India’s annual electricity generation from coal-fired utilities fell in 2019 for the first time in a decade, government data showed, amid a broader economic slowdown and increased use of renewable energy.
Coal India has prepared an action plan to mine one billion tonnes of coal by 2023-24. Pralhad Joshi, Union minister for coal and mines, said that the action plan is being worked out to minimize coal imports and make the country self-sufficient in coal.
Moody’s Investors Service have revised its growth forecasts for India to 5.4% for 2020 and 5.8% for 2021, down from its previous projections of 6.6% and 6.7%, respectively.
Moody’s also revised its global growth projection, saying that the coronavirus outbreak has diminished optimism about prospects of an incipient stabilization of global growth this year. It expects G-20 economies to collectively grow 2.4% in 2020, followed by a pickup to 2.8% in 2021. It has reduced growth forecast for China to 5.2% in 2020 and 5.7% in 2021.
Coal India will increase spot e-auction offerings in the current quarter to 15% of the year’s production, a top company executive said. In the three quarters till end-December 2019, the company had offered about 12% of its production for auctions. Spot auction offers accounted for almost 46% of the quantity offered for auctions till December, while the rest was a mix of special forward e-auction for the power sector, exclusive e-auction for non-power and special e-auction. Till December, it had offered close to 46 MT through auctions, of which the booked quantity was 44 MT.
Coal India’s daily output is expected to rise to three million tonnes (MT) next month, enough to run a 660-MW power plant for a year as the state-run miner focuses on expansion of projects and increasing production
In January, Coal India clocked a double-digit growth in output for the first time in this fiscal. It now plans to increase stocks at thermal power plants to 30 days and reduce pending supplies to non-power consumers to zero by March