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ICRA, a leading credit rating agency, projects a stable plant load factor (PLF) for thermal power plants and a 6% growth in power demand for FY2025. The report highlights that the power demand is expected to rise due to increased electricity consumption across various sectors, driven by economic growth and higher industrial activities. This surge in demand will support the capacity utilization of thermal power plants, ensuring a stable PLF. Coal-based power, which remains a significant contributor to India's energy mix, is projected to maintain its stability. Despite the growing emphasis on renewable energy sources, coal-based plants are expected to operate at a stable PLF, thanks to the consistent demand. The report underscores the importance of policy measures in balancing the energy transition, as renewable energy capacities continue to expand. The power sector's overall health is bolstered by policy initiatives aimed at improving the financial health of distribution companies. These measures are crucial in ensuring the timely payment to power generators, which in turn supports the stable operation of thermal power plants. The projected 6% growth in power demand for FY2025 is a positive indicator for the sector, encouraging further investment and development in power infrastructure. Investment in power infrastructure, including transmission and distribution networks, is vital to support the anticipated growth. The report calls for continued focus on enhancing the efficiency and reliability of the power supply chain. As India transitions towards a more sustainable energy mix, the integration of renewable energy with the existing grid is essential for maintaining stability and meeting the rising power demand. ICRA's projections indicate a balanced growth trajectory for the power sector, with stable thermal PLF and robust power demand growth. This outlook underscores the need for sustained policy support, strategic investments, and efficient management to navigate the challenges and opportunities in India's evolving energy landscape. The emphasis on financial health, infrastructure development, and energy transition highlights the sector's critical role in driving economic growth and sustainability.