India's Power Consumption Grew Nearly 8% In Apr-Dec Of FY24

According to Industry experts, this 8 per cent growth in the consumption of power in the first nine months of this fiscal year shows an increase in economic activities

Power consumption in India experienced an on-year rise of almost 8 per cent to 1,221.15 billion units (BU) during the period of April-December of the fiscal year 2023-24. This rise in power consumption indicates a surge in economic activities in the country. In the period of April-December 2022-23, the power consumption in the country was recorded at 1,132.11 BU.

According to Industry experts, this 8 per cent growth in the consumption of power in the first nine months of this fiscal year shows an increase in economic activities. In addition, power consumption in the entire fiscal 2022-23 was 1,504.26 BU, higher than the 1,374.02 BU witnessed in the 2021-22 financial year.

According to estimates from the power ministry, the nation's summertime electricity consumption in 2023 would reach 229 GW. Unseasonal rains in April and July prevented demand from reaching the anticipated level.

However, the peak demand in June touched a new high of 224.1 GW before dropping to 209.03 GW in July 2023. Peak demand touched 238.82 GW in August. In September this fiscal year, it was at a record high of 243.27 GW. The peak demand was 222.16 GW in October, 204.77 GW in November and 213.62GW in December 2023.

Power consumption was affected in March, April, May, and June this year due to widespread rainfall, as per the experts. In addition, power consumption grew in August, September, and October, mainly due to humid weather conditions, and industrial activities also perked up due to the effect of the festive rush, they said.

The power demand has gone up by 50.8 per cent in terms of energy from 2013-14 to 2022-23, according to the data. The peak power demand increased from 136 GW in 2013-14 to 243 GW in September 2023.

Previously, in a summit, Union Power Minister R. K. Singh spoke about the rising power demand and said that By 2030, the peak electricity demand is likely to cross 400 GW, hinting towards the fast growth of the country’s economy.

"The demand grew at 9 per cent last year and is growing at 10 per cent this year. On a daily basis, the demand is 8 GW – 10 GW more than the same day of the previous year. There is no other market as big and growing as fast as us, “ he said. Singh also added that the nation will add enough capacity to meet this burgeoning demand to avoid gaps.