India energy: 2019 in review and what to look for in 2020 Report

Insight 16 January 2020

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Report summary

India aims to achieve a US$5 trillion economy. However, 2019 saw a major economic slowdown, despite being an election year. Policy uncertainty and energy supply deficit remain high but so does the demand potential. As we enter 2020, the focus needs to be on ramping up energy and infrastructure investments. Equally vital will be electrification of the transport sector and increased penetration of renewables.

Executive summary
- Slowing economy and prolonged monsoons impacted energy markets
- Cautious optimism for oil demand growth in 2020 after a slowdown in 2019
- BS VI regulations driving refinery investments and IMO regulations to prove beneficial
- Target electrification rate achieved, the focus on renewables remains high in the power sector
- A slowing economy provided relief to domestic coal production , keeping market in balance
- Gas output to grow in 2020 after the upstream sector disappoints on most counts in 2019
- After a flattish 2019, LNG demand growth to depend on pace of city gas and regas infrastructure buildout
- Final thoughts