RCS - CyanConnode Holdings - Conference of Indian Power Ministers

Cyanconnode HoldingsAnnouncement

27/10/2022 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20221027:nRSa2540Ea&default-theme=true

RNS Number : 2540E  CyanConnode Holdings PLC  27 October 2022

 
27 October 2022

 

CyanConnode Holdings plc

("CyanConnode" or the "Company")

Conference of Indian Power Ministers

 

CyanConnode Holdings plc (AIM: CYAN) provides an update on the Indian Smart
Metering market, following discussions at The Conference of Power and
Renewable Energy Ministers of State/ Union Territories ("UTs") (the
"Conference"), which was held on 14 and 15 October 2022 in Rajasthan, India.
R.K Singh, Union Minister for Power and New and Renewable Energy ("NRE"),
chaired the Conference which was attended by Krishan Pal Gurjar, Minister of
State for Power, Deputy Chief Ministers, Power, and NRE Ministers of States,
along with Principal Secretaries of States and UTs.

 

During the Conference, detailed deliberations were held, with focus being on
the financial viability and sustainability of the distribution sector,
modernization and upgrading of power systems, and the development of power
systems to ensure 24x7 power supply. Discussions included the investment and
power sector reforms required. The States provided their inputs and
suggestions on each of these pertinent issues.

 

Delegates considered the critical role of the distribution sector in ensuring
financial and operational sustainability across the power sector value chain.
The Conference debated the effective steps towards the reduction of Aggregate
Technical and Commercial ("AT&C") losses which would ensure cost
reflective tariffs, accounting of subsidies and timely payment of subsidies by
state governments, clearance of outstanding dues of state government
departments and adherence to Electricity Late Payment Surcharge and Related
Matters Rules, 2022 ("LPS Rules") for timely payment of dues to generating
companies. In order to reduce AT&C losses, it was agreed to expedite the
deployment of prepaid smart meters to consumers and establish appropriate
energy accounting systems.

 

There was a dedicated brainstorming session on prepaid smart metering and the
Revamped Distribution Sector Scheme ("RDSS"), set up to improve financial and
operational efficiency of the distribution companies ("DISCOMs"). The session
focused on the key challenges facing DISCOMs, the benefits of prepaid smart
metering, the current status and impact of the smart metering programme in
India, and the key measures being undertaken by the government.

 

Highlighting the renewable energy sector achievements of the past few years ,
deliberations were made on policy, regulatory and institutional interventions
required for fast-track implementation of renewable energy projects.  It was
emphasized that the states should support the Government of India's objectives
for non-fossil installed capacity as well as creating an enabling framework to
enhance the domestic manufacturing capacity in the renewable energy sector
through various incentive measures.

 

Please click on link below to a pdf giving further information from this
event.

 

https://cyanconnode.com/wp-content/uploads/2022/10/Smart-Metering-in-India-update.pdf
(https://cyanconnode.com/wp-content/uploads/2022/10/Smart-Metering-in-India-update.pdf)

 

Further information will be released on CyanConnode's website as it becomes
publicly available.

 

- Ends -

 

Enquiries:

 

 CyanConnode Holdings plc                  Tel: +44 (0) 1223 865 750
 John Cronin, Executive Chairman           www.cyanconnode.com (http://www.cyanconnode.com)

 Cenkos Securities plc (Nomad and Broker)  Tel: +44 (0) 20 7397 8900

 Stephen Keys / Charlie Combe

 Arden Partners plc (Joint Broker)         Tel: +44(0) 20 7614 5900

 Simon Johnson (Corporate Broking)

 

About CyanConnode

CyanConnode is a world leader in narrowband radio frequency (RF) mesh networks
that facilitate machine to machine (M2M) communication.  CyanConnode's
innovative technology uses the industrial, scientific, and medical radio band,
(ISM), which is optimised to give exceptional performance and competitive
total cost of ownership.  Through global partnerships, CyanConnode provides
customers with a solution for the rapid deployment of local or countrywide ISM
RF mesh networks that provide reliable and secure M2M communication.

 

For more information, please visit www.cyanconnode.com
(http://www.cyanconnode.com)

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word “Reach” in the source column of the News Explorer pages of London Stock Exchange’s website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRABCBDGCXDDGDL