Power demand may grow 8% this fiscal year: Fitch

India’s power demand is likely to grow 8% in the financial year ending March 2023, almost on a par with the 8.2% rise a year ago, Fitch Ratings said.

The average thermal power plant load factor is expected to be above 60% in FY23 compared with 64.5% in the preceding fiscal, supported by power demand growth and improved local coal supply, the agency said in a report on Tuesday. Distribution companies have started paying overdue amounts to generation companies after the government imposed a late payment surcharge, the agency said.