The IEA has predicted that India and China will drive demand for coal in the future as their economies develop. But accounting and research firm KPMG has a different take. "As per KPMG in India analysis, even a scenario with 130 GW of renewables instead of the planned 175 GW by 2022 could result in plant load factor (PLF) dropping to 35-40 per cent for many coal plants,” the firm stated in a recent report. That assessment is based on increased penetration of renewable energy into India's electricity system, leading to a duck curve and flexible operation of conventional power plants. But this flexibility will require retrofitting of conventional coal plants to reduce the harmful effects of cycling power plants up and down based on needs. In her budget speech earlier this year, India's finance minister referred to retirement of old thermal power plants. Analysts estimate that up to 24 GW of thermal power capacity may be retired in the coming years. The move is expected to produce a PLF spike for new power plants.