New Delhi: India’s power demand may grow 7% year-on-year in FY24. A report published by Fitch Ratings revealed this. The power demand in the country has grown 7.1% in the first half of this fiscal. Last fiscal, power consumption had increased 9.5%.
‘The strong power demand should keep the average thermal power plant load factor (PLF) above 60%,’ the report noted. In the past three months, power demand has grown around 20% every month, compared with the corresponding months of FY23.
The thermal coal inventory fell and was adequate for only 8.4 days in September end, against the usual 18 days.
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‘We expect coal imports by power plants to remain moderate in 2HFY24, with boosted local supply amid expectations for robust power demand. Coal inventory at power plants dropped as power demand touched a monthly record high in August 2023. Coal stock continues to slide from strong power demand and a slight dip in local supply, standing at 8.2 days, against 20 days normative on November 13, 2023,’ Fitch Ratings said.
Earlier the Union e power ministry directed mandatory blending of 6% imported coal till March 2024, and asked all imported coal-based power plants to operate at full capacity till the end of this financial year.
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