Category: 3. Business

With coal accounting for 54% of Asia’s power mix last year, the region faces a significant challenge in meeting its net-zero ambitions. In a bid to cut emissions, several Asian countries are turning to ammonia for power generation, particularly through co-firing, blending low-carbon ammonia with coal or natural gas. Rystad Energy expects China, Indonesia, Japan, and South Korea to emerge as key hubs for this transition. However, a sizeable supply gap remains, with about 8.8 million tonnes per annum (Mtpa) of ammonia needed to meet 2030 targets.

Having relied on coal for decades, Asia lacks both the policy frameworks and the market demand needed to justify investment in infrastructure for ammonia as an energy source. Countries such as Japan and South Korea also face resource constraints, whether limited natural gas or insufficient renewable capacity, that hinder domestic production of clean ammonia. To meet net-zero goals, they will need to import clean ammonia from overseas, enabling coal replacement as a baseload power source while safeguarding energy security and affordability.

Ammonia co-firing is currently expensive, mainly due to the high costs associated with low-carbon hydrogen production, ammonia conversion and transportation. However, countries in Asia appear willing to tackle this challenge and advance their co-firing plans. Assuming a low-carbon hydrogen price of $5 per kilogram, which corresponds to an ammonia price of $1,000 per tonne, Rystad Energy estimates that the levelized cost of electricity for a 10% ammonia blend will be about 50% higher than coal-only generation. This indicates that costs must be tackled through innovation, economies of scale, or the implementation of a meaningful carbon price to make ammonia co-firing competitive.

While hydrogen and ammonia are set to play a growing role in decarbonizing Asia’s power sector, much of the progress hinges on foreign partnerships and long-term offtake agreements. Even with high costs associated with hydrogen, our data shows that ammonia demand from power generation is expected to grow ninefold by 2030. However, without firm offtake commitments and accelerated development of critical import infrastructure, this growth could stall. While several key Asian players are already in discussions with international partners to secure ammonia supply, progress on import terminals and co-firing capabilities must speed up,

Learn more with Rystad Energy’s Hydrogen Solution.

While Japan and Indonesia moved early to explore ammonia co-firing for power generation, China has taken a later but more decisive approach by embedding it as a decarbonization strategy in its National Development and Reform Commission (NDRC) 2024-2027 Action Plan. China is moving directly to national targets before large-scale feasibility trials. Starting in 2027, coal plants that are upgraded or newly commissioned must cut emissions by half compared to 2023 levels, with China planning to implement 10% co-firing of biomass and green ammonia alongside carbon capture, utilization and storage (CCUS) technologies.

If ammonia co-firing proves viable, it could be vital to meeting the nation’s goals of peaking emissions by 2030 and achieving carbon neutrality by 2060. However, it remains uncertain how many plants will adopt the technology. Given the size of China’s significant coal power generation fleet, it is likely that the roll-out of ammonia co-firing will take more than the targeted two years, especially when existing coal power plants will have to be retrofitted to accommodate the technology.

Due to abundant renewable resources in Inner Mongolia, China is well-positioned to produce low-carbon hydrogen and ammonia at scale, giving it an advantage compared to regional peers. This year, Envision Energy commissioned the world’s largest green ammonia plant in Chifeng, Inner Mongolia, with an initial capacity of 0.32 Mtpa and plans to expand to 1.5 Mtpa by 2028. As deal-making accelerates China could bolster its role as a dependable ammonia supplier for the region and pave the way for exports, though the required volumes still remain unclear.

South Korea is also looking to back hydrogen-for-power by 2029, with the country’s Ministry of Trade, Industry and Energy (MOTIE) having launched its second clean hydrogen power generation auction. Winning bidders, to be selected later this year, must begin generating power using hydrogen or derivatives such as ammonia by 2029 under a 15-year contract covering 3 terawatt-hours (TWh) of electricity. While this is 3.5 TWh less than the inaugural round, Rystad Energy estimates that producing this volume will still require around 200,000 tonnes of low-carbon hydrogen each year.

In the 2024 auction, the world’s first, MOTIE reported participation from only six power plants out of roughly 59 nationwide. Despite the limited response, only one plant met MOTIE’s evaluation criteria, which considered factors such as bid price and alignment with the country’s Clean Hydrogen Portfolio Standards (CHPS). MOTIE ultimately awarded Korea Southern Power (KOSPO) 750 gigawatt-hours at its Samcheok power plant, representing just 11.5% of the total volume on offer.

To encourage greater participation in this year’s auction, MOTIE is introducing two new mechanisms: an exchange rate-linked settlement system and a hydrogen volume borrowing system. Unlike the 2024 auction, which settled prices in South Korean won and exposed participants to currency risk from USD fluctuations, the upcoming auction will link power price settlements to the exchange rate, helping to mitigate this risk. The volume borrowing system allows power generators to borrow hydrogen volumes from the following year in advance, complementing the existing carryover system for unused volumes. Together, these changes offer generators increased flexibility to manage unplanned events or maintenance.

Japan, an early adopter of ammonia co-firing, has also made significant progress in 2025. The nation has secured key contracts and attracted foreign investment to maintain a steady supply of low-carbon ammonia, planning to source blue ammonia from the US and green ammonia from China and India to scale up and address domestic supply shortages. Early next year, Japan will also announce the winners of its contract for difference program, which is expected to provide additional support for its ammonia-for-power ambitions and help the country meet its emissions targets.

---

Contacts

Minh Khoi Le
Head of Hydrogen Research
Phone: +47 24 00 42 00
Minh.khoi.le@rystadenergy.com 

Nigel Rambhujun
Analyst, Hydrogen Research
Phone: +61 02 8067 8468
nigel.rambhujun@rystadenergy.com 
Kartik Selvaraju
Media Relations Manager 
Phone: +65 8779 4619
kartik.selvaraju@rystadenergy.com 

---

About Rystad Energy

Rystad Energy is a leading global independent research and energy intelligence company dedicated to helping clients navigate the future of energy. By providing high-quality data and thought leadership, our international team empowers businesses, governments and organizations to make well-informed decisions.

Our extensive portfolio of products and solutions covers all aspects of global energy fundamentals, spanning every corner of the oil and gas industry, renewables, clean technologies, supply chain and power markets. Headquartered in Oslo, Norway, with an expansive global network, our data, analysis, advisory and education services provide clients a competitive edge in the market. 

For more information, visit www.rystadenergy.com.

Abreu Advogados provided legal advice to the Veolia Group in the limited tender by prior qualification, a contract that secured it the management of the Energy Recovery Plant of Lipor, an entity representing eight municipalities in the Greater Porto area, for a further 15 years.

This project is based on a strategy of decarbonisation, energy efficiency and digitalisation, in line with the sustainability goals of the intermunicipal entity, which serves around one million inhabitants in the municipalities of Espinho, Gondomar, Maia, Matosinhos, Porto, Póvoa de Varzim, Valongo and Vila do Conde.

Lipor’s Energy Recovery Plant processes around 390,000 tonnes of urban waste annually, converting it into enough electricity to supply approximately 150,000 people. In addition to continuing the operation and maintenance of the Energy Recovery Plant, the aim is for the plant to become one of the most decarbonised waste-to-energy facilities in Portugal.

Among other initiatives, the contract provides for studies to install a solar photovoltaic unit for self-consumption, a carbon capture unit with the potential to reduce CO₂ emissions by more than 90%, and the diversification of the energy produced, moving from the current exclusively electrical production to the potential inclusion of thermal energy.

Lipor also plans to explore the establishment of an energy community, moving from a regulated tariff to a market tariff that will directly benefit the municipalities served by the plant, closing the cycle of transforming waste into resources with economic benefits.

Advisors

Abreu Advogados’ advice consisted of support throughout the contract formation process, from the application phase, with assistance in reviewing documents and defining the structure of the Candidate, to the proposal phase, with assistance in supporting documentation and analysing competing proposals. After the adjudication, Abreu supported Veolia in the qualification phase of the competing group and proceeded to set up an SPV to be assigned to the operation. The intervention of the Competition Authority was also analysed in view of the operation to be carried out.

The team involved in the operation was led by Mafalda Teixeira de Abreu and supported by Marta Romano de Castro, Sónia Gemas Donário, Guilherme Mata da Silva and Catarina Miguéis Picado.

You wouldn’t drive a car without brakes, no matter how smooth the ride. The same goes for the internet. Speed means nothing if it isn’t safe. Every message, payment, and piece of personal data travels through digital roads and cybersecurity is the guard that keeps everything from crashing. That’s why Nayatel’s latest recognition is such a proud milestone.

This year, Nayatel secured the 1st position in PTA’s Cybersecurity Ranking 2024-25 for fixed-line operators. For the past two years, Nayatel held the second spot, but in 2024-25, steady effort and teamwork pushed it to the very top.

PTA, along with an independent third party, runs detailed checks under the Critical Telecom Data and Infrastructure Security Regulations (CTDISR). These evaluations look closely at how well companies protect customer data and prepare against cyber threats. Earning the number one spot shows that Nayatel has built systems that are not only reliable but also resilient against the growing challenges of today’s online world.

Commenting on the success, Aqeel Khurshid, CTO of Nayatel, said: “Being ranked first is more than just an award, it’s a promise. It reflects the trust our customers place in us and our commitment to keeping their data safe, always.”

Already maintaining international standards of cybersecurity, this local win has added another feather in Nayatel’s cap. As online threats keep changing, Nayatel is ready to stay one step ahead to protect its customers. This moment is not just a win for Nayatel, but also a proud step for Pakistan’s digital future because real progress means moving forward with both speed and safety.

Important information and disclaimers

© 2025 World Gold Council. All rights reserved. World Gold Council and the Circle device are trademarks of the World Gold Council or its affiliates.
All references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only. ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced. Other content is the intellectual property of the respective third party and all rights are reserved to them.
Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate copyright owners, except as specifically provided below. Information and statistics are copyright © and/or other intellectual property of the World Gold Council or its affiliates or third-party providers identified herein. All rights of the respective owners are reserved.
The use of the statistics in this information is permitted for the purposes of review and commentary (including media commentary) in line with fair industry practice, subject to the following two pre-conditions: (i) only limited extracts of data or analysis be used; and (ii) any and all use of these statistics is accompanied by a citation to World Gold Council and, where appropriate, to Metals Focus or other identified copyright owners as their source. World Gold Council is affiliated with Metals Focus.
The World Gold Council and its affiliates do not guarantee the accuracy or completeness of any information nor accept responsibility for any losses or damages arising directly or indirectly from the use of this information.
This information is for educational purposes only and by receiving this information, you agree with its intended purpose. Nothing contained herein is intended to constitute a recommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financial instruments (collectively, “Services”). This information does not take into account any investment objectives, financial situation or particular needs of any particular person.

Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.

Information regarding Qaurum^SM and the Gold Valuation Framework

Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.

Popular YouTuber Dhruv Rathee, who has nearly 3 crore subscribers, has announced the launch of his first startup, AI Fiesta, a platform designed to give users access to multiple premium AI models in a single interface at a fraction of their individual subscription costs.

Rathee, who has closely followed the development of AI tools such as ChatGPT, Gemini, Claude, Grok and Perplexity, said the idea emerged from two challenges: affordability and fragmented usage.

In a YouTube video, he said that the paid versions of these tools, which can cost users $20–$30 per month each, remain inaccessible to most people in India, forcing them to rely on free versions with limited features. He also said that different AI models excel at different tasks, requiring users to subscribe to and switch between multiple platforms to achieve optimal results.

AI Fiesta allows users to access several premium models, ChatGPT-5 Plus, Gemini 2.5 Pro, Claude 4 Sonnet, Grok 4 and Perplexity Sonar Pro, within a single chat window. The platform enables side-by-side comparisons, selective follow-ups with specific models, and features such as prompt improvement, project-based system prompts, image generation, and audio transcription.

According to Rathee, the subscription is priced at Rs 999 per month, or Rs 833 per month with annual billing. Rathee said his startup aims to make advanced AI more accessible while also accepting UPI payments, a feature absent in most international AI platforms.

Co-founded with a Y Combinator alumnus, AI Fiesta plans to include adding regional language support, expanding the range of available AI models, and launching an iOS app. He also claimed that the subscribers will receive a free “Ultimate Prompt Book” containing more than 3,000 prompts across 25 categories, as well as access to a learning community and webinars.

Each quarter, Altus Group centralizes and aggregates CRE valuation data for the European market, pulling insights into the factors driving commercial property valuations. The Q2 2025 aggregate dataset included Pan-European open-ended diversified funds, representing €29 billion in assets under management. The funds cover 17 countries and primarily span the industrial, office, retail and residential property sectors.

For the fourth consecutive quarter, commercial property values across the Pan-European valuation dataset increased in Q2 2025, rising 0.6% over Q1 2025 and 2.8% year-over-year from Q2 2024. The pace of growth moderated slightly as cashflow gains tapered to 0.5% – its lowest level in four quarters. Even so, the steady yield impact reflects improving investor sentiment in a lower interest rate environment.

“Four consecutive quarters of valuation improvements is a clear sign that market fundamentals are stabilizing across Europe,” said Phil Tily, Senior Vice President at Altus Group.  “Despite mixed macroeconomic conditions across the region, the CRE valuation trends point to a real estate market that is regaining its footing and gearing up for the next phase of the cycle.”

Key highlights by sector include:

 

• Residential: The residential sector remained the top performer of the four main sectors in Q2 2025 with a 0.9% value increase over Q1 2025. Values benefitted from stronger cash flow fundamentals despite an increase in yields.

• Industrial: The industrial sector maintained its ranking just below the residential sector with Q2 2025 values up 0.8% over Q1 2025. Cashflow appreciation slowed in Q2 2025 while yield impact remained positive for the quarter.

• Office: While yields continued to tighten in the office sector, cashflows in Q2 2025 remained largely unchanged resulting in a relatively muted 0.3% value increase over Q1 2025.

• Retail: The retail sector experienced another subdued quarter, with Q2 2025 values increasing by just 0.3% over Q1 2025. With very little improvement in rents across the sector, an increase in operating expenses resulted in a net reduction in cashflow levels.

• Other: Outside of the main sectors, values of student accommodation assets increased by 1.9% over Q1 2025.

To download a review of the sector trends by asset class, please click here.

Gold prices in Pakistan rose sharply on Monday, mirroring gains in the international market. The price of gold per tola increased by Rs. 1,500, reaching Rs. 357,700, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

Similarly, the price of 10-gram gold climbed by Rs. 1,286, settling at Rs. 306,670.

The rise comes after a slight dip in prices over the weekend. On Saturday, gold per tola had dropped by Rs. 900, closing at Rs. 356,200. However, Monday’s rebound reflects renewed momentum in the global gold market.

The international gold rate also saw an uptick, with prices reaching $3,350 per ounce, including a $20 premium. This marks a $15 increase in a single day, further driving local market trends.

While gold prices surged, silver remained unchanged in the local market. The price of silver per tola stood steady at Rs. 4,031, offering no movement despite fluctuations in the gold market.

 

Freshfields has advised multinational energy group Naturgy on the sale of treasury shares representing 5.5% of its share capital. This transaction has enabled the group to increase its free float on the Spanish Stock Exchanges to approximately 15.1%, providing liquidity to its shares, facilitating the entry of new investors and facilitating its inclusion in main stock market indices, such as the MSCI.

Naturgy carried out an innovative transaction comprising an accelerated placement of 19.3m shares in the market, representing 2% of its share capital, and the sale of an additional 34.1m shares to an international financial institution, representing 3.5% of its share capital. The aggregate value of the transaction amounted to approximately €1.4bn.

In addition, linked to the sale of the shares to the financial institution, Naturgy also entered into a total return swap with that financial institution in relation to the sold shares, under which the energy group will retain the economic exposure of these shares.

This transaction is part of Naturgy’s strategy to return to the market part of the shares acquired by it in the self-takeover bid launched in March for approximately €2.4bn, for which Freshfields was also mandated.

Advisors

The transaction was led jointly by partner Armando Albarrán and counsel Joe Amann in Madrid and partner Richard Hart in London, with the support of partner Alfonso de Marcos. The deal team included senior associates Chelsey Kaka and Charlie Marmion and associates Álvaro Luaces, Javier González, Deniz Sezer, Moishe Kritzler and Jiahui Wu. Partner Bosco Montejo, senior associate Javier Sánchez and associate Inés Palma provided tax advice. Partner David Boles and counsel Ethan Magid advised on US securities law matters, with additional support on US finance matters from partner Brian Rance and senior associate Francesca Loreto.