Acceleration in economic activities resulted in a significant increase in the country's power demand

Mumbai: As a result of significant increase in economic activities in India compared to global leaders, the country's power demand is also increasing at a faster pace than other countries.

According to the report of the International Energy Agency, India's power demand will see an annual average increase of 6.50 percent during the period 2024-2026, which is much larger than the 4.90 percent increase in China and 3.40 percent globally.

In 2023, the country's electricity demand increased by more than seven percent, which was significantly higher than China and other countries. Global demand for electricity is estimated to have increased by 2.20 percent last year.

Apart from the increase in economic activity in the country after Kovid, the demand for electricity has also increased due to the increase in the use of appliances like air conditioners. In 2023, India's power consumption was higher than the combined figure of Japan and South Korea.

Compared to India, economic activity is moving at a slower pace in other countries of the world due to inflation.

The capacity utilization level in the thermal power sector increased to 72.20 per cent in January with demand increasing. Keeping in view the increase in power demand, the government is also preparing to increase the power generation units, the sources of the power ministry of the country said recently.

An addition of 80,000 MW in thermal power capacity is required to meet the additional power demand.