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Motilal Oswal Report
As India's economy steadily opens up post the Covid-19-related lockdown, the country's power demand has also recovered consistently. We expect this to continue in FY22.
However, the push from the supply side is equally strong, with a robust pipeline of renewable projects.
This, combined with the slowing pace of demand growth (led by off-grid measures, energy efficiency initiatives, and structural factors), implies India's power market would remain oversupplied, at least in the medium term, with coal plant load factors at 65% in FY24.
The thrust toward renewable, though, poses a rather interesting conundrum related to managing India's demand-supply balance
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