Electricity demand declined by ~3% YoY during the first 10 days of November 2025 and by 0.02% in first seven months of FY2026, primarily due to the early and prolonged monsoon and high base effect. Based on this, the full-year growth forecast has been revised sharply down from 4.0–4.5% to 1.5–2.0%.

• India’s electricity demand growth has been weak in FY2026, impacted by early and prolonged monsoon conditions and high base effect. Demand fell 3% in early November and declined a marginal 0.02% decline over the first seven months. Reflecting this trend, the full-year growth forecast has been revised sharply down from 4.0–4.5% to 1.5–2.0%, despite expectations of some seasonal recovery in winter.
• Spot power tariffs on the Indian Energy Exchange (IEX) averaged Rs. 3.1 per unit as of November 10, 2025, higher from Rs. 2.7 per unit in October 2025. Prices were lower than the November 2024 levels at Rs. 3.3 per unit, continuing a year-on-year declining trend observed during May–October 2025 due to improved supply position and low demand growth.