james-bullard-dennis-lockhart-2015-12">Jim Cramer blasts the Fed's Bullard and Lockhart for 'not caring about the facts'</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="djcGRqeTpejA4OQnPlzd40fGUMCLR9Pv" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

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