India has achieved a remarkable feat in the first quarter of FY 2023-24 (April-January), recording the highest ever coal production at 223.36 million tonnes, local media Economic Times reported, citing data from the ministry of coal.
This substantial growth of 8.55% compared to the previous year's production during the same period underscores India's commitment to meeting its energy demands and promoting sustainable economic growth.
Coal India Limited, a key player in the sector, contributed significantly to this milestone, registering a production of 175.48 million tonnes over the period. This marked an impressive growth rate of 9.85% compared to the corresponding quarter in the previous year.
While coal imports experienced a surge of 16.76% during April to May 2023, as compared to the same period in the previous year, it is essential to acknowledge that this increase is primarily attributed to the substantial decline in coal import prices.
The e-auction premium over the notified prices of CIL has witnessed a significant reduction, plummeting from 357% in June 2022 to 54% in June 2023, primarily due to the sharp fall in import prices, said the media outlet.
The decline in the auction premium reflects the current state of the industry and indicates an ample supply of coal in the domestic market.
As of July 22, coal stockpiles across all power plants in India totaled 34.88 million tonnes, enough to cover 12.5 days of use, compared with 29.00 million tonnes for 10.4 days of use on the same day last year, according to the data released by Central Electricity Authority.
(Writing by Alex Guo Editing by Emma Yang)
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