Mahanadi Coalfields Limited (MCL) will invest ₹40,000 crore to set up a 4,000 MW thermal power plant, ET reported. The project will be developed in association with Coal India and the Energy Department of Odisha.
The news website said the company is also planning to establish a high ash coal to ammonium nitrate plant with an annual capacity of 6,00,000 metric tonnes. The investment outlay for this project is ₹11,782.05 crore. The plant will be set up in partnership with BCGCL and the Industries Department of Odisha.
In the renewable energy segment, MCL has lined up three major projects. These include a 2,000 MW ground-mounted and floating solar power plant with a projected investment of ₹12,000 crore. A 500 MW pumped storage power plant is proposed at an investment of ₹5,000 crore. Additionally, a 100 MW wind power plant is expected to be developed at a cost of ₹900 crore.
Trump exhorts US to drill oil, gas after Iran attacks
US president Donald Trump urged his own government – specifically the US Department of Energy – to “drill, baby, drill”, adding “I mean now”, in a post on his Truth Social platform, Reuters reported. The newswire said that US energy secretary Chris Wright responded: “We’re on it!” The outlet noted that, in another post, Trump wrote in all caps: “Everyone, keep oil prices down, I’m watching! You’re playing into the hands of the enemy, don’t do it.”
The comments come “amid fears that the aftermath of the US attacks on Iran’s nuclear facilities could cause energy prices to spike” due to disruption of oil and gas flows from the Middle East, the article explains. US oil production already reached record highs during the Biden administration, Reuters pointed out. Bloomberg reported that the industry “wary of false starts”, adding that US oil companies “are likely to use hedging contracts to lock in revenue for future output rather than spend heavily on new drilling”. The article says that these producers have been scaling back amid a “slump” in prices triggered by concerns about Trump’s threats of global tariffs.
According to The New York Times, a spike in energy costs could prove especially difficult for American consumers and businesses this summer, given that it could arrive at about the same time that Mr Trump plans to revive his expansive, steep tariffs on nearly every US trading partner,”
Wall Street Journal reported that “frackers have no immediate plans to pump more crude,” …there is a “long list of factors” behind this, “from a global economic slowdown to pressure from tariffs and a wave of new crude supplies inundating already well-sated markets”.
Trump says China can buy Iranian oil, urges it to buy US crude
President Donald Trump said China can continue to purchase Iranian oil after Israel and Iran agreed to a ceasefire, a move that the White House clarified did not indicate a relaxation of US sanctions, reported Reuters.
“China can now continue to purchase oil from Iran. Hopefully, they will be purchasing plenty from the US, also,” Trump said in a post on Truth Social, just days after he ordered US bombings of three Iranian nuclear sites.
US tax bill includes billions in benefits for oil Industry
As the US Senate prepares new legislation that would slash benefits for renewable energy and electric vehicles, Republicans are poised to include billions of dollars in benefits for the oil and gas industry, Inside Climate News reported, adding that the benefits would cost the government about $18 billion in lost revenue over a decade, according to an analysis released Saturday by Congress’ Joint Committee on Taxation.
The outlet noted that, for comparison, a plan to end a tax credit for energy-efficient home improvements was projected to save about $21 billion over the same period.
Environmental groups said the proposal, included in draft language, subsidises fossil fuel companies at the expense of the American people.
Global north countries responsible for 70% of Oil and Gas expansion: Report
A new report showed that four Global North countries, led by the United States (US), are responsible for nearly 70% of projected new oil and gas expansion from 2025 to 2035, reported CarbonCopy. An analysis by Oil Change International warned that if the expansion is allowed to proceed, it would lock in an unliveable future.
According to the report, if these four countries— the United States, Canada, Norway, and Australia— halted their plans for expansion, it would keep 32 billion tonnes of carbon pollution on the ground, which is equivalent to three times the annual emissions of all the world’s coal power plants combined.
At COP28, all the countries promised to phase out fossil fuels in an equitable manner. The report cited that the richest countries with the highest capacity should do so before 2035 and mobilise climate finance to enable a just transition in global South countries.
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