India energy crisis looms as coal stocks dwindle

, government data shows, far short of federal guidelines recommending supplies of at least two weeks.

Rising oil, gas, coal and power prices are feeding inflationary pressures worldwide and slowing the economic recovery from the Covid-19 pandemic. Coal prices from major exporters have scaled all-time highs recently, with Australia's Newcastle prices rising roughly 50% and Indonesian export prices up 30% in the past three months.

State-run Coal India said this week higher global prices of coal and freight rates have pushed utilities dependent on imported coal to curtail power production, resulting in higher dependence on domestic coal-fired plants. The three states account for nearly a third of India's annual electricity consumption. Industries and offices account for half the country's annual electricity consumption. During the last two quarters of the fiscal year ending March 2021, the residential and agricultural sectors were key drivers of power consumption after the first wave of coronavirus.

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