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Torrent Power Ltd (TPL) announced recently it has signed a significant long-term Sales and Purchase Agreement (SPA) with BP Singapore Pte. Limited, a subsidiary of the global energy giant BP. This deal secures the supply of up to 0.41 million tonnes per annum (MTPA) of Liquefied Natural Gas (LNG) from 2027 to 2036. This strategic LNG procurement will be pivotal for TPLs operations in India. A key focus will be to fuel its 2,730 MW Combined Cycle Gas-Based Power Plants (GBPPs), helping to meet Indias escalating power demand, provide crucial support during peak demand periods, and balance the growing share of renewable energy in the grid. Beyond power generation, the agreement will also bolster the supplies for Torrent Groups City Gas Distribution (CGD) arm, Torrent Gas Ltd. (TGL). This ensures a reliable gas supply for a diverse customer base, including households, commercial and industrial consumers, and Compressed Natural Gas (CNG) vehicles, supporting the expanding CGD network. Torrent Power and Torrent Gas are actively looking to capitalize on the current softness in global LNG prices. Both entities plan to explore further medium and long-term LNG procurement opportunities to meet the increasing demand from their respective GBPPs and CGD networks. This proactive approach aims to enhance their portfolio diversity and consistently meet their customers energy supply needs. |
