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Coal India Limited has set a target of producing 838 million tonnes (MT) of coal in fiscal year 2024-25, with 661 MT going to the power industry alone, according to state-owned company CMD PM Prasad.
"Earlier, the target for Coal India was 850 MT. But currently, there are huge coal stocks at thermal power plants (TPPs) because of which the ministry has revised our production target to 838 MT for FY25. That said, if the power demand increases substantially, Coal India will still be in a good position to produce more than the said target," Prasad said in a post- earnings conference call for the third quarter of FY24.
Of the 838 MT, 661 MT will be allocated to the power industry (regulated sector), with the remaining 177 MT going to the non-regulated sector. Prasad stated that current coal supplies at TPPs are close to 85-100 MT, which is sufficient, and that the ministry will examine the coal output target for FY25 again in the first week of April.
India's power demand has increased by 50.8% in energy terms from 2013-14 to 2022-23. The peak power demand increased from 136 GW in 2013-14 to 243 GW in September 2023. Talking about the country's growing power demand in Moneycontrol's Policy Next Summit on January 18, Union Minister for Power RK Singh said daily the market is 8-10 GW more than the same day of the previous year. "The demand grew at 9% last year and is growing at 10% this year," he said.
India is stepping up coal-fired generation capacity as peak electricity demand will reach 256.5 GW in 2024 from a record 243 GW in 2023. Government officials expect electricity demand to surge to 384 GW in 2031-2032. To meet the sharp rise in India's power demand, the government has had to rely on imported coal to ease the pressure on domestic coal. On December 6, 2023, Singh said despite the country reeling under a shortage of domestic coal, widespread power cuts and blackouts were averted in September 2022 because of the government's mandate to use imported coal for blending at thermal power plants.
For the current financial year (2023-24), Prasad said Coal India may miss the production target of 780 MT (FY24) by about 10 MT. Of the 780 MT, 610 MT was cited as the requirement for the power sector, but Prasad said Coal India will be supplying more than that.
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