ICRA Forecasts Power Demand To Rise Six to 6.5 Per Cent

30 May 2025 CW Team

India’s electricity demand is projected to grow at a rate of six to 6.5 per cent annually over the next five years, according to ratings agency ICRA. This growth is expected to be fuelled by increasing adoption of electric vehicles, expansion in green hydrogen production, and rising demand from data centres.

These three sectors are likely to contribute twenty to 25 per cent of the additional electricity demand between financial years 2026 and 2030. However, grid dependence may slightly decline due to wider use of rooftop solar systems and off-grid energy projects promoted under schemes like PM Surya Ghar Yojana.

ICRA estimates a record generation capacity addition of 44 gigawatts in financial year 2026, up from 34 gigawatts in financial year 2025. The overall installed power capacity is expected to reach nearly 520 gigawatts by March 2026.

Meanwhile, an early monsoon has curbed peak demand, which has not crossed 220 gigawatts so far this summer.

This has resulted in excess coal stocks and lower coal import prices. Despite a strong focus on renewable energy, ICRA continues to maintain a stable outlook for the thermal power sector.

Source:Business Standard

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