The short-term power price was down 19.1 per cent to Rs 3.22/KWh in April this year compared to Rs 3.98/KWh, the price in the corresponding month of 2018, despite rise in energy demand by 6 per cent.

“Short term power price declined 19.1 per cent y-o-y despite energy demand increased by 6 per cent but energy supply rose by 6.2 per cent. The growth in supply was supported by higher hydro generation, which led to lower reliance on thermal generation,” India Ratings said in a report.

With the improvement in coal inventory, the number of power stations with subcritical levels decreased to two in April 2019 from 28 in April 2018, it said.

Coal India had raised supplies to power plants and continued to offer additional coal to them through special dispensations, a Coal India official said.

The all-India electricity generation (excluding renewables) increased 5.3 per cent y-o-y to 108.9 billion units in April 2019 as thermal and hydro generation increased by 2 per cent and 48 per cent, respectively.

According to Indian Energy Exchange data, in April this year, 2,24,802 Renewable Energy Certificates (RECs) were traded on the exchange registering, 71 per cent decline y-o-y, largely due to very low REC inventory.

It said the price of non-solar REC in April ’19 was Rs 1,300, an increase of 30 per cent from Rs 1,001 in April ’18.

While the price of solar REC stood at Rs 2,000 in April ’19, it increased 100 per cent from Rs 1,000 in the same month of 2018.