India's top electricity producer NTPC Ltd's coal imports this financial year will be the highest in eight years despite near-record prices, two senior officials at the company said, as it looks to address a domestic shortage.
Chimneys of a coal-fired power plant are pictured in New Delhi, India, July 20, 2017. REUTERS/Adnan Abidicoal imports this financial year will be the highest in eight years despite near-record prices, two senior officials at the company said, as it looks to address a domestic shortage.
India's federal government has directed all utilities to cumulatively import about 33.5 million tonnes for blending during the year, the second official said, the highest in at least six years.Higher imports by India could put further upward pressure on global coal prices, which touched record highs in March in the wake of the invasion of Ukraine by Russia - Europe's biggest supplier. Prices have cooled since, but are still much higher than average levels in 2021.
India's power generation surged at its fastest pace in three months in March, due to higher than normal temperatures for the month and increased activity following the relaxation of COVID restrictions, while power cuts hit the highest level since October. NTPC has already awarded contracts to procure nearly 7 million tonnes, the officials said, adding all of it has been sourced from Indonesia at slight premiums to benchmark prices.
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