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Power demand was showing signs of revival in Mar’25 with energy demand/ peak demand growing at 7%/6% YoY. However, the recovery appears to be struggling again as energy demand/ peak demand during Apr’25 grew at just 2%/5% YoY. During the first ten days of May’25 energy demand/ peak demand was -6%/ -7% YoY. Tendering of renewables has sharply moderated due to large unsigned PPAs. Below is the weekly roundup on utilities/Power/RE for 5 –11 May’25 comprising 10 key sector events during the week.

1. Avg daily energy/ max peak demand during week was 4,673 MU (-6% YoY, 0.3% YTDFY26)/ 216 GW (-7% YoY, 1% YTDFY26).

2. Avg MCP (Marginal Clearing Price on power exchange) was INR 4.2/kWh (vs. 4.6 last week) with daily avg buy/sell/ traded volume of 204 MU/ 381 MU/ 108 MU.

3. CEA has estimated energy/ peak power demand of 1850 BU/ 269 GW during FY26 which is 9%/8% growth over FY25.

4. Government revised SHAKTI Policy for coal allocation allowing sale of un-requisitioned surplus in power markets, increasing allocation period to 25 years, allowing imported coal-based plants for domestic coal, encourages new thermal capacity by IPPs among others.

5. Indian government imposed a definitive anti-dumping duty of USD 570-664 per tonne for five years on imports of solar glass, originating in or exported from China and Vietnam.

6. With an objective to prevent greenwashing, Ministry of Finance issued a draft framework for the country’s Climate Finance Taxonomy for developing sectoral annexures to outline the measures, activities, and projects considered climate-supportive, and those identified for promoting the transition.

7. WBERC (West Bengal electricity regulatory commission) approved bids for development of 2,920 MW of brownfield thermal power projects (660 MW Durgapur, 660 MW Bakreswar, 2x800 MW Santaldih) under DBFOO model in West Bengal.

8. Assam government approved thermal power policy involving development of 2 GW of thermal power by 2030 and scale up to 5 GW by 2035 to secure affordable and reliable energy by promoting private sector participation.

9. Top four global PV module suppliers (all from China)- JinkoSolar, LONGi Green, JA Solar and Trina Solar shipped over 65GW of modules during 1QCY25 but with 20-40% YoY decline in revenue and losses due to consistently declining prices of solar PV value chain and tariffs.

10. “…tariffs have historically failed to boost local solar manufacturing, nor have they stopped industry growth due to solar’s cost competitiveness and versatility. While the current US tariffs have created uncertainty, the sector is optimistic about weathering this storm, though 2025 looks rocky.”- Abigail Ross Hopper, President and CEO, US Solar Energy Industries Association.

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