ICRA says India's power demand to grow by 7% in FY23

The all-India electricity demand is expected to grow 7 per cent to 1,480 billion units (BU) in the ongoing financial year, according to Icra.

In the preceding 2021-22 fiscal, the all-India power demand was at 1,380 BU, the ratings agency said on Monday.

"All-India electricity demand to remain healthy at over 7 per cent in FY23 despite growth slowdown post Q1 of this fiscal, and grow at 5-5.5 per cent in FY24," Icra said in a report.

The estimates are based on the fact that all-India electricity demand increased 10.6 per cent year-on-year in first eight months of FY2023, amid a severe heat wave in north and central India, it said.

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Girishkumar Kadam, Senior Vice President & Co-Group Head - Corporate ratings, Icra, said, growing energy demand along with subdued capacity addition in the thermal segment is leading to an improvement in average thermal PLF (plant load factor) level for gencos/IPPs (power generation companies/independent power producers) at all-India level.