You are right if it is a simple demand and supply equation..But here problem is irrespective of surplus supply energy cost is high due to govt agreement with companies ..With costly energy it will be difficult for local companies to compete in globalised atmosphere ..A chicken and egg problem. You need surplus electricity to reliable generate more economic growth (industry in particular). Industry wont thrive if there are constant outages. First invest in energy infrastructure then in the Industry to consume to it. Look at the charts for East Asia. This planned growth cycle can continue continue upward and upward as long as both generation and loads (industry) are invested in continually.
Real question is why they are signing agreement's without proper market study ? It is like renting houses on borrowed money where no one will stay ..