New Delhi, November 13: India's power demand slumped 5.2 per cent year-on-year in October 2025, dragged down by unseasonal rainfall and lower temperatures that reduced the need for cooling loads, according to a power sector update by Nuvama Research.

Average temperatures in October dropped to 25.6 degrees Celsius, compared to 27.1 degrees Celsius last year, cooling demand nationwide. Peak power requirement also slipped to 210 GW, down from 219 GW in October 2024. 'Operation Sindoor Upheld Lord Ram’s Teachings to Fight Injustice', Says PM Narendra Modi in Letter to Nation on Diwali 2025.

Thermal power generation was particularly affected, with the all-India plant load factor (PLF) plunging to 57.5 per cent, marking a four-year low. NTPC's PLF declined sharply to 68 per cent from 78.1 per cent a year earlier. But, despite subdued demand, thermal power continued to account for around 70 per cent of the country's generation mix.

The report highlights that power markets saw a sharp divergence between solar and non-solar hours. Solar-hour supply surpassed demand by 422 per cent, keeping prices low at Rs 2.2 per kWh. Non-solar-hour supply also remained elevated, pushing prices down to Rs 3.2 per kWh, compared to Rs 4.7 per kWh last year. ‘Having a Very Constructive Policy-Oriented Dialogue With India, Public Safety at Top of the Agenda’: Canada FM Anita Anand.

India Energy Exchange (IEX)'s total electricity volume grew 16 per cent (YoY), driven by a 47 per cent surge in real-time market (RTM) transactions. Coal inventories remained higher year-on-year. All-India coal stock remained at 15.3 days as compared to 12.1 days. Power plant inventory remained at 47 million tonnes, a 34 per cent (YoY) increase. However, NTPC power plants' coal stock remained at 16 days, still below the 21-day normative requirement.

India's installed power capacity reached 501 GW at the end of September 2025, with a robust 25 GW renewable addition in FY26 so far, of which solar contributed the bulk at 22 GW. Renewables now account for roughly 30 per cent of the generation mix, according to the Nuvama analysis.

The report says India continues to push large-scale clean energy procurement, with a 337 GW tendering pipeline. However, nearly 44 GW of awarded bids are yet to sign power sale agreements (PSAs). Future bids may increasingly emphasise storage-backed or round-the-clock (RTC) renewable supply.

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