Indian Coal Stockpiles Hit 2-Year Low as Power Demand Surges
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Coal inventories at Indian power plants fell 12.6% in first half of October, fastest rate in 2 years. Stocks at lowest since Nov 2021.
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Higher coal power generation driving increase in imports. India-bound shipments set to highest since June 2022.
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Unusually dry weather and economic activity boosted power demand in October. Coal power output up 33% and demand up 20.4% year-on-year.
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Renewable generation share fell due to seasonal decline. Coal power ramped up to compensate.
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More power outages reported recently despite overall drop in first 9 months of 2022. Shortages up 33% in first half of October.