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Time of India
4 days ago
- Business
- Time of India
Govt revokes uniform tariff mechanism for renewable energy projects, dissolves pricing pools
The power ministry on Wednesday said it has done away with a uniform tariff mechanism and dissolved central pricing pools for renewable energy purchase pacts amid concerns over uncertainty on power tariffs . The move is expected to ease price discovery between renewable energy producers and users as well as deployment of renewable capacity in the country. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program In view of the substantial renewable energy capacity awaiting power sales agreement (PSA) signing and to expedite the deployment of RE, it has been decided to withdraw the order regarding the implementation of the Uniform Renewable Energy Tariff (URET) mechanism, the ministry said in a statement. Consequently, the Solar Power Central Pool and Solar-Wind Hybrid Central Pool shall stand dissolved, it said. Earlier, the ministry had ordered implementation of URET from February 15, 2024 for three years up to February 14, 2027. Live Events The URET mechanism and the associated central pools were notified to address the potential impact on procurers in the context of declining bid-discovered prices. However, Renewable Energy Implementing Agencies (RElAs) and RE developers have expressed concerns over procurers reluctance towards signing PSAs (power sale agreements) under URET on account of uncertainty of tariffs over a three-year period, the ministry said in its latest order. A number of renewable energy projects have been stalled in the absence of advanced power purchase pacts which are required to fund these projects. The ministry, however, said that the the bids received and letters of award issued under URET so far shall remain valid on a standalone basis and may be considered for the signing of power purchase agreements . The REIAs may proceed to execute the PSAs/PPAs with the procurers/developers for these bids, it said. India aims to have 500 GW of renewable energy by 2030. The country has 185 GW of renewable energy installed capacity as of June 30, 2025, which exclude around 50 GW of large hydro energy projects. Economic Times WhatsApp channel )
Time of India
6 days ago
- Business
- Time of India
White House readies order to fine banks for dropping clients over politics, Reports
The White House is drafting an executive order that would impose penalties on banks for dropping customers for political reasons, the Wall Street Journal reported on Monday. Citing a draft of the order, the Journal said regulators would be instructed to investigate whether any financial institutions breach the Equal Credit Opportunity Act, antitrust laws or consumer financial protection laws. Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program The order, which could be signed as early as this week, would authorize monetary penalties, consent decrees or other disciplinary measures against violators, the Journal reported. It also calls on regulators to strike policies they have that might have contributed to banks dropping certain customers and requires the Small Business Administration to review the practices of banks that guarantee the agency's loans, according to the report. U.S. President Donald Trump in January said the CEOs of JPMorgan Chase and Bank of America did not provide banking services to conservatives. The two banks denied making banking decisions based on politics. Live Events The criticism of Wall Street banks followed accusations from congressional Republicans and Republican-led states, who claimed the institutions were engaging in " woke capitalism " and unfairly cutting ties with gun manufacturers, fossil fuel companies, and other businesses perceived to be aligned with the political right. The Trump administration is pursuing a broad reform agenda aimed at modifying rules governing financial institutions, including capital requirements, arguing that such action will boost economic growth and unleash innovation. The White House did not immediately respond to a Reuters request for comment.
