NEW DELHI: 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.
The rise in imports reflects strong growth in demand for power as India's economy recovers after the pandemic and forecasts for a particularly hot summer. India is the world's second coal importer, and counts Indonesia, Australia and South Africa as its major suppliers. Details on India's coal import plans have not been previously reported.
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.Higher power demand has forced India to cut coal supplies to the non-power sector, and mothball plans for some fuel auctions, despite record production and supply by state-run Coal India Ltd, which produces over 80 per cent of India's coal.
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