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ICICI Securities Report
All-India demand for power continues on its recovery path post unlocking of the economy in July 2020. As on August 01, 2020, daily demand has reached 3,710 million unit.
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On YoY basis, all-India daily demand is higher by 0.1% as on August 01, 2020, while peak daily demand is lower by only 1% YoY at 163 giga watt (averaging over 160 giga watt and just 3.6% lower YoY in July 2020).
In fact, since July 27, 2020, all-India daily demand has averaged 5.3% YoY higher, buoyed by good growth in states with higher retail demand proportion (up more than 9% on an average).
Daily demand in states with higher commercial and industrial proportion, though still modest, is on an average more than 1% higher YoY.
Renewable generation pie continues to expand at a slower pace, but thermal plant load factors improved to 51.5% in July 2020, buoyed by 12% month on month higher generation at NTPC Ltd. coal plants. This resulted in improved coal offtake as well, which was evident with only a 3% decline in production and 6.9% decline in offtake in July 2020 for Coal India Ltd.
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