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Ratings agency ICRA in its latest report has said that the all-India electricity demand is expected to grow 7 per cent to 1,480 billion units (BU) in the ongoing financial year (FY23) and grow at 5-5.5 per cent in FY24. In the preceding 2021-22 fiscal, the all-India power demand was at 1,380 BU.

The report said the estimates are based on the fact that all-India electricity demand increased 10.6 per cent year-on-year in first eight months of FY2023, amid a severe heat wave in north and central India.

It further said growing energy demand along with subdued capacity addition in the thermal segment is leading to an improvement in average thermal PLF (plant load factor) level for gencos/IPPs (power generation companies/independent power producers) at all-India level.