Electricity demand remained robust in the first 13 days of September 2026, driven by higher cooling and irrigation requirements amid a warm weather and below-normal rainfall. Consequently, coal inventories at thermal power plants remained at relatively lower levels due to robust electricity demand, while spot power tariffs continued to stay higher YoY.

• Electricity demand remained strong in the first 13 days of September 2026, with provisional data from GCIL indicating a robust 17.6% YoY growth.
• Spot power tariffs on the Indian Energy Exchange (IEX) averaged at Rs. 7.7 per unit as on September 14, 2026, significantly higher than the levels witnessed in August 2025 and July 2026, reflecting sustained strength in electricity demand.

Exhibit : Trends in state-wise demand growth

Source: ICRA Research, CEA