The growth in India’s electricity demand improved to 9.4 per cent year on year (YoY) in the first 28 days of April this year from 9.2 per cent in March, with the onset of summer and a favourable base, according to provisional data from the Grid Controller of India Limited, earlier known as the Power System Operation Corporation Limited (POSOCO).

Electricity demand growth across the country stood at 7.5 per cent in February this year. The full-year demand growth for fiscal 2023-24 was healthy at 7.6 per cent, rating agency ICRA said in a report.

The demand growth is expected to moderate to 5.5-6 per cent in fiscal 2024-25, slightly below ICRA’s GDP growth expectation of 6.5 per cent, ICRA said.

The average tariffs in the day-ahead market of the Indian Energy Exchange rose to ₹5.1 (~$0.061) per unit in April, up from ₹3.9 per unit in March. This rise can be attributed to the rise in electricity demand.

In fiscal 2023-24, the average spot power tariffs remained elevated at ₹5.2 per unit, although lower than ₹6 per unit in fiscal 2022-23.

Coal stock levels declined marginally in April at power plants, but remained higher compared to April 2023.

The coal stock levels at power plants declined to 16.9 days as on April 27, 2024, from 17.8 days as on March 31, 2024. This is led by the increase in demand growth with the onset of summer.

While the stock levels remained below the normative level, they are still better compared to a year ago.

Earlier, the government extended the order to blend imported coal and operate imported coal-based plants until June this year.

Fibre2Fashion News Desk (DS)

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