RT.com
21 Oct 2021, 15:42 GMT+10
New Delhi is reportedly mulling the idea of maintaining strategic reserves of natural gas and imported coal to prevent future supply shortages amid the growing global energy crisis.
India is currently struggling with a devastating coal shortage triggered by a surge in power demand as the country reopens its economy following the coronavirus pandemic shutdown, and a drop in imports connected to high coal prices across the world.
The energy-hungry nation has experienced power cuts of up to 14 hours per day despite record supplies provided by the state-run Coal India, the world's number one coal miner.
"So let us start thinking and discussing about keeping a strategic reserve of gas and imported coal, so that economies are able to tide over these supply shocks for about a month or so," Alok Kumar, India's power secretary, said at the South Asia Power Summit, which is organized by the Confederation of Indian Industry.
Coal reportedly accounts for more than 70% of India's electricity generation, and most of the country's 135 coal-fired power plants have fuel stocks of less than three days.
"High prices will make energy security very challenging if we don't have a well thought out strategy," Kumar said.
The severe energy crisis is forcing India, which is the world's second-largest coal importer with the fourth-largest reserves globally, to compete with neighboring China, as both are currently under pressure to ramp up imports.
India's average monthly imports of thermal coal reportedly totaled 21 million tons before the Covid-19 pandemic, with 6 million tons out of the total allocated for the power sector. Indonesia, Australia and South Africa are among the country's major suppliers.
For more stories on economy & finance visit RT's business section
(RT.com)
Get a daily dose of Brisbane Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Brisbane Star.
More InformationNearly three months after a devastating earthquake struck Myanmar, the country remains trapped in a deepening crisis, compounded by...
MELBOURNE, Australia: A second embryo mix-up in just two months has pushed one of Australia's largest IVF providers back into the spotlight,...
SYDNEY, Australia: Australia will not ease its strict biosecurity rules during trade talks with the United States, Prime Minister Anthony...
New Delhi [India], July 4 (ANI): Bollywood actor Aamir Khan will attend the 16th edition of the Indian Film Festival of Melbourne (IFFM)...
(250704) -- SLIVERSTONE, July 4, 2025 (Xinhua) -- Haas' driver Oliver Bearman of Britain is interviewed during the press day before...
New Delhi [India], July 4 (ANI): In one of the largest crackdowns on the illegal pharmaceutical trade, the Narcotics Control Bureau...
WASHINGTON, D.C.: President Donald Trump will meet Israeli Prime Minister Benjamin Netanyahu at the White House on Monday. President...
GENEVA, Switzerland: A new United Nations report alleges that dozens of global corporations are profiting from and helping sustain...
LONDON, UK - Lawmakers in the United Kingdom have voted overwhelmingly to proscribe the direct-action group Palestine Action as a terrorist...
DHARAMSHALA, India: The Dalai Lama is set to address a significant three-day conference of Buddhist leaders this week, coinciding with...
WASHINGTON, D.C.: In a significant ruling last week, the U.S. Supreme Court upheld a Texas law requiring age verification for users...
ISTANBUL/PARIS/BRUSSELS: As searing temperatures blanket much of Europe, wildfires are erupting and evacuation orders are being issued...