According to Citi Research, India will add 2.3 to 2.5 times more power generation capacity between FY2026 and FY2032 compared to recent years, mainly to keep up with changing energy use patterns and make sure there's enough electricity even when solar isn't available.
With El Nino expected in 2026, demand for things like agricultural pumps and cooling systems could spike too.
Progress on reforms within the draft National Electricity Policy 2026 is expected to provide additional support to demand.