New Delhi [India], December 15 : The domestic electricity demand remained broadly flat in November 2025 as winter temperatures stayed similar to last year, leading to muted consumption and comfortable supply conditions across the country, highlighted a report by Nuvama.
According to the report, all-India power demand declined marginally by 0.3 per cent year-on-year (YoY) in November 2025 to around 123 billion units (BU). The average temperature during the month was 23.1 degrees Celsius, almost the same as 23.6 degrees Celsius recorded in November 2024. This meant there was no major need for extra electricity use for cooling or heating.
It stated "Winter demand cools along expected lines India's power demand remained broadly flat in Nov-25".
Even though overall demand stayed weak, peak power demand increased during the month. Peak demand touched around 216 gigawatts (GW) in November 2025, higher than about 208 GW seen in the same month last year.
This showed that electricity use rose sharply during certain hours, even if total monthly demand did not grow much.
Thermal power continued to dominate India's electricity generation mix. Thermal sources accounted for about 78 per cent of total generation in November 2025. However, plant load factors (PLF), which show how much power plants are being used, fell sharply.
All-India thermal PLF declined to 59.1 per cent in November 2025 from 65.7 per cent in November 2024. NTPC, the country's largest power producer, reported a PLF of 69.8 per cent in November 2025, compared to 79.2 per cent a year ago. Renewable energy generation remained stable on a year-on-year basis at around 11 per cent of the total mix.
The report also mentioned that the supply remained strong during both solar and non-solar hours. During solar hours, power supply was much higher than demand, with sell bids at about 240 per cent of purchase bids. This kept market prices low.
The average price on the Indian Energy Exchange (IEX) during solar hours softened to Rs 3.2 per unit in November 2025 from Rs 3.5 per unit in November 2024.
During non-solar hours, supply also increased sharply, with sell bids at around 250 per cent of purchase bids. Prices during these hours stayed largely stable at Rs 2.9 per unit, slightly lower than Rs 3.0 per unit seen last year.
Overall, muted demand, ample supply, and steady renewable generation kept power prices under control during November, reflecting a calm winter period for India's electricity market.
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