Pakistan and Bangladesh are scrambling to avoid a repeat of massive power cuts they faced in 2022, but industry officials and analysts say the crisis is likely to worsen in 2023.
Both countries are scrambling to avoid a repeat of massive power cuts they faced last year, but industry officials and analysts say the crisis is likely to worsen this year because of a sharp drop in imports of liquefied natural gas .
As a result, in the first 11 months of 2022, Pakistan’s gas-fired power production fell 4.4%, even as overall generation rose by 1.8% to 129 gigawatt hours, data from energy think tank Ember showed. Power production costs were 1.25% higher than they would have been had sufficient LNG been available during the year ended June 2022, Reuters calculations based on data in the energy ministry’s annual report show.
Bangladesh’s LNG imports in 2022 fell 14% from the previous year, according to Kpler, which drove down power output while demand was rising. LNG prices are unlikely to ease enough to help Bangladesh and Pakistan, with analysts expecting a rebound in Chinese purchases to push prices up in 2023.
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