 "coal")
Global energy prices were high by the third quarter of the 2021-22 financial year (Q3FY22) and shot up more after the start of the Ukraine War (late Feb 2022). Oil, gas and coal, all experienced supply disruptions. The combination of a hot summer (more demand for air-conditioning and refrigeration) and stronger economic activity led to higher power demand. Notably thermal coal is globally more expensive than coking coal at the moment indicating the slowdown in the metals industry.
Power consumption in Q1FY23 surpassed pre-Covid-19 levels of Q1FY20. Given the high reliance on thermal coal, this meant a good quarter for
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