India's power consumption Trends: A Sign of Economic Uptick
In the April–January period of this financial year, India witnessed a notable surge in power consumption, marking a 7.5% increase compared to the same period last year. Government data revealed that power consumption escalated to 1354.97 billion units (BU), up from 1259.49 BU recorded in the corresponding months of fiscal 2022–23. This spike indicates a significant rise in economic activity nationwide.
Augmenting Economic Activities Drive Power Consumption Growth
Experts attribute the growth in power consumption to various factors, including favorable weather conditions and heightened industrial activities preceding the festive season.
Particularly in August, September, and October, power consumption witnessed an upswing, fueled by humid weather patterns and increased industrial output. Analysts anticipate a sustained growth trajectory in power consumption, buoyed by ongoing economic improvements and the onset of cold wave conditions in February.
They foresee India experiencing consistent growth in both power consumption and demand throughout the current fiscal year.
January Sees Notable Surge in Power Consumption
January marked another notable uptick in power consumption, with a 5.4% increase recorded compared to the same period last year. The month witnessed power consumption reaching 133.18 BU, up from 126.30 BU recorded in January 2023. Moreover, peak power demand—the highest supply in a day – surged to 222.32 GW in January 2024, showcasing a substantial increase from previous years.
Impact of Cold Wave on Power Consumption
The onset of a cold wave in January led to a surge in power consumption and demand, particularly in North India. The plummeting mercury levels prompted heightened usage of heating equipment such as heaters, blowers, and geysers, consequently driving up power demand and consumption levels across the region.
Challenges Faced and Projections
Despite the overall growth trend, India encountered challenges in meeting projected electricity demand levels, particularly in April-July due to unseasonal rains. However, the peak power supply reached a new zenith of 224.1 GW in June, albeit experiencing a slight decline to 209.03 GW in July.
Also read: RBI MPC Update: Repo Rate Unchanged and Economic Projections Revealed
Notably, peak demand reached 238.82 GW in August, underscoring the nation's evolving energy landscape.
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