South Korea freezes power prices for third quarter even as import prices for fuels like LNG rise from annual lows
South Korea, the third-largest Asian liquefied natural gas importer, has decided to freeze electricity prices even as liquefied natural gas costs for gas-fired power generation have begun to increase and to overtake European LNG cargo values.
Coal use resists LNG
Dec 21 (LNGJ) - Switching from coal-fired power to LNG and gas-fired electricity generation will be slower in 2021 as coal demand is likely to rebound in the coming year, according to the latest coal industry report from the Paris-based International Energy Agency.
“A global economic recovery in 2021 is expected to drive a short-lived rebound in coal demand following the major drop this year triggered by the Covid-19 crisis,” said the IEA. “However, there is little sign that the world’s coal consumption is set to decline substantially in the coming years unless new government policies are introduced, with rising demand in some Asian economies offsetting declines elsewhere,” stated the IEA.
