India's LNG imports to rise on higher demand from power cos, says Petronet
NEW DELHI: India's liquefied natural gas imports are expected to rise in the coming months to meet growing electricity demand in the country, said A. K. Singh, chief executive of the country's top gas importer Petronet LNG.
India last week invoked emergency measures asking companies to operate underutilised gas-based power plants at higher capacity from May 26-June 30 to meet electricity demand in the country, a notice posted on the ministry's website shows.
India's power demand has been subdued so far this month as rains tempered temperatures in the country.
'We expect LNG demand to rise similar to last year's levels. Demand for power is rising in last few days so we are expecting demand for LNG to rise in the third or fourth week of May and in June,' he said.
Power plants running on gas have been more expensive than those operating on coal, solar and wind power, resulting in idling of about three-fifth of all gas-fired power stations in the country.
Global LNG: Asian spot LNG prices rise slightly on US-China tariff truce
The narrowing price gap between spot and long-term LNG prices is also pushing some companies to step up purchases, he said, adding Indian customers prefer LNG prices at below $10 per million British thermal units.
Petronet hopes to complete expansion of its 17.5 million tons per year (tpy) Dahaj terminal to 22.5 million tpy in the next three to four months, he said, adding his firm would maximise the utilisation of the terminal to meet demand in the summer season.
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