Vedanta Aluminium’s purchase of green power units is more than 35 percent of the green power traded on IEX in Q1 FY22, said the company in its release today. (Representative Image)
Aluminium today said it procured 354 million units of solar and non-solar renewable energy primarily from Green Term-Ahead Market (GTAM) at IEX
for its aluminium production facility at Jharsuguda, in Odisha.
GTAM, introduced last year by IEX, supports buyers in procuring green energy in the most competitive and flexible manner. The purchase of green power from the exchange has enabled organisations like Vedanta
and the industry at large to achieve their carbon-mitigation targets while producing ‘green’ value-added products.
“The market segment has been operational for over a year now and has received splendid response from industries, especially the energy intensive ones as well as the distribution utilities,” Rohit Bajaj, senior vice president and head-business development at IEX
was quoted as saying.
“Our long-term strategy focuses on migrating to low carbon energy mix, with gradual shift from fossil fuels to renewable energy, to produce green aluminium,” Rahul Sharma, chief executive officer at Vedanta Aluminium was quoted as saying.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.