عربي English Türkçe اردو فارسى
Logo
Latest News
Business

India's Coal-based Power Demand at All-time High

Workers unload coal from a supply truck at a yard on the outskirts of Ahmedabad, India October 12, 2021. REUTERS/Amit Dave/File Photo Purchase Licensing Rights
Workers unload coal from a supply truck at a yard on the outskirts of Ahmedabad, India October 12, 2021. REUTERS/Amit Dave/File Photo Purchase Licensing Rights
TT
TT

India's Coal-based Power Demand at All-time High

Workers unload coal from a supply truck at a yard on the outskirts of Ahmedabad, India October 12, 2021. REUTERS/Amit Dave/File Photo Purchase Licensing Rights
Workers unload coal from a supply truck at a yard on the outskirts of Ahmedabad, India October 12, 2021. REUTERS/Amit Dave/File Photo Purchase Licensing Rights

India's demand for coal-based power has risen by 7.3% this fiscal year to an all-time high, the government said in a statement on Wednesday.

Peak demand for power in India's hot, arid northern plains hit a record earlier this week, even as the government said it continues to implement measures to meet high energy consumption.

The India Meteorological Department (IMD) has predicted above-normal temperatures for June in the northwest and central parts of the country, making it one of the longest heatwave spells, according to Reuters.

 

Cumulative coal production stood at 207.48 million tonnes as of June 16, a growth of 9.27% from the same period last year, the government said in a release.

More than 75% of India's power generation was from coal in 2023, while gas-fired plants have accounted for only about 2% in recent years, largely because of the high cost of gas relative to coal.

"The Ministry of Coal is fully committed to ramp up coal production and transportation, ensuring power plants have ample reserves to meet the surge in electricity demand," the release said.

 

Most Viewed

 
 
Business

How Will Gulf Stock Markets Perform this Summer?

Saudi Stock Market (Tadawul) (AFP)
Saudi Stock Market (Tadawul) (AFP)
TT
TT

How Will Gulf Stock Markets Perform this Summer?

Saudi Stock Market (Tadawul) (AFP)
Saudi Stock Market (Tadawul) (AFP)

Financial analysts and market experts predict a downturn for Gulf stock markets this summer. They foresee lower stock values, reduced trading volumes, sectoral stagnation, delayed investment decisions, and a focus on holding strong positions in high-performing large-cap stocks.

This trend is driven by the majority of traders taking their annual vacations during this period. Typically, sectors like travel, tourism, aviation, and hospitality see seasonal growth in summer.

From the start of 2024 to mid-year, Gulf markets have shown mixed results. Muscat Securities Market rose by 3.8%, Bahrain Bourse by 3.5%, and Kuwait Stock Exchange by 1.33%. However, Qatar Stock Exchange dropped by 8.02%, Abu Dhabi Securities Exchange by 5.4%, Saudi Arabia’s main index by 1.99%, and Dubai Financial Market slightly by 0.7%.

Tareq Al-Ateeq, a financial analyst, told Asharq Al-Awsat that investor behavior across Gulf markets tends to align during summer due to holiday seasons and high temperatures, leading to lower liquidity and fluctuating market indices.

Investors are delaying decisions until summer ends, focusing on robust positions in large-cap and defensive stocks, which is expected to dampen market liquidity and activity in July and August 2024.

Certain sectors like travel, tourism, aviation, and hospitality are anticipated to see increased trading during the summer. Some investors aim to capitalize on market downturns by adjusting their sector allocations.

In 2023, markets like Dubai saw a 6% monthly increase, with Saudi Arabia's market index rising by 4%. Oman also experienced a 3.1% increase, while Qatar and Bahrain markets declined by 0.8% and 0.3% respectively.

Key sectors such as consumer goods, utilities, tourism, hospitality, and energy are showing increased trading activity and interest during the summer season.