Power stocks sparkle on prospects of rise in power demand
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Power sector stocks sparkled on the BSE, after Central Electricity Authority Chairperson Ghanshyam Prasad has said that peak power demand in the country is estimated to rise by 7 percent year-on-year to 260 GW this summer. The peak power demand during the summer of 2023 touched 243 GW against a projection of 229 GW.
Tata Power Company is currently trading at Rs. 397.50, up by 5.80 points or 1.48% from its previous closing of Rs. 391.70 on the BSE.
NTPC is currently trading at Rs. 357.50, up by 3.70 points or 1.05% from its previous closing of Rs. 353.80 on the BSE.
Adani Power is currently trading at Rs. 563.00, up by 4.00 points or 0.72% from its previous closing of Rs. 559.00 on the BSE.
The power ministry had estimated the country's electricity demand to touch 229 GW during summers in 2023, but it did not reach the projected level in April-July due to unseasonal rainfall. Peak supply, however, touched a new high of 224.1 GW in June before dropping to 209.03 GW in July.
Peak demand touched 238.82 GW in August 2023, while it was 243.27 GW in September, 222.16 GW in October, 204.77 GW in November, 213.79 GW in December 2023, and 222.73 GW in January 2024. Power consumption was affected in March, April, May and June last year due to widespread rainfall. The power consumption grew in August, September and October, mainly due to humid weather conditions and also a pick-up in industrial activities ahead of the festive season.
