Power utilities likely to see moderate growth in Q3FY25 earnings

Global coal prices are down due to oversupply and weak demand in China

Power utilities may report moderate growth in earnings for 3QFY25. Generation is up 3 percent Y-o-Y in Q3 on lower cooling demand and high base, to 429 billion units (BU).

 

Peak demand was steady at 224GW in Q3FY25, a 10 per cent decline from the record highs of 250GW in May 2024. Coal-based generation held steady at 319BU, hydro generation surged by 27 per cent to 34BU. Gas-based generation fell by 20 per cent Y-o-Y to 5.4BU. Renewable generation rose 14 per cent Y-o-Y to 47BU. Year-to-date, generation has increased 5 per cent Y-o-Y to 1,387BU.

   

Global coal