• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 9 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days Does Toyota Know Something That We Don’t?
  • 4 hours America should go after China but it should be done in a wise way.
  • 6 days World could get rid of Putin and Russia but nobody is bold enough
  • 8 days China is using Chinese Names of Cities on their Border with Russia.
  • 9 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 9 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 9 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 8 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 9 days Putin and Xi Bet on the Global South
  • 9 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 10 days United States LNG Exports Reach Third Place
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs
Precious Metal Investors Face Continued Turbulence

Precious Metal Investors Face Continued Turbulence

Precious metal prices experienced downward…

California Startup Boasts Breakthrough in Hydrogen Storage

California Startup Boasts Breakthrough in Hydrogen Storage

Despite challenges, startups like H2MOF…

India Ramps Up LNG Imports Amid Power Crunch

Despite exorbitant prices, India has been buying additional cargoes of liquefied natural gas to battle a power supply crunch that has caused blackouts in one of the world’s most populous countries.

At least two Indian utilities bought LNG cargoes on the spot market this week, for same-month delivery, at prices about three times higher than the normal for spot markets amid tightening global gas supply, Bloomberg reports, citing unnamed sources.

Natural gas only represents a tiny portion of India’s power generation mix; however, a persistent and substantial shortage of coal has forced utilities to switch to gas amid record-high temperatures that have pushed demand higher.

The shortage of coal, which is used to generate more than two-thirds of India’s electricity, emerged earlier this year, eventually leading to planned blackouts as the country entered peak demand season. The roots of the coal shortage, however, date further back when utilities failed to stock up sufficiently before the start of summer on the subcontinent.

Last year, analysts warning about a looming coal shortage in the country said that it could last for three to six months. The shortage was the result of the fast and sharp rebound in demand for electricity after the COVID lockdowns combined with supply chain snags that have plagued utilities around the world.

India is producing coal at a record rate amid the shortage, with some forecasters expecting total output of some 800 million tons in the financial year that started last month, the Financial Times reported this week.

The global LNG market is also getting tighter amid ever-growing demand from the European Union, which is in a rush to fill its storage space for next heating season and insulate itself as much as it can in case Russia turns the gas tap off for more European countries after Poland and Bulgaria.

By Irina Slav for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News