WCA welcomes Moody’s upgraded outlook for India’s power sector
The World Coal Association (WCA) has welcomed news that Moody's has upgraded the outlook for India's power sector to stable from negative in view of surge in domestic coal production.
The ratings agency announced this in its outlook investors service report Power Sector - Asia Pacific: 2017 Outlook-Rising Industry Challenges Are Manageable, Outlook Stable.
Commenting on the news, WCA CEO, Benjamin Sporton said: “It is really positive to see that the Modi government reforms are having an impact on India’s power sector, and points to the important role coal is playing in the country’s socio-economic development. The WCA will continue to support India’s energy sector, especially in the deployment of available technologies that will ensure coal is used as cleanly as possible.”
According to the International Energy Agency (IEA), coal will continue to make the largest contribution to electricity generation in India through to 2040. The country is also predicted to drive global demand for coal in the decades to come.
“It’s clear that for India, excluding coal from the energy mix is not an option – It is essential for the country’s continued economic growth and critical for energy security. As with many developing economies, India needs all sources of energy available to meet its growing energy needs using the best possible technology” Sporton added.