Western Coalfields Ltd (WCL), a subsidiary of Coal India, has slashed the coal auction floor price of specific mines by 10%, a statement said. With an effort to provide coal at cheaper price to consumers during the current Covid-19 pandemic, the reduced auction price will be applicable for coal from ‘mine specific source’ for all auctions to be conducted by WCL in April 2020. This will help both Power and Non-Power consumers to get coal at reduced price,” it said.
Coal India Ltd. (CIL) has seen a 10% fall in dispatches in March 2020 due to a sharp fall in demand from the power sector, leading to an increase in inventories both at power plants and coal mines. This comes amid production rising up 6.5% to 84.4 million tonnes. CIL’s despatches declined 10.3% year-on-year (YoY) to 53.5 million tonnes in March 2020 as demand for power plummeted.
For FY20, CIL’s despatches dropped 4% YoY to 582 million tonnes while production declined about 1% YoY to 602 million tonnes.
Indian Railways is trying to ensure availability of important raw material and fuel through its freight services to meet the requirements of power, transport and key infrastructure sectors during the nationwide lock-down, the rail ministry said in a statement.
The global energy storage market is set to grow 13-fold to 230 GW by 2025 with the total energystorage investment projected to increase from $18 billion in 2019 to $100 billion by 2025, research and consultancy firm Wood Mackenzie said.
The unprecedented nationwidelockdown that shut businesses, suspended flights and stopped all modes of transport will cost the Indian economy almost USD 4.64 billion every day and the entire 21-day lockdown will result in a GDP loss of almost USD 98 billion, Acuite Ratings & Research Ltd said.
The rapid spread of Covid-19 has not only disrupted the global economy but also triggered a partial shutdown in many parts of India from early March and an almost complete shutdown from March 25. It expects the overall GDP growth for FY21 (April 2020 to March 2021) to be in the band of 2-3% which takes into account a significant economic revival in the second half of the financial year.