LAUNCESTON – It’s been an extremely weak start to the new decade for liquefied natural gas with spot prices in Asia falling to more than 10-year lows, but it’s not all doom and gloom for an industry that sees itself as part of the solution to climate change.
The price is down 41% from its winter peak of $6.80 per mmBtu, hit in the week to Oct. 11, meaning that the super-chilled fuel has effectively missed out on the usual boost to prices from demand in north Asia in the colder months. There’s nothing LNG producers can do about the weather, other than hope for a warmer than usual summer to boost electricity demand for air-conditioning, followed by a colder, or at least normal, winter in 2020/21.
A further 17 million tonnes of annual LNG capacity is expected to be commissioned this year in the United States, and beyond this year there will be new supplies from Canada, Qatar, Mozambique and Nigeria among others.It will obviously hurt the economics of new projects and lead to longer pay-back times on investment.
That’s because while coal is still cheaper to use for generation, the other factors are all swinging in favour of LNG. The argument for LNG becomes more favourable if climate change and environmental factors come into play, especially if developed nations, such as those belonging to the European Union, do go ahead with plans for carbon-adjustment tariffs, which would penalise goods and services produced with coal-fired electricity.
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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