Liquefied natural gas prices in Asia are now near $50 per million British thermal units. On an energy-equivalent basis, gas was at about double the price of diesel as of Friday, with high-sulfur fuel oil and coal cheaper still, according to data from S&P Global Commodity Insights.
“With the concern that supplies could become very tight this upcoming winter, various governments have recently announced they will allow more fuel oil and coal burning in power stations,” said Steve Sawyer, director of refining at industry consultant FGE. “If the flexibility to burn fuels other than natural gas is already installed, then we suspect it is already being used,” he said.
In Asia, Pakistan and Bangladesh are among countries with sizable facilities that can switch between natural gas and fuel oils for power generation. The EU Commission will continue to enable increased coal power generation this year and next, temporarily reversing the long-term decline in coal consumption in Europe, Fitch Solutions analysts said in an August 8 note. And higher LNG prices will encourage electricity generators globally to switch from gas to coal feedstock where possible.
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