ICRA, a ratings agency, has forecasted a substantial growth in India's energy demand over the next five years. The surge in demand, expected to grow at a rate of 6–6.5% annually, is primarily attributed to the increasing adoption of electric vehicles (EVs), green hydrogen, and the expansion of data centres that require significant electricity. Vikram V from ICRA highlighted that these sectors are poised to drive 20–25% of the incremental electricity demand from FY26 to FY30. The generation capacity is set to reach a record high of 44 GW in FY26, boosting the total installed power generation capacity to nearly 520 GW by March 2026. However, due to the early onset of the monsoon in India, the power demand in the country has not risen as anticipated. This has led to surplus coal stocks as the national grid has not witnessed a surge in demand beyond 220 GW even during peak summer days. Consequently, the price of coal imports has remained low. Despite the country's renewable energy push, ICRA maintains a stable outlook for India's thermal power segment amidst these dynamics, emphasizing the importance of a diversified energy mix in meeting the evolving demand landscape.