Weekly Power Sector Round up: 10th October 2020

India’s total wind-solar hybrid capacity to reach 11.7GW by 2023

India’s total wind-solar hybrid capacity is expected to reach 11.7GW by 2023. This, according to a report by the Institute for Energy Economics and Financial Analysis (IEEFA) and JMK Research.

This prediction is based on the tenders allotted under various central and state schemes. Capacity addition is expected to occur at a compound annual growth rate of 223% from 2020-2023.

Power consumption grew 13.65% during first week of October

Power consumption in India grew by 13.65% during the first week of October, to 25.95 billion units (BU), up from 22.83BU during the same period last year.

Assuming the trend continues, power consumption is likely to see a high year-on-year growth this month. This is to be expected as commercial and industrial demand has improved following the easing of lockdown restrictions.

Average spot power price dips ~3% to Rs. 2.69/unit in September

The average spot price fell 3% to Rs. 2.69/unit on a year-on-year basis on the Indian Energy Exchange owing to ample supply.

The electricity market at IEX traded a volume of 5,675 million units (MU) in September, registering a year-on-year rise of 45%.