Europe LNG Thirst Will Get Some Relief From Brazil’s Hydro Boost
- Summer rains refill reservoirs, increasing hydro generation
- Lower demand in Brazil frees spot cargoes for European market
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Europe, which has been luring liquefied natural gas cargoes away from Asia, will now have less competition from Brazil as rains are refilling the South American country’s hydroelectric dams.
Brazil’s hydro power generation is up nearly 25% from a year ago after a historic drought last year depleted reservoirs and led the nation to import a record 135 LNG cargoes, pulling supplies that would have traditionally gone to Europe or Asia.