As we discussed in Commodore Research's most recent Weekly Dry Bulk Report, India produced approximately 118.3 billion kilowatt hours of electricity in February. This is down month-on-month by 9.5 billion kilowatt hours (-7%) but up year-on-year by 6.9 billion kilowatt hours (6%). India’s electricity output has remained strong as we have been predicting and has now increased on a year-on-year basis for ten straight months. Hydropower output continues to contract, but coal-derived electricity generation has continued to grow.
Hydropower output totaled approximately 5.9 billion kilowatt hours last month. This is down month-on-month by 600 million kilowatt hours (-9%) and down year-on-year by 2.5 billion kilowatt hours (-29%). India’s hydropower output has now contracted on a year-on-year basis for eight straight months. Last month’s output again marked the smallest amount produced since February 2018.
Coal-derived electricity generation totaled approximately 109 billion kilowatt hours last month. This is down month-on-month by 8.1 billion kilowatt hours (7%) but up year-on-year by 9.8 billion kilowatt hours (10%). India’s coal-derived electricity generation has now grown on a year-on-year basis during each of the last ten months. We remain of our view that strength will continue near term, and that several new overall electricity production and thermal coal-derived generation production records will also be set beginning this month.
