India Sees 5% Increase in Power Consumption for November
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New Delhi, Dec 3 (NationPress) India's power consumption has seen a rise of 5.14%, reaching 125.44 billion units in November this year, up from 119.30 billion units in the same month of the previous year, as per official data.
This surge in power demand signifies the increased level of commercial and industrial activity within the economy.
An analysis by ICRA indicated that despite a slowdown in growth during earlier months, the overall demand growth for the year is anticipated to remain reasonable at about 5.5% to 6%. The reduction in demand was attributed to a high comparative base and the negative effects of heavy rainfall during the monsoon.
The highest daily power supply (peak power demand met) also showed a slight increase, rising to 207.42 GW in November 2024, compared to 204.56 GW during the same period last year.
Coal inventory at power plants improved during November. The report noted that coal reserves at these plants increased to 13 days as of November 26, up from 11.6 days as of October 31. This marks a reversal of the declining trend observed over the past six months.
While coal stock levels are still below the normative threshold, they have shown improvement over the previous year's figures.
Due to the subdued demand growth and enhanced generation from hydro and nuclear power sources, the average tariffs in the day-ahead market (DAM) of the Indian Energy Exchange (IEX) were recorded at Rs 3.3 per unit in November 2024, a significant drop from Rs 3.9 per unit noted in October 2024. The report highlighted that spot power tariffs reached a three-year low in November, aligning more closely with the long-term historical average of Rs 3 to Rs 3.5 per unit.
The peak power demand peaked at an unprecedented 250 GW in May, surpassing the previous record of 243.27 GW set in September 2023.
