The all-India average thermal plant load factor (PLF) stood at 65.7% in H1 FY2026, reflecting subdued demand growth and rising generation from non-thermal sources. For the full year FY2026, PLF is expected to moderate further to 66.5%, driven by continued softness in demand and a strong ramp-up in renewable energy (RE) generation supported by large-scale capacity additions. 

This outlook contrasts with FY2025, when PLF remained broadly stable at 69.5% over 69.1% in FY2024, as thermal generation was held up despite early signs of demand slowdown and incremental RE penetration.

Exhibit : All-India thermal PLF trends

Source: ICRA Research, Central Electricity Authority (CEA)