ONGC intends to use both greenfield developments and acquisitions to build a green energy portfolio of 10 GW by 2030, the executive said. “We are evaluating various models for greenfield projects, including offering end-to-end project development responsibility to a third party,” said the executive.
ONGC’s first tender for 600 MW will require bidders to offer a price for developing the full plant. The minimum bid size will be 300 MW. A bidder will be expected to arrange land and grid connectivity and undertake engineering procurement and construction (EPC) for the project, the executive said.
The bid winner will have to hand over a ready-to-operate plant to ONGC in an agreed-upon timeframe. Finding customers for power purchase agreements (PPA) for the projects will be ONGC’s responsibility. The second tender, for an equal capacity, will require bidders to arrange only land and grid connectivity for the projects.

ONGC will separately award an EPC contract besides finding customers for the PPA. If the tendering process proceeds as per plan, ONGC will replicate the model for another 1200 MW, the executive said. In the new set of projects, the company aims to step into procurement as well, leaving a smaller role for EPC contractors.

“We are trying to quickly learn the game,” said the executive, referring to a range of green energy strategy ONGC aims to deploy-from evaluating producing and under-construction assets for acquisition to letting developers build ready-to-operate plant-and eventually reach a level where the explorer itself can execute most of the greenfield project development.

https://economictimes.indiatimes.com/industry/energy/oil-gas/ongc-may-hold-auctions-to-pick-green-energy-project-developers/articleshow/116149372.cms?from=mdr

show less

This strategic decision further underscores the company’s unwavering commitment to enhancing shareholder value while reinforcing investor confidence in IGL’s robust financial performance and future growth trajectory.

The decision was taken during the Board meeting held on Tuesday, where it was resolved that for every one share held, shareholders will be entitled to receive an additional one share as a bonus, subject to approval of the shareholder of the company.

The record date for determining eligible shareholders will be decided later.

https://www.millenniumpost.in/business/igl-announces-issuance-of-11-bonus-share-to-attract-retail-investors-590115#google_vignette

show less

Chief Minister Sukhwinder Singh Sukhu presided over the ceremony which was also co-chaired by Deputy Chief Minister Mukesh Agnihotri ,who also holds the transport portfolio. Sukhu informed that as per the tender conditions approved, the company – Jio-BP – would develop the Mandi-Jogindernagar-Pathankot and Kiratpur-Manali-Keylong corridors, while EVI Technology would complete the work of Parwanoo-Una-Sansarpur Terrace-Nurpur and Parwanoo, Shimla-Reckong Peo-Losar corridors within one year.

Apart from this, Electroweb would work on developing the Shimla-Hamirpur-Chamba green corridors. As part of the project, the companies would establish EV charging stations, wayside amenities and supermarkets at 41 strategic locations along these corridors within a year.

The charging facility will be available for e-buses, e-trucks and other electric vehicles at the locations. Public amenities such as toilets and restaurants would also be established and the companies would pay Rs 75 lakh annually as lease money to the state government.

The CM said that the state government has decided to make Himachal a green energy state by 2026. This initiative would play a vital role in reducing carbon emissions and promoting a sustainable environment for future generations.

The state government will bring in electric buses for the entire fleet of Himachal Road Transport Corporation (HRTC) in a phased manner.

https://www.millenniumpost.in/nation/hp-govt-signs-mou-to-herald-green-energy-revolution-590208#google_vignette

show less

Like other forms of transport, shipping must use less carbon-intensive fuels, which already –— or will shortly — exist. But shipping is not yet on track to reduce its emissions at the scale the IMO wants. For its clean energy transition to pick up steam, insurers are critical, not least in providing cover for ships with untried propulsion systems, but also in drawing up the guidelines for the safe use of these fuels.

The IMO highlights shipping’s contribution to global anthropogenic emissions increased from 2.76% in 2012 to 2.89% in 2018 and the UN Conference on Trade and Development (UNCTAD) estimates maritime emissions surpassed 800 million tonnes of CO2 last year.

According to IMO data, taken from nearly 29,000 vessels, the sector consumed about 213 million tonnes of fuel in 2022. An IMO dashboard currently says 99.31% of ships in operation use conventional fuels, while the UNCTAD gives the slightly lower figure of 98.8% for 2023.

After oil, after gas

The IMO’s 2023 strategy calls for the uptake of “zero or near-zero” emissions technologies, with fuels and/or energy sources to represent at least 5% (and striving for 10%) of the energy used by international shipping by 2030.

Getting there from here will be difficult. As Jean-Marc Bonello, principal consultant at marine consultancy UMAS, tells Insurance Day, shipping’s use of clean fuels at present is “virtually zero”.

There are two main types of alternative marine fuels: biofuels and hydrogen-based fuels.

Biofuels, such as biodiesel and biomethanol, are any fuels produced from recent organic matter (as opposed to ancient fossils), such as agricultural products or waste. This category includes “advanced biofuels”, which use fewer resources that might otherwise be used for agriculture.

Hydrogen-based fuels include hydrogen itself or hydrogen-containing ammonia (NH3), which is conventionally produced from natural gas. Hydrogen and ammonia fuel can be “green” forms of electricity generation. Alternatively, it is possible to decarbonise fossil fuel-powered hydrogen or ammonia production using carbon capture, producing what is called “blue” hydrogen or ammonia.

“With increased regulatory pressure and customer demand for a more climate-aligned service, a low-emission vessel becomes less susceptible to changes in regulation that might make it obsolete or a stranded asset due to environmental credentials,” said Bonello.

Not all of these fuels are in commercial production yet and very few ships run on any of these power sources at present. IMO figures show nearly 5% of ships on order will use methane, hydrogen or ammonia – the vast majority of these will use methane.

“The very little innovation that is currently in operation on the water comes in the form of drop-in fossil fuels based on biogenic feedstocks, such as waste agricultural products in the shape of biodiesel, biomethane and biomethanol,” Bonello says.

The Global Maritime Forum (GMF) says tracking actual consumption of “well-to-wake” zero-emission shipping fuels poses challenges, “particularly in distinguishing vessels consistently using these fuels versus those merely capable”. A Copenhagen-based non-governmental organisation working to encourage sustainability in the maritime sector, the GMF tells Insurance Day nearly 60 medium to large vessels run on biofuels at present, including Laura Maersk (IMO: 9944546), which entered service last year. This vessel can also run on conventional diesel.

Will goals be left unmet?

In the short term, alternative fuels are likely to continue to form a negligible share of marine power sources. Analysts using an S&P Global scenario estimate “low-carbon supplies” would only comprise 2.2% of the 328 million tonnes of fuel shipping will use in 2030.

In a report submitted to the IMO in 2023, researchers estimated on current trends the marine sector was nowhere near meeting the interim 2030 goal. At best, the sector would reduce its emissions 4% from 2008 levels and, at worst, it would increase them more than one-third.

The research, by Ricardo Energy and Environment and DNV, concludes “increased policy ambition” could mean alternative fuel development and production would make it possible to reduce marine emissions 50% or even 80% from 2008 levels. “Several energy-efficiency technologies are already mature with potential for greater roll-out,” their report says. Biofuels are already available and will be “fully mature” technologies before 2030, as will green and blue hydrogen fuels, it adds, and green and blue ammonia fuels should be fully available before 2035.

There are already marine engines that can run on biomethane, e-methane and methanol, the report continues. Its authors expect hydrogen-, ammonia- and biodiesel-powered engines will be commercially viable by the end of the decade; some marine engines can use a mix of biodiesel and conventional diesel.

Bonello points out the first ammonia-ready vessels are projected to be on the water in 2026 or 2027, assuming existing orders are fulfilled. “At the moment, these are mostly bulk vessels with dual or triple fuel capability,” he adds.

The European Maritime Safety Agency (EMSA) published a series of reports in 2023 on the viability of hydrogen, ammonia and biofuels for maritime transport. These reports concluded by 2040 there would be enough renewably sourced electricity to meet maritime demands for green hydrogen and green ammonia, although other sectors also use these fuels.

In its 2023 reports, EMSA estimated there would be enough biomass in the EU to produce between 6.3 and 8.0 exajoules of energy by 2030, while the “international maritime transport sector” used 12 exajoules of energy in 2021.

But the transition will be expensive. UNCTAD estimates decarbonising the world’s fleet by 2050 could require an investment of between $8bn and $28bn annually. The associated infrastructure would be even costlier, at $28bn to $90bn each year. UNCTAD says if the marine sector does nothing then its emissions would be 2.3 times the 2008 level by 2050. Full decarbonisation could double yearly fuel costs, it adds.

Role of marine insurers

In December 2021, a group of marine insurers adopted the Poseidon Principles for Marine Insurance, which are linked to the IMO’s net-zero goals. The principles require them to regularly measure the carbon intensity of the fleets they insure according to IMO metrics against their “alignment… with a decarbonisation trajectory that meets the corresponding IMO ambition”.

The Poseidon Principles apply to insurers who write or sponsor hull and marine policies; as such, brokers, protection and indemnity (P&I) clubs, insurance associations and others only have affiliate membership in the principles’ governing body. Signatories include Skuld, AXA XL, Scor and Swiss Re Corporate Solutions, while brokers WTW, Gallagher and Lockton are among the affiliates.

One obvious driver of insurers’ interest in reaching net zero is the risk posed by extreme weather events. “Natural disasters are among the top causes of marine insurance claims in both frequency and severity, with climate-related risks expected to persist and potentially increase,” Lars Lange, secretary-general of the International Union of Marine Insurance, says.

Lars Lange, secretary-general, International Union of Marine Insurance tells Insurance Day retrofitting ships with more advanced propulsion technologies “will increase the value of the global fleet and, consequently, the level of risk to be covered”.

Insurers will also need to be willing to grant policies for new ships using untested fuels. Christian Ponzel, a spokesperson for German insurance association Gesamtverband der Deutschen Versicherungswirtschaft, tells Insurance Day the insurance industry has an important role to play, both in supporting decarbonisation and in developing safe and efficient alternative fuels, not least by insuring operators as they adopt “new, sometimes immature” fuel technologies.

Bonello says underwriters must recognise alternative risks create new perils while in other ways making ships more secure. “With increased regulatory pressure and customer demand for a more climate-aligned service, a low-emission vessel becomes less susceptible to changes in regulation that might make it obsolete or a stranded asset due to environmental credentials,” he says.

Insurers will also play a role as investors that finance research and development into new marine fuels. GMF says it may be worth investigating “an alternative fuel version” of the International Oil Pollution Compensation Fund, an insurance pool that pays out compensation for oil spills.

Anna Erlandsen, chief strategy and sustainability officer at Skuld, tells Insurance Day the Oslo-based P&I club is participating in two pilots on fossil-fuel alternatives – one testing shipboard carbon capture and storage and the other nuclear propulsion.

Another reason insurers are involved is because new fuels can be dangerous to handle and store. Hydrogen is highly flammable, while ammonia, as the EMSA report highlights, has a “relatively narrow range of flammability” compared with some other fuels being considered for the shipping industry. Ammonia is, however, “toxic and very reactive”.

In a January 2024 note, Marsh technical analyst Stephen Harris said hydrogen is “mainly untried and untested” in a marine environment, while ammonia can be “toxic and highly caustic if not handled correctly, posing a hazard to crews, marine life and the engine”. Both fuels must be stored at sub-zero temperatures — hydrogen at as low as -273°C — and Harris says there is no data about what could happen with these fuels “under harsh maritime sea conditions over lengthy periods”.

IMO spokesperson Natasha Brown tells Insurance Day there are specific risks linked with different fuel types depending on the nature of the fuel, how it must be handled and so on. “This is why IMO has been developing interim safety guidelines for various fuel types,” including hydrogen and ammonia, she says.

“Skuld is gaining knowledge about the various types of alternative fuels at an early stage, [which] makes us better equipped to understand the risks related to each fuel type and to support the transition by sharing insight and experience across our client base,” said Skuld’s Erlandsen.

Ponzel says collaboration on these standards must involve “extensive co-operation and knowledge sharing between owners, classes, flag states, insurers and others to reduce the risks to ship, cargo, crew and the environment when using new fuels”.

Erlandsen says Skuld’s participation in pilots allows it to better understand the risks of novel fuels. “Skuld is gaining knowledge about the various types of alternative fuels at an early stage,” she says, which “makes us better equipped to understand the risks related to each fuel type and to support the transition by sharing insight and experience across our client base”.

Lange says insurers will have to work with companies, regulators and other actors to establish safety protocols for using fuels like ammonia and hydrogen. He adds Iumi is already working with the IMO and other bodies — including the International Association of Classification Societies — to develop manuals for the safe handling of new fuels.

“Guidelines for the safe use of ammonia and hydrogen as propulsion technologies have already been published,” Lange adds, “and most class societies have issued a range of relevant notations.” 

Ben Margulies is a reporter at Lloyd’s List Intelligence. This article was first published in Lloyd’s List’s sister publication Insurance Day.

https://www.lloydslist.com/LL1151690/Insuring-the-maritime-sectors-voyage-to-net-zero

show less

They feature eco-friendly equipment and a twin-island design, which separates the living quarters from the engine room, positioning the living space at the center of the ship. According to the shipbuilding company, this design optimizes fuel efficiency and maximizes container capacity.

To comply with the International Maritime Organization (IMO) regulations on sulfur oxide (SOx) emissions, the containerships will be fitted with scrubbers. They will also be built as methanol-ready vessels, allowing for carbon-neutral operations in the future.

Data from Intermodal Shipbrokers suggest that the company behind the order is TMS Group, owned by Greek shipowner George Economou.

The containerships will be built at the Yeongdo Shipyard in Busan and are set to be delivered progressively starting in 2026.

HJSC disclosed that the value of the agreement is KRW 606.7 billion ($429 million). This deal mirrors a similar contract the multinational shipbuilder won in June with another European client for four 7,900 TEU containerships.

Recently, containership orders have been increasing due to higher shipping rates and increased competition among global shipping companies, contributing to a rise in ship prices.

According to UK-based maritime and shipping research firm Clarksons, the cost of the vessels has surged by more than 30% over the past two years. Additionally, there is consistent demand for replacing aging vessels, which is further fueling orders for eco-friendly ships.

HJSC has been focusing on next-generation, sustainable shipbuilding technologies, including the successful development of liquefied natural gas (LNG) dual-fuel containerships and carbon capture and storage (CCS) containerships.

“This contract was made possible by the combination of our container shipbuilding expertise and eco-friendly technology meeting the needs of the shipowner,” an official from HJSC stated.

https://www.offshore-energy.biz/hjsc-bags-order-for-methanol-ready-boxship-quartet-from-european-shipowner/

show less

https://gastopowerjournal.com/technologyainnovation/item/14940-flex4h2-project-aims-for-100-hydrogen-at-h-class-temperatures

show less