The National Energy Policy Council (NEPC) has approved a plan to buy an additional 1 million tonnes of liquefied natural gas (LNG) per year under a long-term purchase contract to relieve LNG price fluctuations, which affect national electricity generation costs.
The long-term LNG procurement means more stable prices than those sold in the spot market.
LNG prices in July under a long-term purchase contract stood at US$13-14 per million British thermal unit (BTU), while its prices in the spot market recently swung in a range of $43-44 per million BTU, said an Energy Ministry official who requested anonymity.
