The last few weeks saw temperatures in many parts of North Asia drop to record lows, and energy prices hit record highs. Platts JKM, the benchmark for Asian spot LNG prices, surged to $32.50/MMBtu, the highest since it was launched in early 2009. LNG freight rates hit unprecedented levels of nearly $300,000/day, trucked LNG in China rose to around $28/MMBtu, Japan’s spot electricity prices hit 220 Yen/kWh, and the Platts Northeast Asian Thermal coal price hit $80/mt.
The ripple effect was felt across a variety of power generation fuels and across the whole region as supply chains were disrupted. Utilities found themselves having to shift back to fuels that have been becoming rather obsolete in the region’s power mix. S&P Global Platts Senior Analyst Andre Lambine, Senior Editor Takeo Kumagai, and Managing Editor Rajesh Nair join Content Lead Eric Yep to delve deep in to the latest in Asia’s oil and power sectors.