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Power Demand Slows as Spot Market Prices Fall 9 % in November

India’s power demand eased in November, slipping an estimated 0.3% to 123 billion units compared with 124 billion units a year earlier, largely due to lower temperatures, according to Crisil Intelligence. This follows a nearly 6% month-on-month decline in October. For the April–November period, overall demand is estimated to have dipped around 0.1% year-on-year, even as the country recorded a peak demand of 216 GW in November 2025 — the highest since FY16.

Electricity prices in the spot market also saw a notable correction. Increased hydro, wind, and solar generation improved liquidity on exchange platforms, pushing down prices in both the day-ahead market (DAM) and real-time market (RTM). In the RTM, the average market clearing price fell 9% year-on-year to Rs3.13 per unit, reflecting comfortable supply against subdued demand. Prices in the DAM declined about 7% year-on-year to Rs3 per unit.