Archive for November 18th, 2009

India is Ready to launch its Solar Mission

India is targeting 1,000 mw of power by 2013.

India is ready to launch its Solar Mission under the National Action Plan on Climate Change, with plans to generate 1,000 mw of power by 2013.

However, the Union Cabinet is considering the mission document, requiring India to generate 1,000 mw of solar power every year by 2013 while a complete package has been proposed to propel the power sector into `solar reforms” leading to annual production of 20,000 mw by 2020 if phase I of the solar mission goes well.

Meanwhile, in the first phase, between 2010 and 2013, the government is also proposing to generate 200 mw of off-grid solar power and cover 7 million sq metres with solar collectors.

If approved by the Cabinet, this  mission will entail 3 phases, with the ambitious targets and financial mechanisms for the latter two phases being reviewed on the basis of performance in the first three-year phase.

By the end of the final phase in 2022, the government hopes to produce 20,000 mw of grid-based solar power, 2,000 mw of off-grid solar power and cover 20 million sq metres with collectors.

On the other hand, solar lighting systems would also be provided to 9,000 villages under existing schemes by providing soft loans which would be refinanced by the Indian Renewable Energy Development Agency Limited.

Oil Climbed Higher in Asian Trade

Oil increased in Asian trade on expectations a widely monitored US report would show a drop in fuel stocks while New York’s main contract, light sweet crude for December delivery, gained 50 cents to $79.64 a barrel.

However, Brent North Sea crude for January delivery put on 73 cents to $79.70 a barrel while the weekly Department of Energy (DoE) report is expected to show a drawdown in storage of distillate fuel, which includes heating oil and diesel.

Meanwhile, a Dow Jones Newswires poll of analysts forecast that distillate fuel stocks will decline by 500,000 barrels in the past week while crude reserves are seen slipping by 600,000 barrels.

On the other hand, it is said that the drop in inventory levels can be exacerbated by Hurricane Ida, which weakened to a tropical storm but led to closure of some petroleum installations in the Gulf of Mexico.

The US is the world’s biggest energy user and is seen as key to lifting oil demand which has been hit by the global economic slump.