While the energy crisis continues to wreak havoc on Western economies, it is also felt keenly in the East. By comparing the situation in China, which we discussed earlier this month, with what’s happening in India, it’s obvious that the latter fares much worse. As its eastern neighbor, India is heavily dependent on coal, with its share in the country’s power generation mix growing stubbornly, from 73.7% in 2021 to 76.8% in January-May 2022 (see Fig. 1). Amid weather extremes, coupled with a rebound in industrial activity, coal stockpiles in India fell below the critical mark in April (<25% of the required stock at more than 100 thermal power plants and <10% at more than 50 plants), prompting an acute power crunch.