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OMCs bullish on renewable energy segment

OMCs bullish on renewable energy segment


In a bid to reduce carbon footprint and look at avenues beyond the conventional sources of energy, oil marketing companies (OMCs)—Indian Oil Corp. Ltd, Bharat Petroleum Corp. Ltd and Hindustan Petroleum Corp. Ltd —are looking at expanding their renewable energy plans. IOCL, the country’s largest oil marketing company, plans to generate 260 megawatt (MW) of renewable power in the next five years. HPCL, on the other hand, has plans to generate 1,000 MW in the same time period.

“IndianOil has ambitious plans to broaden its energy basket with alternative energy options. The corporation envisages setting up 260 MW of renewable energy (wind and solar) over the next five years,” IOCL said in its annual report for 2015-16. IOCL has installed wind power systems totaling 69.3 MW in Gujarat and Andhra Pradesh. A 5 MW grid-connected solar power plant at Rawra, Rajasthan, is also in operation since 2012.

“Transition to alternative forms of energy is picking up momentum and, being an energy company, we are preparing for this paradigm shift. We have already made big investments in both solar and wind power projects and are well placed to quickly adapt to future needs,” said B. Ashok, chairman of IOCL, in the annual report.

Source: Khabarindia
Anand Gupta Editor - EQ Int'l Media Network


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