India energy: 2020 in review and what to look for in 2021

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The coronavirus pandemic caused India’s energy demand to fall for the first time in 20 years. We estimate a 2.5% year-on-year decline for 2020; however, the impact was not uniform across sectors. It was the worst year for oil’s demand growth in 50 years, but natural gas and renewables witnessed growth. The pace of recovery will vary by commodity. All eyes will be on the speed at which vaccination takes place. This and stimulus measure will dictate how quickly India reach pre-coronavirus consumption levels.

Table of contents

    • Power and renewables: strong investor confidence despite weak demand
    • Renewables remain a high priority despite headwinds; multi-technology auctions to be the new trend in 2021
    • Oil and refining: demand recovery varies by product
    • Ethanol blending – steps under way to achieve 10% target
    • Public sector unit (PSU) refiners to see improved margins and surge in crude throughput after 2020 lows
    • Coal and mining: subdued demand and higher inventories to impact imports
    • Gas and LNG: spike in LNG prices to slow down spot purchases after robust 2020
    • Fast-tracking commercial start-up of LNG terminal and pipeline projectsacross south and east India is vital in 2021
    • Policy and regulatory support to increase gas share in primary energy mix by 2030
    • Upstream: chance to unlock gas prices after deepwater start-ups were only bright spot in a dire year
    • New energies: clean hydrogen taking shape

Tables and charts

This report includes 2 images and tables including:

  • Supply and demand: 2019 to 2021
  • Imports dependency trend for key commodities

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    India energy: 2020 in review and what to look for in 2021

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