RE: New Cavendish research today - 28p price target30 Sep 2024 09:25
India, the fastest growing major economy in the world, is forecast to post an 8% rise in electricity consumption in 2024, matching the rapid growth it saw in 2023, IEA said, supported by strong GDP growth and increased cooling demand due to long and intense heatwaves.
"In the first half of 2024, the country grappled with heatwaves of record duration, with peak load reaching a new high and putting exceptional strains on power systems," IEA said. "Assuming a return to average weather conditions, we expect electricity demand growth in India to ease moderately to 6.8% in 2025."
For the first six months of 2024, power demand in India has increased by 8.3%, said Lambine. Coal-fired power generation is the largest segment in the power mix accounting for 78% of the year-on-year increase in supply
Rapidly increasing market, with interims due in 8-9 weeks OPG is poised to explode.