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Power demand remained muted in Oct’25, with energy/ peak demand declining by 6%/ 4% YoY. Overall generation fell 8% YoY driven by a 14% YoY drop in thermal generation, while hydro and renewable generation rose 14% and 10% YoY. During the month, 2.3GW of RE tenders were issued and 3.6GW of RE capacity was allocated. Solar and wind capacity additions stood at 24.2GW and 3.6GW in YTDFY26 vs. 10.3GW and 1.8GW in YTDFY25. Muted demand, coupled with higher hydro and renewable generation, led to a decline in thermal PLF to 58% in Oct’25 vs. 67% in Oct’24. Coal production and offtake declined 8% and 5% YoY. Merchant tariffs improved to INR 4.4/unit from INR 3.9/unit in Oct’24. Solar PV module prices have remained flat since Jan’25, while polysilicon prices have begun to rebound after bottoming out at USD 5.6/kg in Jun’25 and silver prices have hit a fresh high of USD 50/troy ounce. In this report, we present 52 charts and exhibits to help track the ongoing energy transition

* Power demand: Energy/ peak power demand remained muted in Oct’25 & stood at 131 BU (- 6%YoY)/ 210 GW (-4% YoY). With this, YTDFY26 Energy/ Peak demand stands at 1,027BU/ 243GW, 0% YoY/-3% YoY.

* Generation: Total power generation (conventional) was 120BU in Oct’25 (-11% YoY) due to decline in thermal generation (-14% YoY). Hydro generation during Oct’25 was at 16BU (14% YoY), an outcome of better rainfall. Renewables generated 20BU (10%YoY) with increase in solar and wind generation by 3%/83% YoY.

* Renewables: In Oct’25, a total of 2,330MW of RE tenders were issued vs. 6,802 in Oct’24. With this 20,698 MW of tenders have been issued during 7MFY26. SECI has invited bids for a 1200MW/4800MWh FDRE and 600MW wind projects. In standalone BESS, WBSEDCL and NVVN have issued tender of 250 MW/ 1000MWh and 250MW/ 500MWh. In Oct’25, a total of 3600MW of RE capacity and 6000MWh of energy storage capacity were allocated. SECI’s 2,000 MW with 1,000 MW/4,000 MWh Solar + BESS auction was awarded with a tariff of INR 2.86-2.87 per unit. SJVN’s 6000 MWh peak power supply tender was awarded in Oct’25 with a tariff of INR 6.74-6.75 per unit. In standalone BESS, RVUNL awarded its 1,000 MW/2,000 MWh tender with an annual tariff of INR 2.1mn/MW.

* Capacity addition: In H1FY26, about 21,686MW of Solar capacity and 3,086MW of Wind capacity were added, taking the cumulative RE capacity to 197.5GW (excluding large hydro). Wind capacity addition in Oct’25 was at 476MW vs. 354MW in Oct’24. Solar capacity addition is keeping up its momentum with addition of 2,592MW in Oct’25 vs. 1,357MW capacity in Oct’24. Hydro capacity addition in H1FY26 was at 2,380MW.

* Merchant tariff: WAvg Market Clearing Price (MCP) on IEX stood at INR 4.4/kWh in Oct’25 (purchase/ sell/ cleared vol. 9618/13,099/6,017GWh) vs. INR 3.9/kWh in Oct’24 (purchase/ sell/ cleared vol. 7118/10,425/4,727GWh) indicating subdued demand.

* Capacity utilisation (PLF): The PLF of coal-fired/ gas-fired plants stood at 58%/ 10% during Oct’25 vs. 67%/14% during Oct’24.

* Coal production: Coal production in Oct’25 was 77MT, -8% YoY taking YTDFY26 production to 528MT, -2% YoY. Coal dispatches in Oct’25 was 80MT, -5% YoY, taking YTDFY26 dispatches to 567MT, -1% YoY. In Oct’25, actual coal stock at power plants stood at 43.8MT (16 days) vs. normative coal stock of 54.3MT (19 days)

* Raw material prices: The price of polysilicon surged nearly 50% from USD 4.9/kg in June to USD 7.3/kg in Oct, fuelled by potential consolidation discussed among Chinese firms. Silver prices have reached new highs of USD 50/troy ounce (61% YoY). Price of global TopCon modules has been stable at USD 0.09/Wp (-14% YoY) since Oct’25. Prices of domestic modules for Mono PERC 500Wp/ Bifacial Modules/ Topcon Modules stood at INR 18.2/Wp / INR18.5/Wp / INR 19.5/Wp, showing signs of traction after hitting a low of INR 13.5/Wp / INR 14.2/Wp / INR 15.5/Wp in Sep’24.

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