Smart electricity meters can be dangerously insecure
Smart electricity meters, of which there are more than 100 million installed around the world, are frequently “dangerously insecure,” a security expert has said. The lack of security in the smart utilities raises the prospect of a single line of malicious code cutting power to a home or even causing a catastrophic overload leading to exploding meters or house fires, according to Netanel Rubin, co-founder of the security firm Vaultra. “Reclaim your home,” Mr. Rubin told hackers and security experts, “or someone else will.” If a hacker took control of a smart meter, they would be able to know “exactly when and how much electricity you’re using,” Mr. Rubin told the 33rd Chaos Communications Congress in Hamburg. An attacker could also see if a home had any expensive electronics. “He can do billing fraud, setting your bill to whatever he likes … The scary thing is if you think about the power they have over your electricity. He will have power over all of your smart devices connected to the electricity. This will have more severe consequences: imagine you woke up to find you’d been robbed by a burglar who didn’t have to break in. “But even if you don’t have smart devices, you are still at risk. An attacker who controls the meter also controls the meter’s software, allowing him to cause it to literally explode.” Mr. Rubin said many of the warnings were not hypothetical. In 2009 Puerto Rican smart meters were hacked en masse, leading to widespread billing fraud, and in 2015 a house fire in Ontario was traced back to a faulty smart meter, although hacking was not implicated in that. Outdated protocols The problems at the heart of the insecurity stem from outdated protocols, half-hearted implementations and weak design principles. While the physical security of smart meters is strong — “trust me, I tried” to hack in that way, Mr. Rubin said — the wireless protocols many of them use are problematic. To communicate with the utility company, most smart meters use GSM, the 2G mobile standard. That has a fairly well-known weakness whereby an attacker with a fake mobile tower can cause devices to “hand over” to the fake version from the real tower, simply by providing a strong signal. In GSM, devices have to authenticate with towers, but not the other way round, allowing the fake mast to send its own commands to the meter. Worse still, said Mr. Rubin, all the meters from one utility used the same hard-coded credentials. “If an attacker gains access to one meter, it gains access to them all. It is the one key to rule them all.” Inside the home, too, the communications are rendered insecure by outdated standards and bad implementation. Almost all smart meters use the Zigbee standard to speak to other smart devices in the home. Zigbee, which dates from 2003, is a home automation standard, used for controlling everything from lightbulbs to air conditioners. But it is so convoluted, due to the vast array of devices supported, that it is almost better to think of it as 15 different standards, each of which vendors can choose to implement as they see fit. “This unique situation is so difficult to implement, vendors actually choose what they want to implement. And when they choose what to support, they more often than not skip security,” Mr. Rubin said. — The Guardian Cooper Kupp Authentic Jersey
New Year begins with crude shock for consumers as all fuels become costlier
The New Year started on a crude note for consumers as fuels across the board became costlier due to an uptick in global oil prices in the wake of a global production cut deal among major oil exporters, including Opec and Russia. State-run fuel retailers raised petrol price by Rs 1.29 a litre, the third in a month. Diesel rate was hiked by 97 paise a litre, marking the second increase in a fortnight. The actual price, however, at the pumps will be higher since the revised prices are excluding local levies. The price of subsidised LPG cylinder was also raised by Rs 2 in line with a decision to raise prices every month till the price attains parity with market rates. Jet fuel also became costlier by 8.6%, or Rs 4,161 per kilolitre (kl), to Rs 52,540.63 per kl in Delhi. While airlines are loathe to pass on reduction in the price of fuel — which accounts for 40-50% of operational costs — they are quick to raise fares on costlier fuel. Jet fuel rates were reduced by 3.7% last month. Global benchmark oil, Brent, which has nearly 30% weightage on India’s crude bill, has risen 52% in 2016, especially pushed by the production cut deal. after in this year, substantially oil prices Brent rose 52 percent this year and WTI climbed around 45 percent, the largest annual gains since 2009, when the benchmarks rose 78 percent and 71 percent respectively. As a result, India’s crude purchase cost has risen to $54.55 a barrel from an average of $44.46 in November. Vernon Hargreaves III Jersey
Petronet signs pact to set up $950 mn LNG project in B’desh
India’s largest LNG importer Petronet has signed an agreement to set up a USD 950 million liquefied natural gas import project in Bangldesh. Petronet signed a MoU with with Petrobangla to set up a 7.5 million tonnes a year project to receive and regasify LNG on Kutubdia Island in Cox’s Bazar and lay a 26-km pipline to connect it to the consumption markets. “We intend to start marine survey work this month and are targeting 2020 for completion of the project,” Petronet LNG CEO and Managing Director Prabhat Singh told here. Singh signed the memorandum of understanding with Petrobangla secretary Syed Ashfaquzzaman on December 30. The project envisions future expansion and can be used to supply LNG through small barges and LNG trucks to users which are not connected by gas grid. While what has now been signed is just a preliminary agreement, a formal pact will be signed once a joint venture is agreed between Petronet and Petrobangla. “We are keen that Petrobangla becomes part of the joint venture (building the LNG) project and are willing to offer them up to 26 per cent stake. But they are not keen to invest due to fund constraints. So we would like them to keep a nominal interest of say 5 per cent or so,” he said. Petronet, he said, is not looking at partnership with Petrobangla for funds but only for project securitisation. “We want an assurance that they will buy the gas we import,” he said. Singh said his company is also keen to rope in state gas utility GAIL India Ltd in the project at some point of time to help implement the pipeline that is to be laid to connect the import facility with consuming markets. And others like Indian Oil Corp (IOC) too can join if city gas projects are to be developed, he said. “GAIL may be wanting to sell LNG into Bangladesh and then there is this pipeline. So, it will be a great fit if they join the project,” he said. Bangladesh has a lot of unmet demand. Gas demand is projected to more than double to 45 million tonnes from current 20 million tonnes in next 20 years. “The LNG projects planned will not be able to meet all of this demand,” he said. Petronet’s import terminal is expected to be completed within four years. Excelerate Energy is looking at setting up a floating terminal at Moheshkhali. Ethan Pocic Authentic Jersey
Outlook for Energy
Outlook for Energy is Exxon Mobil’s global view of energy demand and supply through 2040. In 2040, oil use will be slightly lower and natural gas slightly higher with a total of 58% of the global energy mix. Natural Gas demand rises the most, largely to help meet increasing needs for electricity and to support rising industrial demand. North America is about to become an important energy player in this new energy paradigm. Introduction: Exxon Mobil’s 2040 outlook is an important study and a stark reminder that the “global energy mix” will be basically the same for Oil and Gas, looking as far as 2040, with only a few differences. Since the Industrial Revolution started, Oil and Natural gas have played an instrumental role in economic transformation and mobility in our industrialized and “modern” World. Oil was so fundamental in the 20th Century, that we regard it often as the “Age of Oil”. Today, Oil and Natural gas are still playing a pivotal role in the current global energy mix. Today, approximately 35% of primary energy used globally is assured by oil-based fuels, and natural gas represents a further 22% of total world energy mix. In 2040, oil use will be slightly lower and natural gas slightly higher with a total of 58% combined. Which means that oil will remain the world’s primary energy source through 2040. Why is this important? Because energy is fundamental to modern life. It is critical to human progress and to improving living standards for billions of people across the globe. Deion Sanders Jersey
Lined up for 2017 Kochi. Reloaded
In the pipeline LNG deadline revised 2016 too proved to be a non-starter year for the LNG pipeline project from Kochi to Mangaluru. However, a major development connected to the project did happen last year. The oil and natural gas regulator Petroleum and Natural Gas Regulatory Board (PNGRB) has revised the deadline for laying the Kochi-Koottanad-Bengaluru-Mangaluru natural gas pipeline network to February 2019. But now GAIL now says that it is committed to complete the project by the second half of 2018, ahead of the revised timeline. In a letter to Gas Authority of India Limited (GAIL), which is tasked with the laying of the pipeline, dated December 8, PNGRB stated that the new schedule was announced considering the recommendation of Ministry of Petroleum and Natural Gas. The initial deadline for completion of the project was June 2015. GAIL had resumed work on the Phase-II of Kochi-Koottanad-Bengaluru-Mangaluru Pipeline in the state in October 2016. The IL&FS Engineering Services, which bagged the contract for the pipeline laying work, divided the entire 503-km pipeline project into four parts. Kochi Refinery Expansion Kochi Refinery expansion is part of BPCL’s D200 billion integrated refinery expansion project, which also includes a D50 billion petrochemical project to produce specialty chemicals. The work on its 15.5-million ton refinery expansion in Kochi is almost completed and the commissioning will take place in the fourth quarter. The Refinery may look at further increasing its capacity to 22 million tons (MT). “With land acquisition becoming one of the biggest hurdles in new projects, we may look at further increasing the Kochi capacity to 22 MT at a later stage as we have enough land there even after the ongoing D1650 billion work,” said a top official of BPCL. Infopark Kochi Infopark Kochi’s ambitious second phase on 167 acres turned operational with the commissioning of the Cognizant campus. Once completed, the D25 billion project will have 8 million sq.ft. space, generating 80,000 jobs. Infopark Kochi, started the year 2016 by throwing open the first IT building on six acres with a total built-up area of 0.33 million sq.ft. at Koratty in Thrissur district. Another development is that World Trade Centre, Kochi with state-of-the-art infrastructure developed by Brigade Group with Kochi Infopark, was launched on the Infopark campus. The foundation stone for IBS Software campus on nearly five acres with a built-up area of 0.6 million sq.ft. was laid at Infopark. Kerala Startup Mission Year 2016 was significant for the startups in Kerala. The startup village in Kalamassery was taken over by Kerala Startup Mission. Now the government entity is trying hard to make an impact in the startup ecosystem in the country. Larger drydock for Cochin Shipyard The Cochin Shipyard is all set to receive an investment to the tune of D18 billion for the construction of a larger drydock at the yard and another D9.70 billion for the upcoming International Ship Repair Facility (ISRF) on the Cochin Port premises. The Shipyard had already received environmental clearance for both these projects. The proposed initial public offering (IPO) – stock market sale of 3,39,84,000 equity shares of Rs 10 each amounting to an equity capital of D339.84 million of the yard – to raise funds for both the projects. Even though the timeline for the IPO is not yet declared, the PSU major is all set to enter into the stock market in 2017. Zack Martin Jersey
Prices of LPG cylinders, kerosene and jet fuel increased
A subsidised 14.2 kg cylinder will become expensive by Rs 2 to Rs 434.71 in Delhi, as against Rs 432.71 earlier. State-run oil marketing companies (OMCs) on Saturday hiked the price of subsidised cooking gas, or LPG, along with kerosene and aviation turbine fuel (ATF). The three state-owned OMCs revise rates of LPG, kerosene and ATF on the first of every month, based on global oil prices and the foreign exchange rate. This is the seventh straight month of increase in cooking gas cylinder prices — a subsidised 14.2 kg cylinder will become expensive by Rs 2 to Rs 434.71 in Delhi, as against Rs 432.71 earlier. In a move to reduce its LPG subsidy outgo, the government in July had decided on small hikes of around Rs 2 per cylinder every month. NON-SUBSIDISED LPG DEARER BY RE 1 The price of non-subsidised LPG, which consumers buy after exhausting their quota of 12 cylinders in a year, was also hiked on Saturday by Re 1 to Rs 585. Meanwhile, kerosene will became dearer by 26 paisa to Rs 19.43 per litre in Kolkata Steve Yzerman Jersey
Here’s how major commodities are likely to perform in 2017
Forecasting commodity markets for 2017 will depend largely on four main likely drivers. After a largely stellar year in 2016, the outlook for major commodities is likely to come down to the actions of Donald Trump, FED, the Chinese government and OPEC. CRUDE OIL There is considerable uncertainty around the outlook of the implementation of the Opec agreement, which, if carried through, will undoubtedly impact oil markets. A modest recovery is projected for most commodities in 2017, as demand strengthens and supplies tighten. Opec’s ability to affect oil prices is likely to be tested by the expansion of oil supply from unconventional sources, including shale producers. In particular, there are concerns that Opec members may not stick to their commitments, that demand will underwhelm – or, more pressingly, that rising prices will trigger a surge in production in the US. However, there is now a sense that the market is returning closer to balance, helped by American Petroleum Institute (API) data last night estimating US crude stockpiles dropped by more than four million barrels last week. In general, however, the market remains optimistic on supplies going into 2017 after the deal between Opec and other world producers, including Russia, to cut global output by 1.8 million barrels a day. Even the news that Libya, one of several Opec members exempted from the cuts, has doubled output to 600,000 barrels a day failed to dampen trader spirits too much. Coal prices surged 30 per cent, reflecting strong import demand and tightening supply in China following restrictions on production aimed at reducing pollution. U.S. natural gas prices jumped more than 33 percent due to strong demand for air conditioning, falling production, lower injections into storage, and increased exports to Mexico and to South America during the southern hemisphere winter. On September 28, Opec agreed to limit crude oil output to 32.5-33.0 million barrels per day, effectively ending two years of unrestrained production. This marked an important policy shift, especially for Saudi Arabia, the organization’s largest producer. Opec, the only surviving commodity organization seeking to influence markets, guiding global oil prices will be challenging in the presence of unconventional oil producers, notably the US shale oil industry. The US crude oil rig count peaked at 1,609 in October 2014. In contrast, it hit 316 in the week ending May 27, 2016-the lowest level since the 1940s. The US drilling activity fell due to lower crude oil prices. The lower prices were due to oversupply. The US crude oil rig count has risen by 109 rigs from the lows in May 2016. The big test then is whether higher prices provide another boost to US shale producers. As such, markets will also scour the US figures for signs the count of drilling rigs is picking up pace, which could suggest a production surge to come. On the technical front, we see prices of NYMEX WTI, hitting $62-63( MCX: 4000-4,200) levels and then grinding lower from there back to $50. But, we believe anything below $45 ( MCX: 3,000) could evoke another round of cuts, which could potentially take prices to the mid $70’s (MCX: 4,800-5000) again. GOLD & SILVER I find myself more pessimistic for bullion going into 2017 and never felt like this even during last year this time around when prices hit a six year low after the announcement of rate hike. But, gold retraced higher subsequently, thanks to weak stock markets and doubts over further hikes. Very similar announcement of a rate hike was made this month as well, but the difference is that, it is accompanied with negative fundamentals for gold. When we describe fundamentals for gold, it is to do with consumption and production. Production has been on the rise and consumption declining rapidly in the large consuming countries, India and China, with China also being a largest miner of gold. India as a country has more trust in adornments, than other asset and it is reasonable to expect demand to suffer more till the first half of 2017, as Indians have to get used to buying gold officially. However, in a country where the appetite for gold is insatiable, demonetization may have slowed down the gold demand only for a couple of quarters and we feel the demand will be back on track and so will the gold imports. Looking back in 2016, gold received a kicker since the beginning of the year, after reaching its nadir right towards the end of 2015, where it sank to around $1 050/oz. But what appeared to be a rapidly deteriorating economic environment characterised by negative interest rates in many developed countries, has led the yellow metal to rise by almost $300/oz or slightly above 20% since the start of the year. By the middle of the year predictions of $1500-$1900 started appearing from many of the reputed banks and institutions across the world purely based on hope that the FED might not hike rates for long period of time. Something like Brexit did not evoke the kind of reaction that is normally expected of gold and then came the trump shock taking any bullish meat left in gold. Since then, prices have fallen for six straight weeks, the worst streak in a year, as prospects for higher US borrowing costs damped demand for gold, a for a zero yielding asset like gold. Markets don’t seem too optimistic about the outlook for 2017. Hedge funds cut their bets on a rally to the lowest since February, while outflows are ramping up from exchange-traded funds. Where do we see the price of gold going in 2017? Given that stock markets, are becoming very bullish, gold could loose its safe-haven appeal. In the early days of 2016, markets were driven by fear, which is the reason gold rallied so strongly, but that has changed recently. Add to it Eurozone woes, the never-ending doubts over the fate of the Italian banking system, and general concerns over the health of the global economy. More
Reliance Commissions New Paraxylene Plant at Jamnagar on Reliance Founder’s Day
Reliance Industries Limited (RIL) has announce commissioning of the first phase of Para-xylene (PX) plant at Jamnagar, Gujarat. The plant with capacity of 2.2 MMTPA is built with state-of-the-art crystallization technology from BP which is highly energy efficient and environment friendly. With the commissioning of this plant, RIL’s PX capacity will more than double from 2.0 MMTPA to 4.2 MMTPA. “Commissioning of the new PX plant marks beginning of the culmination of a series of projects including the refinery off-gas cracker, ethane import project and petcoke gasification. These projects are part of the largest contemporary investment, in excess of Rs. 100,000 crore, in Refining and Petrochemicals sector anywhere in the world. Our projects are on schedule and at an advanced stage of mechanical completion. The new PX capacity takes us a step closer to being among the top 10 petrochemical players globally. This is a fitting tribute to our visionary Founder Chairman Shri Dhirubhai H. Ambani,” said Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited. Reliance Industries Limited (RIL) is India’s largest private sector company, with a consolidated turnover of INR 296,091 crore (US$ 44.7 billion), cash profit of INR 40,737 crore (US$ 6.1 billion) and net profit of INR 27,630 crore (US$ 4.2 billion) for the year ended March 31, 2016. The move comes on the birth anniversary of Reliance’s Founder Chairman Padma Vibhushan Shri Dhirubhai H. Ambani. On commissioning of entire PX capacity, Reliance will be the world’s second largest PX producer with 9% of global PX capacity and 11% share of global production. The new PX capacity will add value to the output from refineries and improve the profitability of the Jamnagar complex. PX is the building block for the entire polyester chain. The new capacity will complete the integration within Reliance’s polyester value chain, leading to improved margins and also strengthen its position in polyester industry globally. RIL is the first private sector company from India to feature in Fortune’s Global 500 list of ‘World’s Largest Corporations’, currently ranking 215th in terms of revenues and 126th in terms of profits. RIL ranks 238th in the Financial Times’ FT Global 500 list (2015) of the world’s largest companies. RIL ranks 121st on the Forbes Global 2000 list (2016), continuing to be the top-ranked Indian company. RIL’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and telecommunications. Peyton Barber Womens Jersey
Rs 1 lakh crore investment in solar power, green corridor on government’s energy radar for 2017
Green seems to be the catchword for the government heading into the next year as it gears up to achieve 175 gigawatt of clean energy by 2022 through auction of 1,000 MW of rooftop solar power, Rs 13,000 crore investment in solar parks and a Rs 21,000-crore package to boost local manufacturing of panels. By all yardsticks, 2016 remains a watershed year when solar tariff slumped to Rs 4 per unit and wind projects received a major thrust. The government is set to switch gears in 2017 to make India a hub for one of the largest installations of clean energy sources by 2022. Minister for New and Renewable Energy Piyush Goyal offered a glimpse of things to come while speaking to PTI. Scaling up of rooftop solar programme, scheme to encourage domestic manufacturing of solar panels and making wind power affordable through auction of sites all fill up a packed 2017. His ministry has in its sight Rs 1 lakh crore investment for the sector and is looking at 20 GW of power generation from non-conventional sources in 2017-18. Beginning with speeding up the tempo for solar panel installation at homes, schools and hospitals through subsidies in 2016, plans are afoot to expand the rooftop programme to government buildings by providing target-based incentives. In the November auction of 500 MW, subsidies for installation of as much as 432.7 MW of rooftop solar capacity were lapped up by 122 developers. A fresh tender for one gigawatt (1,000 MW) is now in the works. The Prime Minister Narendra Modi-led government is eyeing generation of 100 GW from solar power alone by 2022. Rooftop solar capacity almost doubled to 1,000 MW in 2016 and the aim is to take this to 40 GW. Also on the table is a green corridor to transmit 2,000 MW of power from 34 solar panels across 21 states. For good measure, Goyal said, a scheme to promote domestic manufacturing of solar panels will become a reality in 2017. The Rs 21,000-crore module aims to create 5 GW of photovoltaic manufacturing capacity by 2019 and 20 GW by 2026. India’s renewable energy generation capacity stands at 45 GW. According to Goyal, wind power is up next after successful reduction in solar tariff through transparent auction of sites. A mobility scheme is on the anvil to achieve 100 per cent electric vehicle-based transportation for India by 2030, he said without giving out specifics. Early next year, the ministry will organise Global RE- Invest 2017 India-ISA Partnership, the second edition of the bi-ennial Renewable Energy Investors Meet and Expo to bring in investors. The event will build on RE-Invest 2015 and explore the advances to help meet India’s ultimate target of adding 175 GW renewable energy capacity by 2022. The ministry is keen on fostering competition among players, particularly in the wind energy space, to bring down tariff and make it a viable source of electricity for consumers. The Global Renewable Energy Investors meet is the world’s largest renewable energy investors gathering to be organised in 2017, Goyal said. He spoke of launching renewable energy fund under the National Investment and Infrastructure Fund (NIIF). The ministry has been working on this USD 2-billion fund to make private players invest in the sector. In 2017-18, the government is eyeing 20,450 MW power capacity addition from renewables, including 15,000 (solar), 4,600 MW (wind), 750 MW (biomass) and 100 MW from small hydro power (of up to 25 MW). A total of 7,518 MW of grid-connected power generation capacity from renewable sources has been added this year (January to October 2016). In 2016-17, a total of 1,502 MW capacity has come on board till October-end this year, making a cumulative realisation of 28,279 MW. Now, in terms of wind power installed capacity, India is placed at the 4th rank after China, the US and Germany. As for solar power, a total of 1,750 MW capacity has been added till October-end this year, making it a cumulative 8,728 MW. After bringing solar tariff to a record low of Rs 3 per unit, the minister indicated making wind power affordable. He said, “There will be a wind auction to transparently reduce the tariff.” The government has planned solar energy from every roof in the country and there will be expansion of rooftop solar programmes next year. It has envisaged 40 GW of solar power from rooftop alone out of the total 100 GW planned to be added by 2022. This flows from the need to push rooftop solar in a big way against the backdrop of a target of 40 GW grid connected solar rooftops by 2022. So far, about 500 MW of rooftop solar has been installed and about 3,000 MW has been sanctioned for installation. All major sectors like the Railways, airport, hospitals, educational institutions, government buildings of central, state and PSUs are being targeted, besides the private sector. A massive Grid Connected Solar Rooftop Programme will be launched with 40 GW target. State Electricity Regulatory Commissions of 30 states/UTs notified regulations for net-metering and feed-in-tariff mechanism. Besides, funding of Rs 5,000 crore was approved for solar rooftops. A total sanction of USD 1,300 million has been received from the World Bank, KFW, ADB and NDB which will enable SBI, PNB, Canara Bank and IREDA to fund such projects at an interest rate of less than 10 per cent. The ministry has tied up with ISRO for geo-tagging of all the rooftop plants using ISRO’s VEDAS portal. To reduce import of solar equipment from other countries, particularly from China, the ministry is keen to encourage domestic production to meet the huge power demand. The minister said there will be focus on Make in India for solar power next year and a scheme to this effect may be launched. The government has also planned launch of founding conference of International Solar Alliance. About use of renewable in farm sector, he said, “We will focus on Prosperous Farmer — Pollution Free India. There
IGI high: 50 lakh flyers a month
By the end of this December, IGI is all set to become the first airport in the country to serve over 50 lakh flyers in a month. The airport operator, Delhi International Airport Ltd (DIAL), said the travellers included both domestic and international travellers flying in and out of the Indira Gandhi International Airport. DIAL also said that among the highest travelled places from the airport, Dubai remained on top among international destinations while Mumbai topped the domestic chart. “By December 31, we will witness the highest number of passengers ever recorded in a month at any airport in the country. The data shows the airport’s efficiency in handling heavy passenger traffic and offering the best services,” said an airport official. DIAL CEO I Prabhakara Rao said the operator was excited about handling so many flyers in one month. “These are indicators of positive growth in the aviation industry, which is already growing at 20%. DIAL aims to set new standards—from the best on-time performance to highest flight movements. Breaking own records is a healthy habit and we hope to carry forward this tradition to 2017.” In the 2015-16 financial year, a record 4.84 crore passengers travelled through the Delhi airport, a record that will also be crossed this fiscal year. “In November and May 2016, the airport catered to 49.6 and 47.5 lakh flyers, respectively,” the operator said. The airport has reached an average of 1,185 air traffic movements a day, which is also a record. “On an average, the number of daily air traffic movements IGI handles is the highest in the country. We are growing at a rapid pace and are already counted among the 25 busiest airports in the world. Efforts to match the rise in numbers with adequate infrastructure and services are being made constantly,” a DIAL official said. IGI Airport provides access to more than 100 destinations around the world. “It connects to 127 destinations worldwide and is a hub for several major airlines,” DIAL said. Derek Sanderson Jersey