New Delhi, March 22 (SocialNews.XYZ) There has been a reduction of 36.69 per cent in the volume of coal imported for blending by thermal power plants, amounting to 19.36 million tons (MT) during April 2023 to January 2024, compared to the same period of the previous year, the Coal Ministry said on Friday.
This reduction in imported coal for blending signifies a shift towards utilising domestic coal, thus reducing reliance on imports. Imported coal is blended with coal from domestic mines to increase its calorific value.
Conversely, there has been a notable increase of 94.21 per cent in coal imports by imported coal-based power plants during April 2023 to January 2024, compared to the corresponding period in the previous year. These power plants are designed to run only on imported coal, and the growth in imports has been spurred by the sharp decline in international prices of the fuel.
India primarily imports thermal coal from South Africa and Indonesia, and average prices from these countries decreased by approximately 54 per cent and 38 per cent respectively during April 2023 to January 2024, compared to the corresponding period in the previous year.
Overall there has been a reduction in the share of coal import in the total coal consumption in the country. The share of coal import declined to 21 per cent during April 2023 to January 2024, which was 22.48 per cent during the corresponding period of previous year, according to the Coal Ministry statement.
Furthermore, there has been a substantial reduction in the auction premium received by CIL, over the notified price of coal. It has decreased from 278 per cent in the period from April 2022 to January 2023, to 82 per cent during the same period in the fiscal year 2023-24.
The reduction in auction premium is a testament to the ample availability of coal (currently 96 MT coal stock with coal companies) in the market, the statement added.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz