BSE Power records 107% surge in a year, 9 stocks including NTPC, Tata Power jump between 100% and 400% – here's why
Also Read: Explained: What's driving the ongoing uptrend in metal stocks? The country is experiencing a significant surge in power demand each month, driven by increased usage in both the industrial and household sectors. The above-normal temperatures witnessed across most regions during April and May have led to a surge in the use of cooling appliances such as air conditioners and desert coolers, resulting in heightened power consumption. The India Meteorological Department (IMD) has forecast above-normal maximum temperatures across the country for the summer season.
In April, the country's power consumption surged by approximately 11% to reach 144.25 billion units (BU) compared to the same period last year. May saw even higher demand, with power consumption nearing the projected level of 235 GW for the month. As per data from the power ministry, the peak power demand, or the maximum supply during the day, surged to 233 GW on May 6, surpassing the previous year's figure of 221.42 GW.
The Ministry recently projected a peak power demand of 260 GW during the summer season (April to June) due to the prolonged heatwave. Additionally, the power demand is rising due to the increasing usage of electric vehicles (EVs), especially within the transportation sector in the country. Also Read: Severe heatwave to continue in coming days: IMD With the rising demand for power in India, renewable energy sources, particularly solar energy, have consistently emerged as the leading source of new power capacity additions in recent years.
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