In a historic shock amid Covid-19 pandemic, coal is set for the largest decline since World War II alongside sharp reductions for oil and gas, the International Energy Agency (IEA) said. Nuclear power is less affected, while renewables are the only energy source on the rise in 2020.
CIL’s coal allocation under special-forward e-auction for the power sector registered a 15-fold rise at 5.51 million tonnes (MT) in February 2020. against 0.38 MT of coal in February 2019, according to the latest monthly summary by the coal ministry.
The coal allocation under the scheme increased marginally by 0.8% to 26.23 MT in the April-February period of FY2019-20, over 26.02 MT in the corresponding period a year ago, it said.
The global energy demand is projected to fall six per cent in 2020, the steepest decline in percentage terms in 70 years and the largest ever in absolute terms, International Energy Agency (IEA) said.
Pulled down by the Covid-19 induced lockdown in the last week of March and also muted activity in the week prior to that, the Country’s core sector industries growth contracted 6.5% in March 2020, official data showed. This is much lower than the 7.1% growth recorded in February 2020. In March last year, the eight core industries output grew 5.8%.
The decision to allow 100% FDI in coal mining will help bring efficiency in the sector and reduce fuel shortages in the power segment as competition will increase with foreign mining firms entering the domestic market, a finance ministry-constituted task force has said.
Industry body CII has suggested measures, including expediting auction process of already explored mineral blocks and starting the exploration activity, to revive the mining sector. Coal and Mines Minister Pralhad Joshi deliberated on boosting the mining sector to make it a driver of growth, revenue and employment as part of post COVID-19 economic revival, sources said.