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ICICI Securities Report
The power sector clocked several all-time highs in CY21:
peak daily demand crossed 200 gigawatt in July 2021;
solar capacity was enhanced by a record 8.5 GW in eight months-FY22;
power demand increased by 10.4% YoY during eight months-FY22 to 920 billion unit;
all-India coal offtake was up 22% YoY during nine months-FY22 to 539 million tonne;
as many as 1.1 million smart meters were installed to take the cumulative meter installations to 3.5 million.
These record highs in CY21 have set the stage for the power sector to scale even newer peaks in CY22. Rise in power demand will continue to be the key driver. While conventional power generation and consequently coal demand is expected to remain robust, installed capacity addition will be driven by solar.
We expect action in the renewable energy space to pick up soon, with basic customs duty on import of solar cells and modules to be a key factor.
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