HSBC ON INDIA POWER DEMAND ; POWER DEMAND SURGES 21% YOY, PEAK DEMAND UP 24%

• Power Demand: UP 21% YoY in October till 25th, supported by a low base. • Peak Demand: UP 24% YoY to 261 GW. • IEX Prices: UP 72%, reflecting stronger electricity demand. • Renewable Energy: Capacity additions reach nearly 24 GW in H1 FY27. • Coal Stocks: Low inventory levels raise concerns over power supply. • Supply Risks: Declining reservoir levels and weak wind generation could increase supply stress. • Impact: Mixed 🟡

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