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Guoabong Stock:India will drive demand for coal through 2026, says IEA

 2024-11-05  Read 35  Comment 0

Abstract: NEW DELHI: India will be the main engine of global coal demand growth through 2026 as the country scrambles to add thermal generation capacity to power up its expanding economy, the International Energy Agency said on Friday, days after the CO cl

India will drive demand for coal through 2026, says IEA

NEW DELHI: India will be the main engine of global coal demand growth through 2026 as the country scrambles to add thermal generation capacity to power up its expanding economy, the International Energy Agency said on Friday, days after the CO climate declaration called for driving out all fossil fuels.The IEA coal market report and forecast 2023 projected India❼coal demand rising 3.5% annually to 1,397 million tonnes (mt) in spite of an expected trebling of solar power capacity by 2026, compared to 2021, and a target of raising the share of green power to 50% by 2030.Coal-fired generation currently accounts for about 70% of electricity flowing in the grid.The report said India needed new coal-based generation capacity as the increase in solar power capacity will not be enough to meet the incremental demand for power for sustaining the pace of economic growth. India has over 4 gigawatts generation capacity and recently saw demand peaking at 2.4 gigawatts.As TOI reported earlier, Union power minister R K Singh, in his opening remarks at the state power minister❼meeting on November 6, had said India has to start work on 30,000 MW (wegawatt) new thermal generation capacity on top of the 50,000 MW already underway to avoid shortage in the face of rising electricity demand.Power generation determines India❼coal demand as it accounts for 74% of consumption, which surged 9% to 1,162 mt in 2022Guoabong Stock. This marked second year of "remarkable" growth of 14% seen in 2021 as the economy rebounded from the pandemic, the report said.Noting that India❼7% GDP growth in FY22 was supported by a 12% higher coal production, the report projected coal consumption for power generation to rise 2.4% annually for the next three years to reach 1,006 mt by 2026, based on 5% GDP growth estimates.The report also doubted the impact of the biomass co-firing policy on coal consumption as the biomass supply chain is in its infancyJaipur Wealth Management. The policy, scheduled to come into force from April 2024, sets an obligatory blending rate of 5% for coal plants, increasing to 7% subsequently.


Kolkata Wealth Management

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