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The annual energy outlook 2025 of the US (United States) Energy Information Administration (EIA) has projected a US oil production peak in 2027. The US is the World’s top oil producer, and has produced more crude oil than any nation at any time in 2018-2024. Crude oil production in the US, including condensate, averaged 12.9 million barrels per day (b/d) in 2023, breaking the previous US and global record of 12.3 million b/d, set in 2019. In 2024, production exceeded 13.2 million b/d. According to the EIA, the crude oil production record of the US is unlikely to be broken by any other country in the near term because no other country has reached the production capacity of 13.0 million b/d. Only Saudi Arabia and Russia have the potential to match U.S. oil production, but global market prices may not offer sufficient incentive to ramp up output. Oil demand growth has peaked in the Global North. The effort to decarbonise transportation is limiting growth in demand for crude oil, which in turn is containing oil price increases. Unlike the US, where oil production decisions are influenced primarily by market fundamentals and geology, oil production decisions by Saudi Arabia and Russia could be influenced by factors other than market fundamentals.
In 1970, US oil production peaked at 9.6 million b/d and then fell to a low of 5.0 million b/d in 2008. Production started increasing again in 2009 following what was labelled the “shale revolution” that applied hydraulic fracturing and horizontal drilling techniques to produce light tight oil (LTO) and natural gas. Since 2009, US oil production grew consistently till 2020, with production of LTO from shale basins accounting for most of the growth. In 2020, oil production growth in the US slowed down because of the pandemic, but it quickly revived in 2022 to over 10.5 million b/d to match the pre-pandemic peak in 2018. In 2024, over 66 percent of US oil production came from tight oil basins. In 2023, US oil production exceeded expectations, growing by more than 1 million b/d. In 2024, oil production growth declined by 0.5 million b/d but accounted for over 60 percent of non-OPEC (Organisation of Petroleum Exporting Countries) production growth. Despite the decline in production growth, US crude oil production grew by 370,000 b/d in 2024 to average 13.2 million b/d.
Permian is the World’s largest hydrocarbon (shale) basin, which has accounted for all the growth in US crude LTO production since 2020. In 2024, the Permian region produced more crude oil than any other region, accounting for 48 percent of total US crude oil production. Even with a lower rig count in 2024 compared to 2023, Permian production grew because well productivity improved. Producers used technological advancements such as artificial intelligence, electronic hydraulic fracturing technology, and automated drilling processes to optimise operations. Despite an increase in efficiency in LTO production, the larger trend is one of a slowdown in production growth. According to the EIA, production will increase to about 14 million b/d in 2027, after which production will decline to about 13.8 million b/d in 2030. US production will fall to just over 11.9 million b/d by 2040.
In 2023, the US, Russia and Saudi Arabia accounted for 42 percent (33 million b/d) of global oil production, a significant increase in share from 29 percent (20 million b/d) of the global total in 2000. Russia, Saudi Arabia and the US have produced more oil than any others since 1971, although the top spot has shifted among them over the past five decades. By comparison, the next three largest producing countries—Canada, Iraq, and China—together produced 13.4 million b/d in 2023, only slightly more than what was produced in the US alone. In 2000, Saudi Arabia was the largest producer of crude oil with a production of 11.8 million b/d. In 2006, Russia became the top producer with the production of over 12.7 million b/d compared to Saudi Arabia’s production of 12.5 million b/d. The US was a distant third with a production of 6.7 million b/d. Russia maintained the top position as the World’s largest oil producer till 2019 when the US rose to the top with a production of 14.7 million b/d. Russia was pushed to the second spot with a production of 13.4 million b/d followed by Saudi Arabia with a production of just over 12.1 million b/d.
Saudi Arabia has retained the top position as the largest net exporter of crude oil since the 1980s, except for a brief period in the early 1980s when Russia was the top exporter. In 2020, the US emerged as a net exporter of crude, with gross volume of exports exceeding the export volume of Saudi Arabia. In 2021, the US was a net importer of crude, but in 2022 & 2023, the US was once again a net exporter of crude, with gross volume of exports exceeding that of Saudi Arabia. The rise of the US as the largest producer and a significant exporter of crude meant that the US could replace Saudi Arabia as a swing producer that responds quickly to market signals. However, in 2022, when oil prices were close to US$100/b, financial and geological difficulties faced by producers limited the US response. LTO production usually peaks a month after the start of production, but declines fast afterwards to modest and roughly flat production in three years.
Oil production decisions by Saudi Arabia and Russia do not reflect optimism over demand growth. The IEA (International Energy Agency) expects oil demand to peak by 2030 in one of its scenarios. Rising sales of EVs (electric vehicles), especially in China and improvements in fuel efficiency in Internal Combustion Engines (ICEs) () are expected to substantially reduce oil demand in transportation. Breakeven prices for oil producers in the Permian Basin are between US$61/barrel (b) and US$62/b to remain profitable when debt servicing and dividend payments are included. If the EIA prediction of oil price at less than US$60/b in 2026 materialises, many US oil producers are expected to struggle to turn a profit, especially in some of the country’s aging basins, forcing them to stop drilling potentially idle drilling rigs, and let employees go. If US producers respond to the “drill baby drill” call, they will only worsen the situation.
In 2023, crude oil production in Saudi Arabia declined by about 900,000 b/d because of OPEC+ plus [other exporters]) production cuts and further voluntary cuts Saudi Arabia made to offset weaker demand growth. Saudi Arabia has also scrapped plans to increase production capacity to 13.0 million b/d by 2027. Russia was among the OPEC+ countries that announced production cuts in 2022 and 2023 in addition to voluntary cuts of 500,000 b/d. Although these cuts have reduced recent production in Russia, sanctions and voluntary actions by oil companies in response to the conflict over Ukraine have been the primary cause of production cuts in Russia.
The fear that Saudi Arabia, one of the world’s lowest-cost producers, could increase market share by pumping more oil and allowing prices to go lower, forcing other producers out of business, has a low probability of occurring. But cheap oil could potentially reduce the competitiveness of EVs, which is not what the EV industry is looking for at the moment. Loss of US production may add to the volatility in oil prices in the near term, which will erode the terms of trade for oil-importing countries in the Global South. If Saudi Arabia and Russia make production decisions for reasons other than market fundamentals, it could inflate or increase the volatility of oil prices to the detriment of the Global South, where oil demand continues to grow.
Source: Statistical Review of World Energy 2024
India Emerging as Exporter of Solar PV cells
Solar Manufacturing
India is emerging as a major exporter of solar photovoltaic (PV) cells as countries look for alternatives to China for sourcing supplies in their switch to renewable energy to fight climate change. In April-October FY25, India exported US$711.95 million (mn) worth of PV cells assembled in modules or panels with 96 percent of the shipments going to the United States (US), with the world’s largest economy turning away from China. India also exported $25 mn of PV cells that were not assembled into modules in April-October FY25 with 90 percent of the exports going to the US. The US was also a key export market for Indian solar PV modules, accounting for more than 97 percent of the country’s solar PV exports in both FY2023 and FY2024. India is making significant progress in transitioning from a net importer to a net exporter of solar PV products, with the export value rising 23 times to US$2 bn in the Fiscal Year (FY) 2024 from FY2022, according to a report by the Institute for Energy Economics and Financial Analysis (IEEFA) and JMK Research & Analytics.
Waaree Energies Limited (WEL), the country’s largest solar PV module manufacturer, is scouting for 500 acres of land in Nagpur for a proposed INR80 (US$0.93) billion (bn) investment in a solar cell and panel manufacturing unit. If finalised, this would mark another major boost for the city’s emerging status as a hub for renewable energy equipment manufacturing. With WEL’s entry, the total proposed investments in renewable energy equipment manufacturing in Nagpur are estimated at INR410 (US$4.78) bn. This includes projects by Avaada Group and JSW Group, among others, positioning Nagpur as a preferred destination for solar cell and panel manufacturing.
RE Policy and Market Trends
India’s renewable energy installed capacity increased by 15.84 percent to 209.44 GW by December 2024 from 180.80 GW a year ago, marking a record expansion. The total capacity added during 2024 more than doubled to 28.64 GW from 13.05 GW added a year ago. In 2024, solar power spearheaded this growth with the addition of 24.54 GW, registering 33.47 percent year-on-year (Y-o-Y) rise in its cumulative installed capacity to 97.86 GW in 2024. Wind power addition was 3.42 GW in 2024, taking the total wind capacity to 48.16 GW, a growth of 7.64 percent from 2023. Bioenergy installed capacity rose from 10.84 GW in December 2023 to 11.35 GW in December last year. Small hydro power projects saw incremental growth, with installed capacity increasing from 4.99 GW in 2023 to 5.10 GW in 2024.
According to an analysis by JMK Research, the country witnessed a record-high installation of 24 GW of solar power capacity in the calendar year 2024, the highest recorded capacity in any year. India’s total installed renewable capacity has now crossed 210 GW as of December 2024. As per JMK, in the country’s renewable energy basket, solar now accounts for more than 47 percent share, making it the leading source. India recently identified large hydropower as a renewable energy source. However, its share, at 46.9 GW, is lower than that of solar, which has reached 96 GW, according to data from the Ministry of New and Renewable Energy. Cumulative wind energy installations stand at 48 GW. Under the solar category, 18 GW was utility-scale or grid-connected solar projects, 4.59 GW was rooftop solar, and 1.48 GW was off-grid capacity. In wind energy installations, Gujarat led the pack, followed by Karnataka and Tamil Nadu.
India is likely to add 30 gigawatt (GW) of RE capacity over FY25 to FY26 backed by continued policy support, availability of liquidity and established growth plans of some large corporate players, reduced equipment prices, and waiver of interstate transmission system charges. The country’s total installed non-fossil fuel capacity increased to 214 GW in November 2024, up over 14 percent compared to the 187.05 GW in the same period last year. Between April and November of 2024 alone, India added nearly 15 GW of RE, almost double the level of 7.57 GW added during the same period last year. In the calendar year 2024, the country added 27 GW of RE capacity.
Solar Energy Corporation of India (SECI) cumulative awarded capacity for renewable energy projects exceeded 73 GW in December. SECI is the premier Renewable Energy Implementing Agency (REIA) in the country, continuously working to meet climate goals and drive sustainable development. As a leading Central Public Sector Enterprise, SECI plays a pivotal role in the development and expansion of RE capacity in India. In the financial year 2023-24, the company witnessed a substantial increase of 22.13 percent in its annual trading volume, with a total of 42.935 billion units (kWh) traded.
Essar Renewables Ltd (ERL) has signed an agreement with the Maharashtra government to invest INR80 bn in renewable energy projects in the state. ERL, the Essar Group’s green energy venture, will develop 2 gigawatt (GW) of renewable energy capacity in the state, according to a Memorandum of Understanding (MoU) signed at the World Economic Forum 2025 in Davos, Switzerland. The company will invest in a mix of round-the-clock renewable energy projects supporting the electric vehicle truck charging ecosystem of Blue Energy Motors and Greenline. The proposed Maharashtra government projects are set to commence in the Financial Year 2026-27.
Tripura Renewable Energy Development Agency (TREDA) has set a target of setting up over 10,895 solar-powered pump sets to ensure assured irrigation in the rural farmland under PM Kusum scheme. Of the total target, the TREDA has already set up 3,616 solar power pumps, bringing 7,232 acres of farmland under assured irrigation, benefiting 3,616 marginal farmers. Work for establishing 5,051 pump sets has been in progress, while steps have been taken to set up 2,264 solar-powered pump sets at the earliest.
According to the state government, evaluation of tenders invited for setting up seven solar power projects in Himachal Pradesh with a total capacity of 72 MW is underway, and the projects would be allotted this month. The state government is trying to harness green energy on a large scale, for which a survey of eight projects totalling 325 MW is also going on. In a first, the government is moving towards developing 200 panchayats across the state as ‘green panchayats’ in which 200 kilovolts (KV) ground-mounted solar plants would be installed and the income from them would be spent on development works of the rural bodies. The state government is also taking several steps towards making Himachal Pradesh the country’s first ‘green energy’ state by 2026.
Telangana government has proposed generating 1,000 + (1 GW) of solar power by encouraging women's Self-Help Groups (SHGs) to set up solar power plants. The state energy and rural development departments have reached an agreement in this regard. State Deputy Chief Minister Mallu Bhatti Vikramarka, along with other ministers, held a meeting with district collectors and officials to discuss the plan. He suggested that they coordinate with banks to provide financial assistance to the SHGs in this connection. He suggested that officials consider setting up solar power plants in the hilly terrain of Hyderabad and Ranga Reddy districts, which would also help protect government lands where such plants are established. Noting that under the PM-KUSUM scheme, farmers can generate up to two mw of solar power, he directed the Collectors to raise awareness among farmers about this opportunity. Farmers will need to apply for solar power generation through the TGREDCO (Telangana Renewable Energy Development Corporation) portal. This initiative will not only provide them with low-cost power but also pave the way for the generation of pollution-free energy, he said. He also said that the state aims to add 20,000 MW to its existing over 11,000 MW renewable energy generation and storage capacity by 2030. In a stakeholders meeting on the proposed Telangana Clean and Green Energy Policy-2024, Bhatti said in order to achieve the target, the state would focus on Standalone Renewable Energy Projects, Innovative Solutions such as floating solar, Waste to Energy and Green Hydrogen.
Roof Top /Distributed Solar Projects
Tata Power Renewable Energy Limited (TPREL) joined forces with Odisha Renewable Energy Development Agency (OREDA) Ltd to accelerate rooftop solar system adoption among residential customers in the state. The partnership was formalised through an MoU. It aims to implement the centrally-sponsored scheme, Pradhan Mantri Surya Ghar Yojana (PMSGY), across the state. Under this initiative, TPREL, designated as one of OREDA’s preferred solar partners, will provide comprehensive solar solutions with lifetime care. The company will collaborate with OREDA and financial partners to conduct awareness campaigns at airports, malls, and railway stations. Besides, to strengthen community engagement, the company will develop educational materials on renewable energy benefits, conduct sessions for local vendors, and foster local technical expertise by training rooftop installation and maintenance staff. The programme will initially focus on Bhubaneswar, Cuttack, Puri, Paradip, Berhampur, Sambalpur, Balasore, and Rourkela. Notably, Odisha offers the highest solar subsidies in India, making solar adoption more accessible to consumers.
Hartek Group’s C&I Rooftop solar business unit has secured a complete solar EPC (engineering, procurement construction) contract of 8 MW project from Kandhari Beverages. The project is under execution and will be commissioned this quarter. The installation will improve the region’s renewable energy capability and drastically lower the facility’s energy expenses by producing a million units a year.
Hybrid Projects
BrightNight, the US-headquartered firm, announced the commissioning of the first phase of Optima Maharashtra, its inaugural 115 megawatt (MW) hybrid renewable power (RE) project in India, and one of the first co-located wind-solar projects in the state. This marks BrightNight’s first-ever energy delivery into the Indian power grid, furthering its mission to decarbonise energy globally. Strategically located in Dharashiv, southern Maharashtra, and spanning about 500 acres, Optima Maharashtra integrates advanced wind and solar technologies, powered by BrightNight’s proprietary AI-enabled PowerAlpha platform, which ensures maximum power output with the lowest environmental footprint. Optima Maharashtra will play a crucial role in helping the State achieve its goal of sourcing 40 percent of its energy from renewables by 2030. It will be generating enough dispatchable clean energy to power about 230,000 homes annually while preventing about 225,000 tonnes of carbon emissions. Looking ahead, BrightNight is preparing to begin construction on two large-scale projects in Rajasthan, which will combine a variety of clean energy technologies, including wind, solar, and battery energy storage systems, to supply peak power to off-takers connected to the national grid.
Utility Scale Solar Projects
Saatvik Green Energy Ltd has been awarded two solar EPC contracts by Himachal Pradesh Power Corporation Limited (HPPCL), with a combined capacity of 23 MW. The projects include an 11 MW solar plant in Lamlehri Upperli village, Una district and a 12 MW solar plant in Gondpur Bulla village, Una district. Under the agreement, Saatvik Green Energy will oversee the designing, supplying, engineering, and construction of these projects, ensuring compliance with all regulatory requirements. Saatvik Green Energy Ltd secured a 1,000 MW n-type TOPCon solar PV module supply contract valued at over INR15,000 (US$174.9) mn from a leading energy producer, with deliveries scheduled to commence in 2025.
NTPC Renewable Energy, a wholly owned subsidiary of NTPC Green Energy (NGEL), has emerged as a successful bidder for the 1000 MW solar PV power project e-reverse auction conducted by Uttar Pradesh Power Corporation. NTPC Renewable Energy secured a capacity of 1000 MW at a tariff of INR2.56 per kWh. The letter of award (LOA) from UPPCL is awaited. Meanwhile, NTPC Green Energy incorporated joint venture (JV), NTPC UP Green Energy with Uttar Pradesh Rajya Vidyut Utpadan Nigam (UPRVUNL) on 1 January 2024. The company holds 51 percent stake in the JV.
Hydro Power
NHPC Ltd has formed a joint venture with Andhra Pradesh Power Generation Corporation Limited (APGENCO) to develop renewable energy projects. The new entity APGENCO NHPC Green Energy Limited has been incorporated. NHPC and APGENCO have 50:50 equity participation in the JV (joint venture) formed to plan, promote and organise an integrated and efficient development of pumped storage hydro power projects and renewable energy (solar/floating solar/wind) projects.
North & South America
According to the United States (US) Energy Information Agency (EIA), it expects growth in US power generation over the next two years to be mostly driven by new solar plants. As per the EIA, US utilities and independent power producers are expected to add 26 GW of solar capacity in 2025 and another 22 GW through 2026. In 2024, the electric power sector added a record 37 GW of solar power capacity, almost double the 2023 additions.
The US government released short-term guidance on how companies can secure clean fuel tax credits under the Inflation Reduction Act, but fell short of finalising the program’s key details. Biofuels groups are eager for clarity on the tax credits for fuels that combat climate change, which they hope will ultimately provide a pathway for corn-based ethanol to expand its market as a feedstock for sustainable aviation fuel. The US Treasury Department issued the guidance, opens a new tab, saying it provides new details on how to ensure fuels meet certain emissions-reduction criteria to access the subsidy, and adding that a crucial climate model upon which the program relies will be available in the coming days.
Europe
Solar power overtook coal in the European Union (EU)’s electricity mix for the first time last year, while wind power’s share plateaued, data from energy think tank Ember showed. The EU is seeking to increase its renewable power generation as part of efforts to cut emissions and reach its climate targets, as well as cut its reliance on fossil fuel imports to help boost energy security. Solar generation provided 11 percent of the EU’s electricity mix in 2024, up from 9.3 percent in 2023 and overtaking coal, which fell to less than 10 percent for the first time since Ember began collating the figures in 2011, the data showed. The EU wants wind power to make up around 34 percent of its electricity mix by 2030 and more action is needed, particularly around making permitting for new projects easier, to meet the goal. Nuclear remained the dominant electricity provider in the EU, rising to 23.7 percent from 23 percent in 2023.
Shares in European wind power companies fell after US President Donald Trump suspended offshore leasing for wind on his first day in office, adding to pain in an industry that had turned to the US to help revive its fortunes. The global offshore wind industry has struggled to play the role that many governments had envisaged in their plans to reduce carbon emissions. Escalating costs, supply chain issues and planning delays have hit the industry and led to project cancellations and delays. Former President Joe Biden’s green investment policy had provided support for the sector. Trump suspended new federal offshore wind leasing pending an environmental and economic review, saying wind turbines are ugly, expensive and harm wildlife.
Wind power provided 20 percent of the electricity consumed in Europe last year, but the capacity built during the year was less than half of what is needed to meet the European Union’s 2030 energy and climate targets, industry group WindEurope said. Wind has been a growing part of Europe’s electricity production for more than 20 years, and the European Union wants it to grow much more to meet targets to combat climate change and also as it reduces reliance on fossil fuels. Europe built 15 GW of new wind energy last year, including 13 GW of offshore wind and around 2 GW of onshore wind, according to preliminary 2024 data from WindEurope. European Union countries accounted for 13 GW of this, but to reach its 2030 climate targets the 27-nation bloc should be building 30 GW a year of new wind farms.
Italy aims to finalise by the end of 2027 a plan allowing the use of nuclear power again after it was banned almost 40 years ago, Energy Minister Gilberto Pichetto Fratin said. Prime Minister Giorgia Meloni’s right-wing government has said small modular reactors and advanced modular reactors could help decarbonise Italy’s most polluting industries, including steel, glass and tile making. Nuclear-fired power plants are prohibited in Italy following referendums in 1987 and 2011 but the government is drafting rules to lift the ban through the use of new nuclear-power technologies. Italy estimates it would save €17 bn (US$17.7 bn) on the cost of decarbonising the economy by 2050 if nuclear power made up at least 11 percent of its energy mix.
German authorities approved approximately 2,400 new wind turbines in 2024, which if built will add a total of 14 GW of power capacity, the German Wind Energy Association and the VDMA engineering association report showed. This marks an 85 percent increase in newly approved capacity volumes compared with the previous year, the report showed. The two groups also tracked progress in turbine constructions over the year. After accounting for decommissioned turbines, the net increase in wind energy capacity was 2.55 GW, bringing the total to approximately 63.5 GW from around 28,700 turbines by the end of the year. Wind energy generated nearly 112 billion kilowatt-hour (kWh) of electricity in 2024, making it the leading source of electric power generation in Germany, the report showed.
Africa & Middle East
Sembcorp Industries inaugurated its 588 MW Manah 2 Solar Independent Power Project in the Sultanate of Oman, the company said. The plant, the company’s largest utility-scale solar farm globally, was inaugurated Bilarab bin Haitham al Said, the second son of Sultan Haitham bin Tariq. The project, completed four months ahead of schedule, is Sembcorp’s first greenfield renewables development in the Middle East. The plant will supply clean energy to approximately 60,000 households and reduce carbon emissions.
Asia Pacific
United Arab Emirates (UAE) state energy firm Masdar has signed a US$15 bn renewable energy deal with the Philippines to develop solar, wind and battery energy storage systems, providing it with up to 1 GW of clean power by 2030. The project is in line with the Philippines' goal of reducing its reliance on fossil fuels and increasing the share of clean energy in its power mix. The project is planned to be scaled up to 10 GW by 2035, the energy department said. The Philippines, which imports most of its fuel needs, aims to raise the share of renewable energy in its power mix to 35 percent by 2030 and 50 percent by 2040. Renewables made up 22.8 percent of its mix in 2022. The Philippine has allowed full foreign ownership in the renewable energy sector to attract more investors.
ONGC misses third-quarter profit estimates as lower realisations weigh
31 January: Oil and Natural Gas Corporation (ONGC) reported a third-quarter profit miss, as buoyant fuel demand failed to cushion the explorer from lower crude realisations. The state-owned firm’s standalone profit fell 17 percent to INR82.40 billion (US$952 million) in the October-December period, and came far below analysts' average expectation of 179.31 billion rupees. Standalone earnings exclude profit from its joint ventures and operations outside the country. ONGC contributes to around 71 percent of domestic crude oil production. The company’s revenue from operations fell 3 percent on-year to INR337.17 billion, as its crude oil price realisation, or the price at which it sells the product, dropped, opens new tab nearly 11 percent to US$72.57 per barrel in the third quarter.
GAIL Q3 profit rises by 36 percent
30 January: GAIL (India) Limited reported a 36 percent rise in net profit in the December quarter after a one-off gain from compensation received from an overseas liquefied natural gas (LNG) supplier for non-delivery of committed cargoes. It posted a standalone net profit of INR38.67 billion in the October-December period of FY25 compared with INR28.42 billion in the year-ago period, India’s biggest gas transportation and marketing company said. Revenue from operations was almost unchanged at INR349.57 billion, with all three major business segments -- natural gas and LPG transportation services, natural gas marketing and petrochemicals -- reporting nearly the same revenues as the previous year. GAIL had in December 2023 initiated legal proceedings against SEFE Marketing & Trading Singapore Pte Ltd in the London Court of International Arbitration for non-delivery of liquefied natural gas (LNG) under a long-term contract. GAIL had in 2012 signed a 20-year deal to buy as much as 2.85 million tonnes per annum of LNG with Russian energy giant Gazprom. Later, GAIL said during the quarter under review, the average natural gas transmission volume stood at 125.93 million standard cubic meters per day as against 130.63 million metric standard cubic meters per day (MMSCMD) in Q2 FY25. Gas marketing volume stood at 103.46 MMSCMD as against 96.60 MMSCMD in the previous quarter.
India’s coal production hits 2025 104.4 MT in January 2025, up 4.3 percent on year
3 February: India’s coal sector continues to demonstrate resilience and growth. Total coal production during January 2025 hit 104.43 million tonnes (MT), marking 4.38 percent increase over 100.05 MT recorded during the corresponding period of the previous year. The contribution from Captive, Commercial and Other Entities for January 2025 has also been particularly strong, with production surging to 19.68 MT, 31.07 percent rise from 15.01 MT in the corresponding period of the previous year. On a broader scale, the cumulative coal production up to January 2025 has climbed to 830.66 MT, marking a 5.88 percent increase from 784.51 MT recorded during the corresponding period of the previous year. Coal dispatch has also kept pace with this growth. The total coal dispatch during January 2025 stands at 92.40 MT, registering 6.31 percent increase from 86.92 MT in the corresponding period of the previous year.
India’s Adani flagship posts worst quarterly profit fall in 3 years on weak coal demand
30 January: India’s Adani Enterprises, the flagship company of the Adani Group, reported its biggest quarterly profit slump in three years in the third quarter, as a fall in power demand weighed on its key coal trading division. The coal trading division was hit by lower volumes, while its profit was impacted by a foreign exchange loss at its Australian business. Revenue from the coal trading segment, which contributes more than a third of overall revenue, fell 44 percent to INR89.80 billion. India’s coal demand softened in the quarter, with power generation growing only 3 percent amid weak industrial demand and a broader slowdown in the economy, according to analysts.
India’s power generation grows 5.4 percent in FY25 on higher demand
30 January: India’s power generation went up 5.41 percent in April-December of the current financial year to 1,378.42 billion units, as compared with 1,307.64 billion units in the year-ago period, according to data from the Central Electricity Authority (CEA). The winter demand for electricity has also been higher this year, leading to a 5.76 percent growth in December to 150.53 billion units. Amid a cold wave across north India, Delhi on 31 December registered a peak demand of 5,213 megawatt (MW), the highest ever for the month. Last December, demand crossed the 5,000 MW mark for the first time. The peak demand stood at 4,599 MW. Further, in December, the nationwide peak demand was largely above 200 gigawatt (GW) and touched a high of 224 GW due to increased demand for heating. The peak demand is still high across the country. The peak power demand on Wednesday stood at 237.30 GW.
Apraava Energy commissions 250.7 MW wind power project in Gujarat
31 January: Apraava Energy commissioned its largest 250.7 megawatt (MW) wind power project in Sidhpur, Devbhoomi Dwarka district, Gujarat. The company won the project in the Tranche VIII wind tender, which was supported by the Solar Energy Corporation of India (SECI). SECI has granted the Sidhpur wind project a 25-year power purchase agreement (PPA) at a competitive rate of INR2.83/kWh. Technologies like sophisticated fire suppression systems and wind turbine generator condition monitoring systems are incorporated into the project.
Government revises quality control order to promote high-quality solar PV products
29 January: The government has notified a revised Quality Control Order (QCO) to promote high-quality and efficient solar photovoltaic (PV) products. The Union Ministry of New and Renewable Energy (MNRE) has notified the Solar Systems, Devices, and Components Goods Order, 2025, which revises and supersedes the existing Solar Photovoltaics, Systems, Devices, and Components Goods (Requirements for Compulsory Registration) Order, 2017. The revised order will come into effect 180 days from the date of publication. The order covers Solar PV modules, Inverters to be used in solar PV applications and storage batteries.
Russia’s Lukoil eyes US$2 bn from Bulgaria refinery sale
31 January: Russia’s second-largest oil producer Lukoil plans to raise around US$2 billion from the sale of its Burgas oil refinery in Bulgaria. Lukoil has been under pressure to sell the 190,000 barrel per day (bpd) plant due to sanctions against Russia over the conflict in Ukraine. Bulgaria has halted Russian crude imports and restricted exports of all refined products produced from Russian crude from its sole refinery. It has also imposed a 60 percent tax on the refinery’s profits. Bulgaria was the fourth largest buyer of sea-borne Russian oil in 2023, purchasing over 100,000 bpd. Kazakhstan’s state oil and gas company KazMunayGaz said Lukoil had invited it to participate in a tender to acquire the refinery. Hungarian oil and gas group MOL has submitted a bid for the Burgas refinery. Hungary’s Prime Minister Viktor Orban said that MOL was one of seven bidders in the tender.
Japan’s energy security to benefit from more US LNG: JERA
31 January: Japan’s energy security will benefit from US (United States) President Donald Trump's push to increase liquefied natural gas (LNG) production, JERA, Japan’s top LNG buyer, said, while allowing the company to diversify its suppliers. LNG imports by Japan, the world’s second biggest buyer after China, continued to fall last year, decreasing by 0.4 percent to 65.9 million metric tonnes. Shipments from the US, Japan’s key ally, rose, while supplies from Russia reduced further. Trump ordered the US Energy Department to resume the consideration of LNG
China’s iron ore and coal imports ease in January, but prices diverge
30 January: China’s imports of iron ore and seaborne coal are on track for a soft start to the year, with January arrivals declining to multi-month lows. However, the price trends for the two key bulk commodities are divergent, with iron ore holding up while thermal coal slides to the weakest in nearly four years. For coal, China’s seaborne imports of all grades are estimated by Kpler at 27.97 million tonnes in January, down 26 percent from December’s 37.59 million. Coal imports have in the past tended to soften in January and February as peak winter demand passes, but the decline in January this year from December is far larger than the 9 percent recorded in January 2024 and the 10.9 percent from January 2023. China, the world’s largest producer, consumer and importer of coal, may need less from the seaborne market as domestic supplies increase. December coal production was 439 million tonnes, up 4.2 percent from the same month a year earlier, while annual output was up 1.3 percent to 4.76 billion tonnes.
Australia’s reliance on coal-fired power drops to record low
29 January: Australia’s reliance on coal-fired power stations has dropped to a record low, accounting for less than 50 percent of its electricity for the first time, the Australian Energy Market Operator said. Overall electricity demand hit a record high in the final quarter of 2024 as temperatures rose and people shifted away from gas, the market operator said. At the same time, rooftop solar output surged 18 percent and grid-scale solar climbed nine percent—both reaching record levels, it said in an update on the National Electricity Market (NEM). Australia’s government announced an extra US$1.2 billion in clean energy financing to speed a transition from coal and other fossil fuels to renewables.
France in focus as Europe’s electricity import needs swell
4 February: France is the largest supplier of clean electricity to Europe’s top electricity importers, and has played a critical role in helping to cap regional electricity costs in recent years by exporting record volumes of clean power. France’s status as a key electricity supplier may now become even more important after the government of Norway, another major electricity exporter, lost a key coalition partner in a dispute over European Union (EU) energy policies. The coalition breakdown leaves Norway’s Labour Party to rule alone until planned elections in September, and raises questions about whether Norway will remain a major clean power exporter. That potential decline in Norway’s power exports means that Europe’s largest electricity importers - which include Germany, Italy and the United Kingdom - look set to become even more reliant on France for supplies. Electricity import needs across Europe have surged since 2022, when Russia’s full-scale invasion of Ukraine snarled natural gas flows across the region and forced power firms to increase imports to replace lost local power output.
Ireland must accelerate electricity investment after storm damage: PM
31 January: Ireland must speed up substantial investment in its electricity grid to prepare for future weather events after 74,000 homes, farms and businesses remained without power a week after Storm Eowyn battered the country, Prime Minister Micheál Martin said. ESB Networks, the country’s energy provider, has restored power to 694,000 homes and businesses with the help of crews from Europe but says some customers, many in remote locations, will remain in the dark until 6 February.
Plan to get electricity to more Africans wins US$8 bn in new pledges
29 January: An initiative to connect 300 million Africans to electricity in the next six years has won new pledges worth more than US$8 billion from lenders, including the Islamic Development Bank and the Asia Infrastructure Investment Bank. Funding for the project is expected to come from multilateral development banks, development agencies, private businesses and philanthropic organisations such as the Rockefeller Foundation, opens new tab, which is part of the initiative. Provision of 300 million people with access to electricity, half of those currently without power on the continent, is a crucial building block for boosting Africa's development by creating new jobs, World Bank President Ajay Banga said.
Israel asks public to put solar panels on roofs to produce electricity
4 February: Israel is turning to its citizens to help produce electricity and profit from it as demand grows rapidly by putting solar panels on their roofs to take advantage of the sun as a key natural resource. About 15 percent of Israel’s electricity production is generated by renewable energy, with about 70 percent coming from natural gas, and the energy ministry has set a target of 30 percent by 2030 which will rise sharply by 2050 when it aims to have net-zero emissions.
New Zealand targets cutting emissions by 51 to 55 percent by 2035
31 January: New Zealand said that it would commit that by 2035 the country would have reduced emissions by 51 to 55 percent compared to 2005 levels. The commitment is part of the country’s commitment under the Paris Agreement. Its initial commitment had been to reduce emissions by 50 percent by 2030 and is part of the country’s pledge to be net zero by 2050. However, the Climate Commission, a government-funded but independent expert, in December called for New Zealand to target reducing emissions further than its original effort as many comparable countries have more ambitious targets than New Zealand and evidence shows that global action is insufficient to limit global warming to 1.5 degrees Celsius.
Japan revises rules for offshore wind power auctions
29 January: The Japanese government announced a revision of its rules for offshore wind power auctions as the sector globally grapples with delays and soaring expenses driven by tight supply chains and inflation. After a number of consultations since September to find ways to ensure the completion of offshore projects, Japan's industry and land ministries decided on changes, including an electricity price adjustment scheme and a higher deposit requirement to cover delays. Several offshore wind companies including Orsted took billions in write-offs, impairments and other cancellation fees in 2023 and 2024 when they determined they could no longer complete projects profitably due to rocketing construction costs, higher interest rates and supply chain snags. Currently, if the cost of generation increases after a Japanese auction application, it cannot be reflected in the price of electricity sold. Under the revised rules, up to 40 percent of capital cost increases - such as wind turbines, transmission cables and construction - can be incorporated, based on average prices in the year to the start of the auction, the industry ministry said. To ensure successful project execution, the government will raise the deposit required to cover delays from 13,000 yen to 24,000 yen per kilowatt of power generation capacity, the official added.
Germany’s weak winds stoke Europe-wide power market worries
29 January: Wind power generation in Germany – Europe’s largest wind producer - is on track to record its longest stretch of below-normal production since early 2021 due to a spell of low wind speeds since October. Wind power is Germany’s primary source of electricity, and wind output historically peaks over the winter months when wind speeds at turbine level tend to hit their highest for the year. However, the current four-month-long period of sub-par output has forced German power firms to sustain high levels of output from fossil fuel power plants to balance system needs, and to boost power imports from neighbouring nations. In turn, higher German power imports have contributed to a rise in regional power prices across Europe, which started 2025 at their highest in nearly two years and roughly 70 percent above their average from 2020 through 2021, according to LSEG.
US solar group seeks major energy storage expansion
29 January: A United States (US) solar industry group unveiled an aggressive goal to deploy vast amounts of energy storage capacity by 2030 to help renewables serve power-hungry customers. The Solar Energy Industries Association (SEIA) said it wants to see 700 gigawatt-hours of energy storage on the grid by the end of this decade -- about 55 percent more than current forecasts. SEIA aims for 20 percent of all storage installations to occur in the residential, commercial, and community segments, with the other 80 percent connected to the grid. President Donald Trump is pushing for faster permitting of energy infrastructure but has expressed disdain for renewables, including solar. He issued an executive action suspending federal leasing and permitting for wind projects.
Swiss government approves new climate goals after court rebuke
29 January: Switzerland’s government approved new climate targets, proposing a cut in greenhouse gas emissions by 2035 of at least 65 percent compared to 1990 levels. Switzerland’s efforts to counteract global warming came under close scrutiny last year when a top European court ruled that the country was not doing enough to tackle climate change. The government said that the new objectives, set out under its commitments to the Paris Agreement, are to be primarily achieved via domestic measures. Switzerland had previously committed to cutting greenhouse gas emissions by 50 percent by 2030 from 1990 levels. The Swiss cabinet said it had adopted an amendment to its long-term climate strategy and would submit its new plans to the UN Framework Convention on Climate Change. In that submission, Switzerland reports on the role of renewable energies and nuclear energy in achieving climate neutrality, the cabinet said.
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