Day: October 16, 2021

America’s stored natural gas reserves are lower than normal headed into the winter heating season, and gas prices have increased by about 150 percent compared to last year. A boom in LNG exports is part of the reason: thanks to years of investment in new liquefaction infrastructure, about 10 percent of the nation’s natural gas production is now exported in the form of liquefied natural gas (LNG) – primarily to Asia. Spot prices in the western Pacific are running at record highs of up to $56 per million BTU; in…

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Chinese coal futures delivered their biggest weekly rise on record, driven by a worsening energy crisis that threatens to pile further pressure on the country’s property developers as they grapple with looming debt payments. Thermal coal futures traded on the Zhengzhou Commodity Exchange rose 8 per cent on Friday to Rmb1,692 ($263) a tonne, taking them 34 per cent higher over the past five sessions and marking the largest weekly gain since they began trading in Zhengzhou in 2013. China’s coal futures have closed every trading day this week at…

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he Energy Information Administration projected that renewable resources—particularly solar and wind—will be the largest contributor to the growth in global electricity generation through 2050. It cautioned, however, that certain regions will still mainly use coal resources for electricity generation. The projection are part of EIA’s International Energy Outlook 2021. It said the absence of regional carbon policies or regulations along with rising natural gas prices after 2030—particularly in Asia and in regions that rely on higher-cost liquefied natural gas (LNG)—are likely to make coal the most economical generation fuel to pair…

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Minister for Energy Hammad Azhar on Friday said the government and the people were bearing the burden of energy sector circular debt due to expensive power generation contracts signed by previous governments. Addressing a press conference flanked by Minister of State for Information and Broadcasting Farrukh Habib in Islamabad, he said a major component of circular debt was the capacity payment to the power plants, which now reached to Rs700-800 billion from Rs150 billion in 2013. He said the circular debt would jump to Rs2,500-3,000 billion by 2030, adding, the…

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Since the establishment of the China-Pakistan Economic Corridor (CPEC), the government of China has brought $25.4 billion investment to Pakistan with more than 70,000 jobs, said Chinese Ambassador Nong Rong, while addressing the 4th Exchange Mechanism Conference under China-Pakistan Economic Corridor (CPEC) Consortium of Universities, Gwadar Pro reported on Friday. According to Nong Rong, for six consecutive years China has remained the top trading partner of Pakistan, adding that “seventh consecutive year China became the first investment source country of Pakistan.” He said that moving into the new era, especially…

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