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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.
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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