Peak electricity demand plays a vital role in planning and analysis of the power sector. It indicates highest energy usage in a given period of time and generation capacity requirement. Data from Central Electricity Authority (CEA) shows an acceleration in electricity demand in August 2023. Peak electricity demand hit a new high in August amid lower rains and warmer climatic conditions. As per the latest update from CEA, peak electricity demand reached 2,38,191 megawatts (MW) in August, leading to load shedding in certain parts of the country. Urbanisation and rising energy usage steadily expand peak electricity demand. However, the pace of expansion in peak electricity demand quickened after COVID. Peak electricity demand grew at an average annual rate of 6.7 percent in 2019-2023, compared to 5.3 percent in the pre-pandemic years of 2015-2019. See the accompanying chart. The peak electricity demand of 2,38,191 MW this year is 10.3 percent higher than in 2022. This is the sharpest expansion in more than a decade, barring the COVID blip of 2021. The sharp rise in peak electricity indicates higher offtake and positive momentum in economic activity, also reflecting in healthy GDP numbers. While this should cheer policymakers, they would do well to plan for upcoming demand. The overall shortfall in electricity production, while not huge right now, is significant at 6,000-9,000 MW during non-solar hours. With thermal power plant utilisation levels rising, the government should fast track its plans to meet peak electricity demand—add more storage projects, hybrid renewable energy plants and optimise thermal power capacities.
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