SINGAPORE, Oct 27 (Reuters) – A surge in supply of liquefied natural gas (LNG) coming to market this year and next is poised to change the rules of the market, International Energy Agency Executive Director Fatih Birol said on Monday.
LNG markets are turning from sellers’ markets to buyers markets’, which is pushing LNG prices down, an important point for LNG importers in Asia, he said.
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Birol also said that power demand, driven by data centres and air conditioning, is growing at levels not seen in decades in both advanced and emerging economies, and that nuclear power is making a comeback.
“Nuclear is coming back and coming back strong in terms of the lifetime extensions of the nuclear power plants in some countries, in terms of building new traditional nuclear power plants and as we have analysed in our last report, small modular reactors,” Birol said.
Reporting by Emily Chow and Florence Tan; Writing by Tony Munroe; Editing by Christian Schmollinger and Jacqueline Wong
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