CEA Data Indicates Doubling of Electricity Demand From EV’s In Q1 Fy24

A parking lot with charging stations for electric cars.

The Central Electricity Authority (CEA) , which tracks electricity consumption from public charging stations among other things, has released its latest report for Q1 Fy24, indicating a 108 percent growth in power demand from EVs YoY. According to CEA, Public Charging stations (PCSs) consumed 176.87 million units (MU) of energy during the April-June quarter in FY25, as compared to 84.95 MU of energy last year during the same quarter. These figures donot include charging from privately owned stations or points, which currently account for a larger share of charging than public charging stations.

During the same time, the number of EVs registered in the country jumped 42 per cent Y-o-Y in FY24 (16,81,127 units) compared to FY23 (11,83,341 units). This indicates not just higher use of PCS, but possibly the higher usage of EVs, especially in the commercial sector as compared to privately owned EVs. However, an oil industry expert we spoke to pointed out that OMCs(oil marketing firms) are yet to see any noticeable drop in demand yet, only a moderation perhaps that could be liked to many other factors.

Till July 2024,the number of EVs registered in India rose by over 42 per cent Y-o-Y to almost 1.7 million units compared to 1.2 million in FY23.

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Industry observers expect demand to be led by two wheelers and public transport, in that order. While public transport conversion to EVs has been proceeding slowly due to supply issues, two wheeler conversions are moving fast, with over a million two wheeler EVs expected to be sold this year. these vehicles will be replacing petrol driven vehicles exclusively, unlike public transport which will replace diesel and some CNG vehicles.  An actual impact on India’s oil bill or even the composition of its oil consumption is expected to start only post 2028, as the share of EVs becomes greater than incremental addition of vehicles.

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