look news india
Mumbai: As a result of the significant growth in economic activity in India compared to global leaders, the country's electricity demand is also growing at a faster pace than other countries.
According to the International Energy Agency report, India's electricity demand will see an annual average growth of 6.50 percent during the period 2024-2026, which is much larger than the 4.90 percent growth in China and 3.40 percent globally.
The country's electricity demand is expected to increase by more than seven percent in 2023, much higher than China and other countries. Global demand for electricity is estimated to increase by 2.20 percent last year.
Apart from increasing economic activities in the country after Covid, the demand for electricity has also increased due to increased use of appliances like air conditioners. India's electricity consumption in 2023 was more than the combined figures of Japan and South Korea.
Compared to India, economic activities are going on at a slow pace in other countries of the world due to inflation.
With demand increasing, the capacity utilization level in the thermal power sector increased to 72.20 percent in January. Sources in the country's power ministry recently said that in view of the increase in demand for electricity, the government is also preparing to increase power generation units.
An increase of 80,000 MW in thermal power capacity is required to meet the additional power demand.