Asian utilities are boosting coal-fired power generation to cut costs and safeguard energy supply, industry officials say, as the US-Israeli war on Iran chokes liquefied natural gas (LNG) shipments and soaring prices threaten to suppress LNG demand. Asia spot LNG prices have doubled to three-year highs in the second major supply shock in four years, as shipping through the Strait of Hormuz has all but stopped and No 2 global exporter Qatar has halted shipments. In South Asia, Bangladesh is increasing coal power generation and coal-fired power imports in March, daily government data shows. Pakistan, meanwhile, aims to further boost power generated from domestic sources after solar additions helped it avoid a repeat of the LNG supply volatility behind widespread outages following Russia’s 2022 Ukraine invasion, Power Minister Awais Leghari said. “With a reduction in LNG generation, plants running on locally mined coal will be able to produce more during off-peak hours,” Leghari to...
LAHORE: Pakistan’s fragile economy, already reeling from the shock of rising oil and gas prices, has been further exacerbated by a lack of economic restructuring measures, five senior PTI leaders incarcerated in Kot Lakhpat Jail said on Tuesday. In an open letter shared by their counsel Rana Mudassar Umer, PTI leaders Shah Mahmood Qureshi, Dr Yasmin Rashid, Ejaz Chaudhry, Mian Mahmoodur Rasheed and Omar Sarfraz Cheema said that Pakistan’s hard-earned macroeconomic stability, gained by “squeezing” ordinary citizens over the last three years, would wither away in the next three weeks if the Gulf conflict were to persist. It also said that uncertainty and the shock of rising oil and gas prices had scrapped the chances of a staff-level agreement with the International Monetary Fund (IMF). Commenting on the country’s economic situation, the leaders said it was becoming increasingly difficult to meet the performance criteria agreed upon at the time of budget formulation for the curre...