IREDA has reported strong half yearly (H1) performance by registering 303 percent growth in loan sanctions and 56 percent in disbursements

New Delhi: Indian Renewable Energy Development Agency Limited (IREDA) has reported a remarkable performance in the first half of FY 2024-25. As per provisional figures up to September 30, IREDA has registered an impressive 303 percent growth in loan sanctions, surging to Rs 17,860 crore compared to Rs 4,437 crore during the same period in FY 2023-24.

The company’s loan disbursements also saw significant growth, increasing by 56 percent to Rs 9,787 crore, compared to Rs 6,273 crore as of September 30, 2023. Also, the loan book outstanding stood at Rs 64,500 crore, a growth of 36 percent from Rs 47,514 crore in the previous year.

Commenting on the performance, IREDA CMD Pradip Kumar Das said, “This exceptional growth underscores our firm commitment to driving India’s renewable energy goals. IREDA’s strong financial results highlight the increasing demand for clean energy financing and our dedication to supporting the green energy transition. By announcing these provisional figures on the last day of the first half of the financial year, we continue to uphold the highest standards of corporate governance. We extend our gratitude to our investors, stakeholders, and customers for their trust and partnership, which have been instrumental in achieving this milestone.”

NCRTC has signed an MoU with PTC India Limited to procure low-cost power, including green energy, via power exchanges for the Namo Bharat corridor

New Delhi: National Capital Region Transport Corporation (NCRTC) has signed an agreement with PTC India Ltd to procure low-cost power, including green energy, via power exchanges for the Namo Bharat corridor, a statement said on Monday.

This collaboration will enable NCRTC to meet part of its power requirement sourcing through power exchanges at its receiving substations (RSS) located in Ghaziabad, Modipuram, Shatabdi Nagar, and Muradnagar in Uttar Pradesh, as well as Sarai Kale Khan in Delhi, with the goal of reducing overall power costs, it added.

The agreement was signed between National Capital Region Transport Corporation (NCRTC) and Power Trading Corporation (PTC) India, a leading provider of power trading solutions.

The Delhi-Ghaziabad-Meerut RRTS corridor, currently undergoing phased commissioning, relies on electricity to ensure the smooth operation of its high-speed, efficient Namo Bharat trains. Reducing electricity costs is a key focus for NCRTC, as energy expenses constitute around 30-35 per cent of its operational expenditure, it said.

NCRTC is currently sourcing electricity from Discom, and efforts are underway to reduce energy costs by exploring procurement through power exchanges, provided the overall tariff is lower than Discom's energy charges, the statement said.

With extensive experience in the power exchange business, PTC India will assist NCRTC in this effort, helping to minimise costs while ensuring a reliable and uninterrupted power supply. PTC has previously provided similar energy management services to various organisations, it noted.

NCRTC Managing Director Shalabh Goel said, "A capital-intensive project like the RRTS needs to be sustainable in the longer term. We are pleased to partner with PTC India in managing our energy needs. NCRTC is committed to finding innovative and sustainable solutions. This agreement marks a significant milestone in our efforts to secure reliable and cost-effective power, including green energy, to reduce the carbon footprint".

This agreement is part of NCRTC's broader strategy to adopt innovative methods for ensuring the efficient operation of its RRTS corridors. PTC India will act as NCRTC's trading partner, facilitating power procurement and managing all energy requirements, the statement said.

The phased implementation of power trading will begin with the already commissioned section of the Delhi-Ghaziabad-Meerut corridor, with plans to expand as full operations are progressively rolled out, it said.

An Indian delegation, including senior government officials, will leave for Mongolia next month to discuss importing coking coal from the landlocked nation

New Delhi: An Indian delegation, including senior government officials, will leave for Mongolia next month to discuss importing coking coal from the landlocked nation.

The move aims at diversifying raw materials sources, and will not only increase the availability of the key steel making material but also help in cost optimisation of producing the commodity.

"We are looking at the possibility of import of coking coal from Mongolia. An Industry delegation went (to Mongolia some time back) and a government delegation is going next month," Steel Secretary Sandeep Poundrik told PTI.

India remains dependent on select group of nations -- largely Australia -- to meet 80-90 percent of its coking coal requirements. As they are located far, it takes months for cargo ships to transport the raw material to India. The logistics adds to the overall cost production of steel makers.

Imports from Mongolia, which is geographically closer to India, will provide cost benefit to the domestic steel players and improve availability of the raw material.

The government has been taking several measures to source coking coal from Russia and Mongolia.

State-owned SAIL has imported coking coal from Russia to produce steel.

Policy experts says that coal will continue to be a part of India's energy mix for the next few decades, given that it is still a developing country with significant energy needs

New Delhi: As the UK officially shut down its last remaining coal power plant on Monday, policy experts said coal will continue to be a part of India's energy mix for the next few decades, given that it is still a developing country with significant energy needs.

The UK on Monday closed its last coal power plant, becoming the first G7 nation to do so amid calls for a global coal-free energy system by 2040.

The world’s first coal power plant opened in London in 1882, and until 2012, coal accounted for 39 per cent of the UK's electricity generation.

Global energy think tank Ember said the closure of the UK's last coal plant means that more than a third of OECD countries are now coal-free, with three-quarters expected to eliminate coal power by 2030, in line with global climate goals aimed at limiting warming to 1.5 degrees Celsius.

The International Energy Agency's (IEA) "Net Zero by 2050" report recommends that developed countries phase out unabated coal by 2030, while developing countries should aim to do so by 2040 to remain on track for global net-zero emissions by 2050.

The term "unabated" in this context refers to electricity production that does not use technologies designed to capture and reduce greenhouse gas emissions.

These developments occur as developed countries push their counterparts in the developing world to accelerate the phase-down of unabated coal power.

India, the world’s second-largest consumer of coal for electricity generation after China, saw the share of coal-fired power generation rise to 75 percent in 2023-24 from 71 percent in 2019-20.

According to the IEA, while coal consumption fell in Europe and the US in 2023, it rose by 8 per cent in India and 5 percent in China.

That said, India's coal usage for power generation began several decades later than that of developed nations. While the UK's first coal power plant opened in 1882, India established its first major thermal power plant, the Hussain Sagar Thermal Power Station in Hyderabad, in 1920.

Policy experts say India is focusing on a long-term energy transition, where coal will continue to be part of the energy mix for the next few decades.

Sunil Dahiya, an independent analyst, said that while coal will not disappear in the near future, India must reduce harmful emissions from the sector by deploying advanced air pollution control technologies and improving efficiency to curb carbon emissions.

According to climate activist Harjeet Singh, India has made remarkable progress in renewable energy, but the intermittent nature of these sources and the lack of scalable battery storage mean that coal still underpins its power supply and industries like steel and cement.

"Yet, the cost of coal goes far beyond emissions -- it destroys ecosystems, displaces communities, and deepens environmental injustice. India must urgently shift away from coal, and the international community must provide the financial and technological support needed for a just transition -- for both people and the planet," he said.

Montek Singh Ahluwalia, former deputy chairman of the erstwhile Planning Commission, said in a webinar organized by the think tank Centre for Social and Economic Progress last week that India can't cut down coal immediately and it is hypocritical in the West to focus solely on coal while ignoring oil and natural gas.

"However, if we are going to achieve net-zero emissions by 2070, we must recognise that we need to phase out thermal power.We should indicate to the world that India's emissions will increase for a while, then peak, and eventually decline. Right now, there's a lot of misunderstanding in the West about India's willingness to reduce emissions, which is not true," he said.

Sunita Narain, the director general of the Centre for Science and Environment, echoed this sentiment, saying that India is currently dependent on coal, as it remains the cheapest form of energy available.

"We need to talk about a different future for coal. We must clean up coal -- not just for climate change but also for local air pollution. We will still need to invest, and that’s where the world needs a conversation."

India has repeatedly emphasised that it is still a developing country with significant energy needs and that coal remains a crucial part of its energy mix because it is a reliable and affordable source of electricity.

It argues that developed countries have historically contributed more to greenhouse gas emissions, having relied on fossil fuels for their economic development. Therefore, developed nations should take the lead in reducing emissions while allowing developing countries more time to transition to cleaner energy sources.

CIL’s revised interest rate on delayed amounts of receivables is Repo Rate of RBI, as applicable on the due date of payment, plus 3 percent

New Delhi: Starting October 1, Coal India Limited (CIL) will be applying uniform interest rates on delayed amounts of receivables, adjustments and recoverable sums that remain outstanding after the due date, said the company on Monday. This is being done to fix the ‘lopsided’ interest rates which were earlier skewed with wide variances even for the same generating company that had different Fuel Supply Agreements (FSAs) with CIL, said the PSU. “The policy tweak is for coal sold under different FSAs and schemes. This is yet another consumer-friendly approach by CIL enabling ease of business,” said the coal miner in a statement on Monday.

CIL’s Board of Directors had given its nod for parity in interest rates in the last week of July 2024, amending the definition of interest rate mentioned in the body of FSAs.

CIL’s revised interest rate on delayed receivables

CIL’s revised interest rate is Repo Rate of Reserve Bank of India (RBI), as applicable on the due date of payment, plus 3 percent. “This would be much lower than earlier rates easing the customer stress. Prior to the revision, interest rates for delayed payments used to hover between 9.5 percent and 14.85 percent under several FSAs. Repo rates are reviewed by RBI on quarterly basis,” said Coal India.

“The new interest rates are applicable for the delay in payments beyond 30th September 2024. The interest rates for the period till 30th September 2024 shall be charged as stated in the FSAs. Taking cognizance of representations by coal consumers who sought revision in the lopsided interest rates, CIL had levelled the differences and brought in a uniform rate,” it added.

Differently-ranged bank lending rates was also viewed as a factor that may be disputed by the customers while paying interest on late payment. RBI Repo rate being a benchmark and periodically reviewed by the country’s Central Bank, was considered in making a uniformly applicable rate of interest across different types of FSAs, said CIL.

Apraava Energy on Tuesday said it has The PESB Panel has recommended the name of Siba Prasad Patnaik for the post of Director (Finance) of Gliders India Limited on Tuesdaysecured a new interstate transmission project in Rajasthan

New Delhi: Siba Prasad Patnaik is set to be next Director (Finance) of Gliders India Limited, a PSU under the Ministry of Defence. He has been recommended for the post by the Public Enterprises Selection Board (PESB) Panel on Tuesday. Presently, he is serving as Chief General Manager (Finance) in NCL India Limited.

Patnaik has been recommended for post of Director (Finance) of Gliders India Limited from a list of 11 candidates, who were interviewed by the PESB Selection panel in its selection meeting held on September 24. Out of 11 candidates, three candidates from NTPC Limited, two candidates from NLC India Limited and one each from two from DNH power Distribution Corp Limited and each from RINL, NLC Tamil Nadu Power Limited, NALCO, NBCC (India) Limited, MECON Limited and Coal India Limited.

Delhi airport operator DIAL plans to introduce air train to provide seamless connectivity for passengers between Terminal 1, 2 and 3

New Delhi: Delhi airport operator DIAL plans to introduce air train to provide seamless connectivity for passengers between Terminal 1 and the two other terminals at the airport. The Indira Gandhi International Airport (IGIA), operated by the Delhi International Airport Ltd (DIAL), is the country's busiest airport and has three terminals -- T1, T2 and T3.

There are plans to implement "an elevated cum at-grade Automated People Mover (APM) System" at the airport on design, build, finance, operate and transfer model, according to DIAL. A tender has been issued regarding APM or air train.

"APM system is intended to provide reliable, fast and seamless connectivity between Terminal-1 and Terminal-3/2 spanning route length of around 7.7 km via aerocity and cargo city.

"In addition to providing required connectivity between terminals, APM system will enhance passenger convenience, improve ASQ score and reduce carbon footprint," as per details available on the airport's website.

Specific details about bidding deadline and eligibility criteria for the entities with respect to implementing the APM could not be immediately ascertained.

T1 is slightly away from T2 and T3. Currently, passengers travel between the terminals by road. The new T1 became operational on August 17.

A "large growth sacrifice" in the event of a Central bank's pursuit of price stability can lead to a trade-off between price stability and growth, said the RBI Governor

Mumbai: A "large growth sacrifice" in the event of a central bank's pursuit of price stability can lead to the emergence of a trade-off between price stability and growth, Reserve Bank Governor Shaktikanta Das said on Tuesday. To reduce the trade-offs and help an economy, central banks should employ multiple instruments like monetary policy, macroprudential regulation and micro-prudential supervision, Das said in an address in Kathmandu.

"The trade-off between price stability and growth emerges when the pursuit of price stability entails large growth sacrifice," he said, delivering the inaugural Himalaya Shumsher Memorial Lecture organized by Nepal Rastra Bank.

He acknowledged that sometimes, the pursuit of price stability could be in conflict with financial stability, and added that recently some advanced economies experienced the same when tighter monetary policy raised concerns about the banking system stability.

Das said central banks have a variety of instruments at their disposal beyond the conventional policy tools like negative interest rates, term lending facilities, asset purchase programmes and forward guidance.

In the Indian context, Das said RBI's functions are much wider than the price stability, and include maintaining financial stability.

"This helps us to take a holistic view of the economy, appreciate the synergy and trade-offs involved in various objectives, and act appropriately using multiple instruments at our disposal," he added.

The RBI's approach has "worked well" for the economy, he said, pointing out that policymakers have been able to shield the Indian economy from multiple shocks in the last few years and also helped it emerge stronger.

"The Indian economy today demonstrates vastly improved macroeconomic fundamentals and buffers," he said.

The flexible inflation targeting framework adopted in 2016 by India provides flexibility to support growth if the situation so demands.

In its meeting, telecom operators expressed concern over the exclusion of over-the-top apps by TRAI in its recommendation on Service Authorisation

New Delhi: Telecom operators in a meeting with Union Minister Jyotiraditya Scindia expressed concerns over regulator TRAI excluding messaging and calling apps like WhatsApp and Telegram in its recommendation on new licensing rules, sources aware of the development said. Operators also discussed issues concerning adjusted gross revenue payments, they added.

The meeting was attended by Reliance Jio Chairman Akash Ambani, Vodafone Idea CEO Akshaya Moondra, Bharti Airtel MD and CEO Gopal Vittal and BSNL Chairman and Managing Director Robert J Ravi.

"All telecom operators expressed concern over the exclusion of over-the-top apps by TRAI in its recommendation on Service Authorisation. Vodafone Idea and Bharti Airtel raised the issue of adjusted gross revenue," a source said.

Telecom operators have been demanding for a long time to bring calling and messaging apps, called as OTTs, under the ambit of telecom licences as they provide calling and messaging services like any telecom operator.

The Telecom Regulatory Authority of India (TRAI) did not heed to the demand of telecom operators and kept the apps out of its recommendation on the new licensing rules under the Telecommunications Act 2023.

Vodafone Idea (VIL) shared its concern on the impact of adjusted gross revenue (AGR) issue on the health of the sector which was also supported by Bharti Airtel.

Last week, the Supreme Court rejected the VIL curative petition on the grounds that it did not meet the criteria for the petition. VIL has an AGR liability of Rs 70,320 crore and Bharti Airtel has about Rs 21,500 crore. Scindia during the meeting discussed the menace of pesky calls and SMS. "The operators have some concern over unsolicited commercial calls which the DoT has taken note of," the source said.

After telecom operators, Scindia met telecom equipment makers including Dixon Technologies, Nokia, Ericsson, Sterlite Technologies and VVDN.

Uttarakhand Jal Vidyut Nigam (UJVN) Ltd has prepared an action plan to double power generation in the state in the next eight years

Dehradun: Uttarakhand Jal Vidyut Nigam (UJVN) Ltd has prepared an action plan to double power generation in the state in the next eight years. Under the action plan prepared on the instructions of Chief Minister Pushkar Singh Dhami, UJVN aims to increase power generation from 1,440 mw at present to more than 3,000 mw by the year 2031–32, UJVN Ltd Managing Director Sandeep Singhal said here on Tuesday.

A target has also been set to increase revenue generation from power to Rs 3,000 crore by 2031–32 from Rs 964 crore at present, he added.

State-owned UJVN has completed five projects of 148.5 MW capacity in the last four and a half years, which include 120 MW Vyasi Hydroelectric Project in Dehradun, 5 MW Suringarh Hydroelectric Project in Pithoragarh, 4 MW Kalganga I and 4.5 MW Kaliganga II in Rudraprayag and 15 MW Madhyamaheshwar Hydroelectric Project, Singhal said.

Apart from working expeditiously on its projects to increase power generation in the state in the coming years, approval has been taken from the state Cabinet to give various types of concessions to the power generation companies of the central government and private developers so that their cost can be reduced, the UJVN MD said.

Besides, UJVN has formed a joint venture with THDC. The JV has been allotted five projects. He also informed that under innovation in power generation, work is being done on the development of hydrokinetic turbines in existing canals in collaboration with IIT Roorkee.

Apart from this, there is also a plan to set up a green hydrogen plant of one-megawatt capacity in Haridwar, he said. An MoU will soon be signed with Iceland to produce thermal energy. He said that a request has been made to the central government to reimburse UJVNL's expenditure on Bhairon Ghati and Pala Maneri hydroelectric projects, which were closed due to environmental reasons.

Till the closure of the projects, Rs 25 crore had been spent on the Bhairon Ghati hydroelectric project and Rs 125 crore on the Pala Maneri hydroelectric project, he noted.

Singal said that a letter has been sent to the Union Power Ministry in this regard.

REC Ltd will raise USD 500 million under its USD 10 billion global medium-term note programme

New Delhi: State-owned REC Ltd on Monday said it will raise USD 500 million under its USD 10 billion global medium-term note programme. According to a filing, these notes represent direct, unconditional and unsecured obligations of the company and will rank pari passu among themselves and all other unsecured obligations of the company.

"REC under its USD 10 billion Global Medium Term Note Programme, has priced USD 500 Million, 4.75 per cent Notes, on September 23,2024," a BSE filing stated.

These notes will be listed on Global Securities Market of India International Exchange Ltd (India INX) and NSE IFSC.

The net proceeds from the issue of these notes will be applied to finance, in whole or in part, the eligible green projects, in each case in accordance with the REC Ltd Green Finance Framework and the External Commercial Borrowings guidelines and directions of, and the approvals granted by, the Reserve Bank of India (RBI) from time to time.

The survey conducted online by The Harris Poll on behalf of Urban Science received inputs from various markets including India, the US, Australia, China and Germany

New Delhi: Majority of new car buyers, who participated in a study, were ready to accept new energy vehicles (NEV) as the only option when considering a purchase by 2030, according to a survey.

The buyers would be willing to pay a premium of up to 49 percent for an electric vehicle above the cost of a comparable petrol/diesel vehicle, a survey from Urban Science and The Harris Poll has revealed.

Around 83 percent of the 1,000 prospective Indian buyers covered in the global survey said they will consider buying an NEV by the end of this decade.

The survey conducted online by The Harris Poll on behalf of Urban Science received inputs from various markets including India, the US, Australia, China and Germany.

The survey stated that the positive outlook for NEVs in India is being fuelled by the rapid expansion of public EV charging network, with a noticeable presence in major cities and emerging in tier-2 cities.

There are currently over 6,000 charging stations available in India across major cities and along the highways.

This number is expected to increase to over one lakh by 2027.

The positive outlook is also due to the government's proactive policy initiatives for the EV segment, the survey revealed.

It pointed out that India must access the advanced technology and production scale that China has mastered in the EV field.

Opportunity is mounting, but India's EV push faces challenges, especially when compared to China's dominance in the sector, it stated.

China leads in producing lithium-ion batteries, electric motors, and establishing charging infrastructure critical components for the seamless functioning of EVs, survey findings revealed.

Without leveraging this expertise, India's EV ambitions might struggle to stay relevant, it stated.

Collaborating with Chinese companies could be pivotal in accelerating the development of India's EV infrastructure, making electric cars more affordable and accessible for everyone, the survey opined.
 

China's track record with massive EV projects, such as city-wide electric bus fleets and extensive charging networks, provides a valuable blueprint, it said.

By learning from China's experiences, India can avoid common pitfalls and fast-track its transition to electric mobility, it said.

The drill was organised to evaluate the readiness of the team and systems in the event of an emergency situation ensuring the safety of employees and assets

New Delhi: Rashtriya Ispat Nigam Limited (RINL), the corporate entity of Visakhapatnam Steel Plant conducted a plant Level on-site emergency nock drill on Monday to ensure the emergency preparedness at RINL. The drill was organised to evaluate the readiness of the team and systems in the event of an emergency situation ensuring the safety of employees and assets.

An Emergency scenario of Liquid Nitrogen leakage from the Liquid Nitrogen Tank at Air Separation Plant-1 of Utilities Dept. was enacted, in which two persons were considered to be affected with cold burns and asphyxiation while attending to maintenance activity.

On hearing loud cries of the employees, the incident controller immediately initiated emergency response procedures. Subsequently, emergency mitigation measures were demonstrated by all the teams of VSP including Utilities Dept employees, CISF Fire and security, Medical services, Gas Safety, Environment Management Dept, safety department, HR, Instrumentation etc to control the situation and rescue the victims.

During the mock drill, fixed and mobile fire fighting installations, water curtain systems, First aid and rescue equipment etc were effectively deployed. CISF personnel carried out the rescue operation and rescued the affected persons from the spot using Self-contained breathing apparatus (SCBA) and other emergency response devices.

The mock drill was witnessed by V Suresh – Dy. Chief Inspector of Factories, Govt. of AP; Swapna Latha - Deputy Electrical Inspector, Directorate of Electrical Safety, Govt. of AP and Sri Lakshmi - Assistant Environmental Engineer, AP Pollution Control Board, Govt. of AP along with Pravin Kumar, CGM (Safety, Mines & Contracts) and Manager of the Factory, RINL; Uttam Brahma - GM (Energy, Environment, & Utilities) RINL.

Suresh appreciated the efforts of RINL in effectively training the employees and demonstrating the preparedness during emergencies.

K Sam Babu- HOD (Utilities) & Site Controller, M Satyanarayana Raju – HOD (Safety Engineering Department) and other senior officers from Utilities Department, Water Management department (WMD), Safety Engineering Department also attended the mock drill. Officials from Hinduja Power Plant who are mutual aid partners of RINL have also witnessed the Mock drill.

PNB on Monday fixed a floor price of Rs 109.16 per share for its share sale through qualified institutional placement (QIP)
 

New Delhi: State-owned Punjab National Bank (PNB) on Monday fixed a floor price of Rs 109.16 per share for its share sale through qualified institutional placement (QIP).

The bank had taken board approval last year for raising up to Rs 7,500 crore via share sale in one or more tranches during 2024-25.

The board approved and adopted the preliminary placement document together with the application form in connection with the issue, PNB said in a regulatory filing.

It also approved the floor price Rs 109.16 per share based on the pricing formula as prescribed under Regulation 176 of the Sebi ICDR Regulations, it said.

The bank may offer a discount of not more than 5 percent on the floor price so calculated for the issue, it said.

The issue price will be determined by the bank in consultation with the book running lead managers appointed in relation to the issue, it added.

There is a need to continue with installation of new thermal capacities as the supply of green power is not in line with demand, Union Minister Manohar Lal said on Monday

New Delhi: There is a need to continue with installation of new thermal capacities as the supply of green power is not in line with demand, Union Minister Manohar Lal said on Monday.

He also said that any call on reducing installation of thermal capacities can only be taken after 2030.

The union power minister made the remarks at an event to brief 100-day achievements of the Modi-3.0 government in the national capital.

"Till the supply of renewable energy does not matches the demand, it seems necessary to increase the capacity of thermal plant in the country, and reduce its installation gradually. But till 2030-35, We have to take these (thermal projects) ahead," Lal said.

The government is looking to set up an additional 80 GW coal-based capacity by 2031-32.

According to Power Secretary Pankaj Agarwal, in 100 days of the present government, 12800 MW or 12.8 GW capacity has been awarded for construction, while 28 GW is under progress.

The minister further said that the National Electricity Plan 2023-32 will be launched in next 15 days.

Roadmap has been prepared to achieve the 425 GW peak demand by 2030 and 458 GW by 2032. Under the new plan, the transmission network will be increased from 4.85 lakh ckm in 2024 to 6.48 lakh ckm by 2032.

The government will also increase transformer capacity to 2342 GVA (gigavolt-ampere) from 1251 GVA, Lal said adding that an investment of Rs 9.15 lakh crore will be needed for these development works.

India has a potential of 184 GW of pumped storage projects (PSPs). Around 4.7 GW have already been installed, 6.47 GW is under construction and 60 GW under process of survey and investigation.

Lal said the country will have 1 lakh EV charging stations by 2030.

The government has also decided to grant up to Rs 750 core for hydro projects in Northeast.

The minister also said that 50 GW ISTS ( Inter State Transmission System) capacity has been approved. The transmission network of 335 GW is planned to evacuate 280 GW of Variable Renewable Energy (VRE) to ISTS by 2030.