MARCH 202319The initial agreement between Adani Power and DB Power to buy their thermal power assets expired, which led to the Rs.7,017 crore deal falling through. Adani Power stated in a regulatory filing that the extended stop date under the memorandum of understanding scheduled August 18th, 2022, has passed. In August 2022, the Adani group company told the stock exchanges that it has reached an agreement to purchase the mentioned DB Power assets. A 2x600 MW thermal power plant owned and operated by DB Power is located in the Chhattisgarh district of Janjgir Champa. The initial duration of the MOU (memorandum of understanding) was October 31st, 2022, according to a PTI report. Later, the transaction's deadline was extended four times, this time until November 30th, 2022, December 31st, 2022, January 15th, 2023, and February 15th, 2023.The Adani Group has been accused of fraud and other irregularities, according to a flurry of accusations made by US-based short-seller Hindenburg Research. The opposition has demanded a Joint Parliamentary Committee and a Supreme Court-supervised investigation of the Adani situation, which has sparked contentious debates in Parliament. For 923.5 MW of its capacity, DB Power has long- and medium-term power purchase agreements, which are supported by fuel supply arrangements with Coal India. The business has been successfully running its facilities. ADANI POWER DEAL OF RS.7,017 CRORE TO BUY DB POWER ASSETSNEWSBattery energy storage and pumped storage plants, according to power minister RK Singh, will eventually help to fulfil the growing demand for electricity. The two storage plans were revealed in the 2023­24 Union budget. According to him, a policy for pumped hydro storage plants is in the works, while the overall cost of the 4,000 Mwh battery energy storage is approximately 9,500 crore. According to the minister, if necessary, the government could use section 11 of the Electricity Act to address peak power consumption. According to the clause, the government may, in exceptional cases, request that a generating company run any station in line with its instructions. In spite of the fact that their power purchase agreements do not permit greater fuel costs to be passed on to the buyer, it authorises the government to utilise its emergency powers to force domestic coal-based facilities to continue producing electricity when they start blending imported coal. According to Singh, India is leading the transition in energy. The G20 will hold an energy transition working group meeting the following week, which India is leading. Energy efficiency, universal access to renewable energy, low-cost finance for the energy transition, energy security and diversified supply chains, inexpensive and inclusive energy transition, among other topics, will be covered at the meeting. RK SINGH: STORAGE PLANTS WILL AID IN LONG-TERM POWER DEMAND
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