India’s electricity demand during the current financial year is seen falling for the first time in at least 36 years, ratings agency Moody’s unit ICRA said on Wednesday, a blow to utilities and state-run Coal India Ltd.
ICRA expects annual electricity demand to fall 1% during the year ending March 2021 due to the impact of a nationwide lockdown to prevent the spread of the coronavirus, ICRA said in a statement.
The decline would be the first since fiscal year 1985, and government data preceding that was unavailable.
Power usage has fallen by almost a quarter since Prime Minister Narendra Modi enforced a nationwide lockdown starting March 25, forcing all industries except those deemed essential to shut down.
